In April 2020, the FCA is introducing new rules to protect consumers and make it easier to get a clear and up to date idea of your finances.
From that date, there won’t be any monthly or daily fees for unarranged overdrafts. Instead, your bank will need to publicise its overdraft rate as a single interest rate or APR. You’ll be able to compare costs across different banks.
Ending fixed charges and higher pricing for unarranged overdrafts will reduce costs for people who rely on this.