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Bank charges: Santander overdraft changes 'to hit poorest hardest'

The recently announced changes to Santander's overdraft charges will have the biggest impact on the poorest customers.

Santander has revealed it is to introduce a new tiered structure to its overdraft charges, with the bank's richest customers rewarded with no fees, reports thisismoney.co.uk.

However, other customers could be faced with charges of up to £150 per month. These changes are due to come into effect on March 16th.

Stefan Maryniak, from uSwitch.com, told the news provider: "The structure is simpler, easier and more transparent which is good news, however consumers need to be aware that it could lead to higher unauthorised borrowing charges than they're used to."

This news follows the revelation that Santander chief executive Alfredo Saenz may be forced to step down from his position because of fraud charges.

It is expected that the Supreme Court in Madrid will dismiss an appeal agains Mr Saenz's 2009 conviction for making false claims.

Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt.
 ADNFCR-2776-ID-800357214-ADNFCR



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