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In 2017, UK banks made more than £2.4bn from overdrafts - with 30% alone coming from "unarranged" overdrafts. The UK financial regulator is now forcing a major shake-up - the biggest overhaul for a generation.
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The Financial Conduct Authority (FCA) said the new rules would start by April 2020. Under the new measures, which were first proposed in December, banks will also be required to charge a simple annual interest rate on all overdrafts, and overdraft advertisements will need to come with that rate clearly displayed, to help consumers compare various products.
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