At long last one bank has broken ranks with the gang that's trying to avoid having their overdraft fees assessed for fairness by the OFT.RBS has announced it will halve its fee for paying an item when overdrawn to £15 per day(!), and slash the fee for returning a cheque, direct debit or standing order to £5 (from £38!).
Why it's taken so long to at least make this concession, and why other UK banks with substantial state ownership continue to delay, is anyone's guess. But it's a great start.
Will RBS now refund to affected customers the difference between the revised fees and what it has been charging them to date?
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