Regulator bans high overdraft fees - news

There’s a story in today’s Guardian City regulator bans high overdraft fees to reform ‘dysfunctional’ market.

Good news for consumers, though banks have to make money, and I think we can expect them to try to recoup this loss of revenue elsewhere.

The report claims that it will reduce the daily cost of borrowing £100 on an unarranged overdraft from £5 to 20p. If high-street banks had to reduce their fees, it would certainly have a knock-on impact on how competitive Monzo’s overdraft offering was perceived to be.

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Hi Justin - there are already a couple of threads on this news already:

@Peter_G @Codf @Rat_au_van @Feathers - might be worth merging them together as are similar posts/threads?

Uh-oh @michaelw90 beat me to it! :rofl:

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Thank you both!

I perhaps got a little over-enthusiastic!

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Closed in favour of this thread