Lloyds TSB account planned overdraft charge 'should inspire a review'

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Lloyds TSB account planned overdraft charge 'should inspire a review'

Consumers who currently hold their bank account with Lloyds TSB have been encouraged to review whether the account is right for them after changes to its overdraft charges were announced.

While in the past the bank has charged those in their overdrafts by the day, it is now set to put a £5 per month charge on those who go in the red.

Andrew Hagger of Moneynet.co.uk has stated that the revised tariff of charges from Lloyds now makes it one of the most expensive overdrafts, although the authorised overdraft from Halifax is the most costly if customers are continually overdrawn.

He added that it is worrying as the charges on unauthorised borrowing have been reduced, the charges on approved loans appear to be increasing.

The new costs come after the bank stated that young savers in their 20s were better at setting money aside than people in their parent's generation.

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