Banks Slashing Overdrafts Now
The British Bankers’ Association says there is no legal requirement for a lender to give notice and nothing guiding their conduct in the Banking Code.
As a result, in crackdown on credit, the banks including Lloyds TSB, Halifax and Nationwide, are adopting regular overdraft reviews to strip down customers’ overdrafts, especially among the ones with minimal notice. It means that the amount customers can borrow are greatly reduced now.
Lloyds claims that it made the cuts as part of the annual reviews, but admits that in some cases it has brought forward reviews by a few months. HSBC and Abbey review customer accounts annually on the anniversary of the overdraft to decide whether a customer’s credit profile has worsened.
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