Overdraft Fees to Be Slashed by Lloyds TSB

Overdraft Fees to Be Slashed by Lloyds TSBLloyds TSB is ready to bring slashes in the overdraft fees on its existing accounts from December. From 2 December, it is slashing the daily and monthly fees for consumers, who go in debt without permission and will divide to £10, the fee for bouncing a cheque or electronic payment.

The bank confessed that it was in process to respond to complaints from its consumers concerning how much they were being charged.

However, authorized overdrafts will now acquire a £5 a month charge, in addition to their standard interest charges.

The motive behind bringing these changes is in reaction to customer feedback, said Mike Regnier, a Lloyds TSB Director.

Our consumers are telling us that they still think our unplanned overdraft fees are too lofty and we are taking care of that, in very direct terms by cutting them and it is as easy as that to understand, he added.

Lloyds also said it would stop reimbursing on any interest on its average existing accounts to customers in credit.

It at present, pays just 0.1% annual interests to the account holders however, will now reimburse nothing at all.

Lloyds, in which, the Government is a considerable minority shareholder, said a majority of its consumers, who went into the red without consent, would now shell out less than half their existing level of charges.