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unsecured personal debt: Described unsecured personal

unsecured personal debt: Described unsecured personal

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By Alex Hawkes For The Mail On Sunday Published: 22:01, 29 July 2017 | Updated: 11:30, 30 July 2017 e-mail var twitterVia = 'ThisIsMoney'; DM.later('bundle', function(){ DM.has('shareLinkTop', 'shareLinks', { 'id': '4742718', 'title': 'Free current accounts under threat from FCA', 'url': 'http://www.dailymail.co.uk/money/saving/article-4742718/Free-current-accounts-threat-FCA.html', 'eTwitterStatus': ' http://dailym.ai/2vhf3NV via @' + twitterVia, 'articleChannelFollowButton': 'ThisIsMoney', 'isChannel': false, 'hideEmail': true, 'placement': 'top', 'anchor': 'tl'}); }); 37 shares 108 View comments DM.later('bundle', function(){ DMS.Article.init('top'); }); 108View commentsBanks will be forced into a radical overhaul of current account charging tomorrow when regulators signal a clampdown on overdraft fees.The Financial Conduct Authority is set to outline in detail the huge fees charged on unauthorised overdrafts as part of a review of all types of ‘high-cost credit’, including payday loans.Most banks charge huge fees if customers go overdrawn without permission. Rather than phoning customers to say they are about to go overdrawn, banks allow them to go into the red and then charge up to £25 for every transaction.Clampdown: Most banks charge huge fees if customers go overdrawn without permissionLloyds stopped the practice this month in a move that some have seen as it getting ahead of a regulatory crackdown.The moves on overdrafts follows reforms in April that stop banks milking credit card customers who fail to clear their balance.FCA boss Andrew Bailey, who took the helm of the watchdog last year, is understood to be determined to tackle the way banks profit from customers’ inertia and opaque charging models. A long-term critic of ‘free-if-in-credit’ banking, he is set to launch a wider review of retail bank business models later this year.In 2012, while still working at the Bank of England, Bailey commented publicly that free banking was a ‘dangerous myth’. In a speech to business leaders he said: ‘The reform of retail banking in this country cannot move ahead unless we tackle the issue of free in-credit banking, and have a much better sense of what we are paying for and how we are paying.’It is expected that in his new role, he will regard the review into overdraft fees as a way to drive wider reform of how banks make profits.Retail bank review: FCA boss Andrew BaileyTomorrow’s review of overdrafts will come alongside findings into how customers are offered credit cards and loans.Bailey told The Mail on Sunday in April that the FCA’s initial findings were that standards varied widely. ‘There isn’t a consistent enough approach. The quality of credit assessment is pretty variable. It’s a highly segmented market,’ he said.Both FCA reviews are likely to focus on customers who are particularly vulnerable to the charging models of banks and other lenders.The FCA is also set to reveal its findings into its interest rate cap on payday lending.Figures suggest banks make up to £9billion a year from their stranglehold over the UK current account market. As well as charging huge fees, the accounts give them hundreds of millions in deposits on which they pay little or no interest, a huge funding advantage over rivals.TSB's Classic Plus account will pay you 3% interest on up to £1,500 and up to £10-a-month if you maintain two direct debits and make 20 debit card payments each month (until June 2018). You must pay in £500 a month.First Direct regularly tops polls for customer service. Its First Account offers £100 for joining and has a £250 interest-free overdraft. It also now pays cashback for spending with certain retailers. You must pay in £1,000 or pay a £10 monthly fee.Santander's 123 account pays 1.5% interest on balances up to £20,000 and also gives 1 to 3% cashback on bills. You need to pay a £5 a month fee, pay in £500 a month and have two active direct debits.HSBC pays £150 to switch to its Advance Current Account. Plus an extra £50 if you stay for a year You get a free overdraft for the first 6 months and access to a 5% regular saver. Requires 2 direct debits and £1,750 per month deposit.M&S Bank's current account has a £125 gift card for joining, plus you get an extra £5 a month top up for the year. It has a £100 fee-free overdraft and no miniumum deposit criteria.  Share what you think The comments below have not been moderated. The views expressed in the contents above are those of our users and do not necessarily reflect the views of MailOnline. By posting your comment you agree to our house rules.  We will automatically post your comment and a link to the news story to your Facebook timeline at the same time it is posted on MailOnline. To do this we will link your MailOnline account with your Facebook account. We’ll ask you to confirm this for your first post to Facebook.You can choose on each post whether you would like it to be posted to Facebook. Your details from Facebook will be used to provide you with tailored content, marketing and ads in line with our Privacy Policy.MORE HEADLINESPublished by Associated Newspapers LtdPart of the Daily Mail, The Mail on Sunday & Metro Media Group





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