Bank Charges

[DevilsAdvocate]

I see from today's papers that Barclays are cutting their charges, in response to the investigation by the Office of Fair Trading and the continuing test case in the High Court. According to one report, the charge for unauthorised transactions on Barclays young-persons accounts will be reduced from £30 per transction to £8.

My guess is that the other High Street Banks will do the same. That should be good news for teenage account holders - unless they see this as just a cheaper form of borrowing!

[Offshore]

That's all very well, but these are charges for unauthorised transactions. The banks will still charge for transaction on an authorised overdraft - though I have noticed that some banks give students (and post-graduates) a charge-free overdraft faciltiy for the whole of their time at college of university.

[DevilsAdvocate]

Just thought you would like to know that far from reducing bank charges for teenagers, my son'd bank has increased them!