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The myth of free banking

The FCA’s announcement that banks will no longer be able to charge the exorbitant overdraft fees that made them £2.4 billion in revenue in 2017 will have been a blow to many in the sector.

Inconsistencies between arranged and unarranged overdrafts will no longer be allowed, overdraft interest rates will have to be simplified, and banks must do more to help customers who are showing signs of financial difficulty.

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