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New breed of bank overdrafts as expensive as payday loans, claims Which? as it calls for crackdown on 'sky high' charges. Published: 11:10 GMT, 14 October 2013 Updated: 13:04 GMT, 14 October 2013. Going into your overdraft can prove as costly as borrowing money from a payday lender, a leading consumer group said today. Which? also found consumers were racking up ‘sky high’ default charges for slipping over their agreed overdraft limit with their bank.
It found that bank charges on agreed overdrafts were sometimes as high as payday loan charges - with Halifax and Santander current accounts among the most expensive. 'Sky high': Which? has called for a crackdown on expensive overdraft charges which it said were comparable to the interest charged by payday lenders CPBP2B A couple and their baby son looking at their household finances. Which? found customers borrowing £100 over one month with Halifax within an agree overdraft would be charged £30 for the period giving an effective annual percentage rate of 356 per cent, while Santander customers were charged £20. Borrowing the same amount for the same period with a payday lenders Quickquid or Wonga costs £20 and £37 respectively. Several banks in recent years have reviewed and altered their overdraft charging structures from the more traditional annual percentage rate to a daily fee, arguing such fees are easier for customers to understand.
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However, consumer campaigners have long argued daily fees are more expensive and have been used to hide a hike in the real interest rate customers are paying to borrow money. Expensive: Halifax and Santander were the worst offenders when it came to bank charges the Which? research found. Halifax charges £1 a day on overdrafts up to £1,999.
99, and £2 a day for overdrafts of £2,000 or more, while Santander charges £1 a day for overdrafts on its current accounts capped at £20 a month, although doesn't appear to specify an overdraft limit. The research also found some consumers using the Halifax Reward current account and the Santander Everyday Account paying £100 in charges for going £100 into an unauthorised overdraft for a month.
Which? called on the Financial Conduct Authority which will oversee the consumer credit market from next April, to crack down on poor lending and unscrupulous practices across the market. The payday lending industry, which will come under tougher regulation next year, has come under heavy criticism in recent months for encouraging people to roll over their debts so that the original cost balloons. The FCA recently announced a raft of measures it plans to impose to improve the whole consumer credit market, including limiting the number of times payday lenders are allowed to roll over loans to two and forcing them to put ‘risk warnings’ on their advertising. Before a payday firm agrees to roll a loan over, it will have to explain to its customer how the costs will escalate and give free debt advice under the FCA's plans. Rip off: Which? found some bank charges for unauthorised overdraft usage was even more excessive. The £2billion sector is currently under investigation by the Competition Commission, which is due to give its findings next year. But Which? called on the regulator to ban excessive charges across the whole consumer credit market so that default charges reflect lenders actual costs.
It also wants to see a cap on default charges. It is urging tougher affordability checks and wants an end to lenders making unsolicited increases to people's credit limits. The cost of high-cost credit should be clearly displayed as pounds borrowed per £100 over 30 days, Which? said. The consumer group wants to hear from consumers about their experiences of using credit, so it can share them with the FCA, which is consulting on its plans to clamp down on the sector. Richard Lloyd, Which? executive director, said: ‘The Government and regulators have rightly focused on the scandal of payday lending, but they must not lose sight of the urgent need to clean up the whole of the credit market. High street bank overdraft fees can be just as eye-watering as payday loans. ‘Consumers need the credit market to work competitively.
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It's time to clamp down on excessive charges and irresponsible lending, and to make sure borrowers are being treated fairly whatever form of credit they're using.
Anthony Browne, British Bankers' Association chief executive, said overdraft charges for customers had fallen ‘significantly’ in recent years. Crackdown: Payday lenders face a curb on advertising as well as a requirement to check their customers can afford to borrow from them from April next year under proposals published by the City regulator. He said: ‘The Office of Fair Trading estimates that customers are now up to £1billion better off due to reductions in these fees.
‘The higher figures quoted by Which? are based on extreme examples of unauthorised overdrafts. This is not a form of borrowing that we would ever recommend. He said consumers should take advantage of new rules recently introduced to make current account switching easier to choose an account that suits their needs.
Russell Hamblin-Boone, chief executive of the Consumer Finance Association, which represents major short-term lenders, said its members were "responsible payday lenders who are committed to transparent communication with no hidden charges'. He said: ‘People want and need clear, jargon-free information to help them make better financial decisions. ‘Indeed, our own research shows that three quarters (72. 1 per cent) of people would prefer to compare financial products in pounds and pence and often have no idea how much it costs them to borrow money because charges are hidden or disguised by confusing APRs (annual percentage rates).
‘So it is right to level the playing field. Mr Hamblin-Boone said CFA members were ‘resolutely committed’ to protecting consumers by regularly reviewing standards, working closely with the regulator and driving out irresponsible lending practices in the industry. Santander said its overdraft charges were ‘clear, transparent and easy for customers to understand. ‘In addition to the simple daily charging structure, we have a number of tools and policies that help our customers stay in control and minimise charges such as overdraft buffers, text alerts, caps and grace periods,’ the bank added. 'Whenever possible, customers should discuss short-term borrowing requirements with Santander in order to avoid unnecessary charges.
Halifax said it offered ‘a clear and simple overdraft charging structure, whereby customers are charged one daily fee rather than multiple fees. It added it would always contact a customer if they were in their unplanned overdraft for more than seven days to discuss alternative payment options.