Bank to simplify overdraft fees

Competition among current account providers has been stepped up as a major bank announced new measures to simplify overdraft fees which will save its customers an estimated £14 million collectively in 2014.

Barclays will introduce a "one per day" cap on its £8 paid and unpaid transaction fees in the coming weeks, which it said will help customers save around £7 million this year. Currently, these fees can be charged up to five times a day at a total of £40.

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