UK Watchdog Orders Banks to Cut Credit Card Charges

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00013959-uk-watchdog-orders-banks-to-cut-credit-ca/

The UK’s Office of Fair Trading (OFT) told credit card companies on Wednesday to reduce fines for late payments by 50%, according to a story by Reuters.

The OFT also said the principles in its decision on credit card default charges would apply to other bank charges such as those for overdrafts, store cards and mortgages.

For this complete story, please visit UK watchdog says bank charges must come down.