Latest Banking in the United Kingdom Stories

LONDON, November 5, 2012 /PRNewswire/ -- The newly appointed Chair of the British Bankers' Association (BBA), says that 'collaboration' is the key to continuing economic recovery as well as restoring the public's faith in banking. (Logo: http://photos.prnewswire.com/prnh/20121011/567198-a ) Sir Nigel Wicks was speaking exclusively to ITN Banking News, a brand new channel from ITN Productions and the BBA launched today, aimed at sharing best practice and...

U.S. banking giant Bank of America said it would revamp its overdraft policy, lowering fees and offering customers a chance to opt out of overdraft coverage. The bank said on Oct. 19 it would stop charging overdraft fees for accounts overdrawn by less than $10 per day, the Charlotte, N.C., Observer reported Wednesday. The bank also said it would cap overdraft charges at four per day. The current policy caps the $35 charges at 10 per day. Customers can also inform the bank they no longer want...

Sen. Christopher Dodd, D-Conn., is preparing a bill to prevent U.S. banks from hitting clients with overdraft charges without their permission. People out there are getting whacked. They should have the right to say 'deny me the transaction,' Dodd told The Washington Post. Many banks automatically allow transactions on accounts with insufficient funds, then charge overdraft fees, which now average $35 per overdraft. Critics say banks could deny the transaction and save customers the...

The California Supreme Court has sided with Bank of America Corp., saying it can charge overdraft fees on accounts that include Social Security deposits. In the ruling, the bank overturned a 2004 ruling that sided with depositors, some of whom lost 20 percent of their Social Security benefits to overdraft fees as soon as the monthly benefits were deposited, The Los Angeles Times reported Tuesday. The case relied on a 1974 court ruling that said banks could not take government benefits to...

U.S. financial giant Bank of America Corp. said it was abandoning plans to raise overdraft fees in light of the current economic environment. With billions of taxpayer dollars bailing them out, banks are facing a storm of criticism for raising fees on the same taxpayers who are assisting them, The Charlotte (N.C.) Observer reported Wednesday. Bank of America spokesman Jim Pierpoint said the bank was concerned with rising unemployment and would suspension account fees for three months for...