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Halifax has become the latest bank to reduce fees for customers who go overdrawn without permission.

The group is reducing its charges from £35 for each payment made while the customer is in the red to £5 per day, with fees for people who agree an overdraft starting at just £1 day.

It said the move was part of its plan to bring overdraft charges on all of its current accounts, except its student account, in line with those on its Reward Current Account, which was launched in February.

A number of the major banks have changed their charging structure for unauthorised overdrafts since a High Court test case on the issue was jointly launched by the Office of Fair Trading and seven major banks and a building society.

Earlier this month Royal Bank of Scotland, which also offers current accounts under its NatWest brand, announced it was slashing fees for returning bounced cheques and standing orders from £38 to £5, while fees for paying for goods while overdrawn have been halved from £30 to £15.

Posted in: Business-Economic,World News