Customers could be charged more in fees for dipping into their overdraft due to new changes from Halifax, Lloyds and Bank of Scotland
Martin Lewis has issued a warning to customers of some major banks. Taking to X, he explained: 'Warning: Lloyds, Halifax, Bank of Scotland customer? It could be about the increase your overdraft to 50%.'
While most customers will stay on the same rates or have their overdraft interest dropped, some will be put on an increased overdraft rate.This will only affect customers who bank with the Bank of Scotland, Halifax and Lloyds which are owned by the Lloyds Banking Group Will I be placed on a new rate? The Lloyds Banking Group told MSE that the 'vast majority' of customers will continue on the same rate, or their rates would fall.
What will my rate change to? If your rate changes, this will be based on an 'affordability assessment' which looks at your banking history with the bank as well as your credit history.When will my rate change? If your rate does go up, you will be alerted 60 days before the change. Rates won't go up before August 2024.My overdraft rate is going up – what should I do? If your rate is going up, the best option is to pay off your overdraft before the change comes in.
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