Banks have begun a desperate attempt to replace billions of pounds of revenue they expect to lose next year under a regulatory crackdown, according to the Independent .
Consumer groups warned yesterday almost all leading banks have started to increase overdraft rates and other charges before new rules come in which could cost them more than £3bn a year. The warnings followed the decision yesterday by Lloyds TSB to raise its overdraft interest rates for the second time in three months, says the paper. The crisis has been caused by a ruling in May from the Office of Fair Trading (OFT), which said credit card companies charging borrowers more than £12 for paying bills late or exceeding borrowing limits were breaking the law. It has since announced an id...
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