Banks Must Publish Overdraft Prices Quarterly, FCA Says

Law360, London (October 2, 2019, 4:11 PM BST) -- The Financial Conduct Authority said Wednesday that banks must publish a breakdown every quarter of how much they are charging customers to dip into overdrafts, in a bid to make charges clear to often vulnerable consumers.

The City watchdog said that banks and building societies must set out how much interest consumers will pay for going into the red on their current accounts. The charges must be set out in a clear table within the quarterly current account update that lenders already send to their customers.

The FCA said that setting out overdraft charges will allow new customers to compare different...

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