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Fee cuts will not apply to overdrafts

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    Demands for banks to cut high levels of penalty charges will not be applied to overdrafts, it has emerged. The Office of Fair Trading in April said that it considered penalty fees for credit cards to be set at too high a level and asked banks to cut them to £12 or less by May 31st.
    Penalty charges for missing or late credit card payments or going over credit limits were unfair, the watchdog said and had cost customers more than £300 million a year. However, despite expectations, the OFT has announced that the call to reduce fees will not be applied to overdrafts on current accounts.
    "There will be a sigh of relief from the banks, but current account consumers will hardly be pleased that the oppressive fees applied to unauthorised overdrafts have apparently won a stay of execution," commented Stuart Glendinning of price comparison site moneysupermarket.com.
    If you are affected by penalty charges for overdrafts or credit cards and want to find out where you stand financially, order your credit report now.




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