Customers with arranged overdrafts at Bank of Scotland, Halifax and Lloyds face potential interest rate hikes from January 31st. While the bank claims most customers will see no change or a reduction, some could see their rates nearly double, rising from 27.5 percent to 49.9 percent. All customers will be moved to one of four rates: 19.9%, 29.9%, 39.9% (most customers) and 49.9%.
Bank of Scotland, Halifax and Lloyds customers who have an overdraft on their account have been issued a warning.
While the bank insists most customers will pay the same or less, others could see their rates nearly double, rising from 27.5 percent to 49.9 per cent. DebtCamel reported: "A small, unscientific poll I ran suggested that more customers are seeing an increase in charges than a decrease. The letters I have seen say something like: The interest rates we charge are based on the credit information we have about you and how you use your accounts that you have with us.
"One person who wasn't using her Lloyds account at all had a decrease from 39.9% to 29.9%. A Club Lloyds account holder who never uses the overdraft is facing an increase to 39.9%. Someone in a plan with Lloyds to reduce her limit is seeing her rate go up from 39.9% to 49.9%."
OVERDRAFT INTEREST RATES BANK OF SCOTLAND HALIFAX LLOYDS BANK
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