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Video: 'Charge-free' bank accounts unveiled


A basic bank account with no fees for failed payments has been unveiled following an agreement between Britain's major lenders and the Government. The charge-free accounts are expected to be launched by the end of next year and will help those people who have been shut out of normal banking because of previous money problems. Banks have been charging between £6 and £35 for a failed payment, capped at £30 a day or £150 per quarter in some cases. Other banks allow accounts to accrue uncapped charges, pushing holders into unauthorised overdrafts.

 

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