Lloyds TSB has decided to remove its fee waiver goodwill policy from non-fee paying accounts. The policy allowed the bank to dismiss one charge per year on customer accounts. In addition, the lender has removed its account limit buffer policy. This allowed customers to go over their agreed account limit by up to GBP10 without penalty.
The fee policy changes will come into force from the beginning of November this year. However, customers who have fee-charging accounts will retain the fee waiver service, a decision that has also drawn accusations from uSwitch of unfair favoring of certain customer groups.
Nick White, the head of personal finance at uSwitch, believes that the development is a strategy to maintain revenue levels once the anticipated OFT cap on overdraft charges is introduced.
