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Your bank balance may drop today as overdraft rules on available funds change


Thousands of bank customers across Gedling borough could see changes to their available balances from today (Wednesday, 18) as new rules on how overdrafts are displayed come into effect.

Changes introduced today by the Financial Conduct Authority (FCA) mean that someone’s ‘available balance’ or ‘available funds’ can no longer include their overdraft.

Overdraft balances will now be listed separately following today’s rule change.

The new measures are designed to make it clearer that overdrafts are a form of credit rather than a customer’s own money. It is also hoped they will help to tackle confusion that may lead consumers to accidentally dip into their overdraft.

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Overdrafts won’t be displayed in your available balance from today

More controversial changes are set to come into effect next April, which prevent banks charging more for unarranged overdrafts than arranged ones.

Several banks have already changed their fees ahead of the new rules’ introduction, with new single interest rates that mean higher rates for many customers but lower costs for more vulnerable users.

Nationwide has introduced a 39.9% rate for all customers and other banks are expected to follow suit, sparking frustration from customers used to paying far less.

The FCA has said around half of Britain’s 52 million current account holders use either arranged or unarranged overdrafts, generating £2.4bn in revenue for banks in 2017.

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