Halifax To Cut Overdraft Fines

• News
• Published: 21 Sep 2009 in Money and Current Accounts

Halifax has announced plans to become the latest bank to reduce fees charged to customers who go overdrawn without permission.

The bank, which is part of the Lloyds Group, is reducing overdraft charges from £35 to £5 per day, with those who agree an overdraft starting on just £1 per day.

It said the move was part of its plan to bring all products in line with its Reward Current Account, which was launched in February. Only student accounts will be exempt from the change.

Halifax currently charges a monthly fee of £28 to customers who go overdrawn without permission. People also have to pay an additional £35 for every payment they attempt to make from the account once overdrawn.

People with authorised overdrafts will pay £1 per day for borrowing up to £2,500, or £2 a day on sums above this amount.