Money

Lloyds and Halifax customers face up to 52% APR overdraft fee

Account holders slate ‘astonishing’ rate of borrowing which is more than credit cards and payday loans

There is growing anger among some Lloyds and Halifax customers – those who regularly use their overdraft – after they received letters from the banks this week warning them that the cost of going overdrawn could shoot up after November.

In July, Lloyds banking group announced that it was radically overhauling its overdrafts fees, including those at Lloyds, Halifax and Bank of Scotland. At the time the bank said the move will leave most customers better off – although it admitted that 10% of account holders could end up paying significantly more.

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