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HSBC to increase overdraft rate to 39.9% across all accounts in 2020

HSBC UK Bank PLC will increase its overdraft charge rate in the U.K. to 39.9% across all accounts from a range of 9.9% to 19.9% currently, effective March 2020, to comply with new regulations.

The lender said Dec. 4 that it will also remove a £5 daily fee for going into an unarranged overdraft, reduce the monthly maximum charge on unarranged overdrafts to £20 from £80 and also introduce a £25 buffer free of interest on certain accounts.

It comes as the Financial Conduct Authority in June confirmed reforms to fix the country's "dysfunctional" overdraft market, including requiring banks and building societies to price overdrafts by a simple annual interest rate, as well as advertise arranged overdraft prices with annual percentage rates to help compare them against other products.