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.
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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