Lloyds simplifies overdraft fees ahead of new rules

Existing range to be scrapped and replaced with one charge of 1p per day for every £7 borrowed

Lloyds Bank
Lloyds is among the high-street banks that have been hit with many millions of PPI claims
(Image credit: Getty Images)

Lloyds Banking Group is to scrap all unauthorised overdraft fees and radically simplify the charges for agreed account borrowing, ahead of a regulatory clampdown in the autumn.

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