Charges Cut By Lloyds TSB

Charges Cut By Lloyds TSB

Monday 10th September 2007

Lloyds TSB is the first bank to react the recent pressure from customers regarding bank charges and has announced plans this week to reduce the amounts to be paid by its customers.

There are 8 banks in total who are in the midst of the bank charge debate and will face a High Court test case next year. This follows on from revelations by the TSB earlier in the year that is has been forced to shell out over £36 million to customers in refunds in the first half of 2007 alone.

In total the leading High Street banks have paid out around £570 million collectively to customers contesting the amounts charged on their account.

The bank plans to slash the rates for unauthorised overdrafts by about a third and will also cut the amount charged to customers who go over their authorised overdraft limit and bounce a cheque. The new charges will be introduced on November 2nd.