Banks' overdraft fees set to soar

AOL Money Staff

Millions of customers with NatWest and Royal Bank of Scotland (RBS) are facing new fees of up to £72 a year for dipping more than £10 into their arranged overdrafts.

From July 12, current account customers with the state-backed bank will be charged a £6 a month "arranged overdraft usage fee" when they go over £10 into the red - on top of existing annual interest of 19.89%.