Excessive bank fees for unarranged overdrafts to be banned

FCA says banks make £2.4bn a year from overdrafts and market is ‘dysfunctional’Banks are to be banned from charging excessive fees for unauthorised overdrafts, paid by 14 million people every year, after the City watchdog found that the current system of fees needed “fundamental change”.The current range of fees and daily and monthly charges will be swept away and replaced by a simple, single interest rate, under proposals from the Financial Conduct Authority, which