Lloyds TSB cut their charges! Er, in six month's time.
The bosses at Lloyds TSB are wearing their good guy badges today after announcing a cut in their unauthorised overdraft charges, following complaints from customers about the size of them. Well done Lloyds TSB! (we’re being sarcastic at this point).
Daily fees for unauthorised overdrafts, will be cut from between zero to £10 from their cuurent level of between £6 and £20 – also, the maximum number of charges that can be applied in any month is dropping from ten to eight.
Their returned item fee of £20 (applied when a payment is bounced) is being halved, and LTSB are bringing in a fee-free, interest-free "buffer" zone of £10, which will cover planned or unplanned overdrafts.
Unfortunately, the changes won’t come into effect until December, because it’s obviously the sort of thing that will take months and months to implement isn’t it? (we’re being sarcastic AGAIN here).
Mike Regnier, personal current account director for Lloyds TSB, said that the move to reduce charges was in response to complaints from customers, braying: “By far the biggest proportion of complaints in my mail bag is about unauthorised overdraft fees.”
Really? We honestly thought it would be about the amount of time that black horse in their logo has to spend up on its hind legs (we’re being sarcastic and silly now).