Bank of Scotland and Halifx(HBOS) are to cut overdraft penalty charges on their current accounts by the end of 2009.
HBOS, both part of the Government-owned Lloyds Banking Group, have confirmed they will axe the current charges structure where you are hit with fees of up to £35 per transaction if you exceed your limit, which could add up to £133 a day.
HBOS customers will instead pay £5 a day for every day they are in an unauthorised overdraft no matter how many transactions are attempted or how deep into an unauthorised overdraft they go.
Further details are available on Martin Lewis's Money Saving Expert site.
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