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UK: Antitrust regulator sets out plan for overdraft fees cap

By  |  August 9, 2016

The United Kingdom’s antitrust regulator said banks must set a cap on fees for customers who spend more than they have in their checking account following an almost two-year investigation into the retail banking industry.

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    The Competition and Markets Authority recommended banks set their own limits on overdraft charges and a grace period for customers to avoid them, rather than have the fees “centrally regulated”, the watchdog said in a statement on Tuesday. In 2014, banks received £1.2 billion in revenue from the fees.

    Full Content: Irish Times

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