CMA gets £47m refunds on overdraft charges

CMA has announced that over the past 2 years it has secured more than £47m of refunds for customers in respect of overdrafts where banks failed properly to warn them about unarranged overdraft charges.

It has now taken action against 5 banks for failing to ensure that customers with personal current accounts received text alert warnings of fees before charging them for unarranged overdrafts. The figures include recent refunds secured from RBS and Santander.

Emma Radmore