Lloyds TSB current accounts change 'significant'

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Lloyds TSB current accounts change 'significant'

Thu 1st Jul 2010

A finance charity has suggested that a recent change to the overdraft charges on Lloyds TSB current accounts could make a significant difference in the industry.

Chris Tapp, director of Credit Action, said that about three million people put in claims to get money back on charges recently and this has raised awareness about the fees.

He explained that many of these people will not receive the cash back for the levies they paid, but the controversy surrounding such payments has helped to provoke the change to a monthly fee system.

In his view, the significance of the alterations to Lloyds TSB current accounts comes from the wider trend of banking groups amending their charging structures.

"I think banks are looking for ways to reform the charges and make them clearer, so they are not seen to be quite so punitive and heavy handed," Mr Tapp remarked.

Last week, Lloyds TSB revealed that it will charge customers a single monthly fee of £5 for use of a planned or unplanned overdraft from December.

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