Overdraft loan fees reduced at RBS

Wed, 09 Sep 2009

Royal Bank of Scotland (RBS) has announced that customers with overdraft accounts will now pay a reduced fee for any unauthorised loans they make by going overdrawn.

However, price comparison site moneysupermarket.com has slammed the decision to reduce them from £30 to £15 a day, as it believes this is still "unfair" to any customers taking out an overdraft loan .

It said that with products such as Alliance and Leicester's overdraft with zero per cent interest for 12 months and an increase to 50 pence per day up to a maximum of £5 thereafter, customers would be losing out by choosing RBS .

Ian Williams, director of communications at moneysupermarket.com said: "Most of the major banks have made changes to their unauthorised overdraft fees over the past 12 months, which suggests they are struggling to prove these fees are fair."

Lloyds TSB recently announced a student bank account which allows university-goers to take advantage of an interest-free overdraft along with a National Union of Students Extra card.
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