MONEY MORSELS
Overdraft refunds
SANTANDER will refund 20,000 customers £1.4 million in unarranged overdraft charges after failing to send alerts. The average payout is £70. Since February 2, 2018, banks must notify customers before they slip into an unplanned overdraft by text or via their mobile app. But Santander customers who opened an Everyday or Essentials current account between February 1, 2018, and February 20, 2019, were not enrolled on its notification system.
Late lending
LOAN companies who lend credit late at night are leading people to borrow beyond their means, a study suggests. Newcastle University researchers say a ban on online borrowing between 11pm and 7am could protect customers. They found credit was often borrowed during these hours to fund impulse buying.
Mortgage retreat
CONSUMER group Which? may close its mortgage and insurance advice service. The company, which charges £499 to arrange a mortgage, said it will enter a period of consultation with employees. Anyone currently using its services has been told it is business as usual.
Fee hike
BARCLAYS current account customers who have signed up for its Blue Rewards scheme will see monthly fees increase from £3 to £4 from July 1. The cashback service pays £7 a month if you set up two direct debits and pay in £800 every month. Barclays says it is adding more rewards, which is why it has increased the cost.
Smart surcharge
BRITISH GAS customers face paying £300 more for the cheapest deal if they don’t want a smart meter. The Big Six firm’s Energy Plus Protection Green tariff fixes rates until May 2020 and costs £938 each year on average. Without the gadget, customers are switched to a deal costing £1,228 a year. A British Gas spokesman says: ‘We are able to offer our customers cheaper energy for managing their accounts with smart meters and online.’
Lottery scam
FRAUDSTERS posing as lottery winners are targeting households through email in an attempt to steal their personal details. The conmen claim to be Fred and Lesley Higgins, who won a £58 million lottery jackpot last August, donating a million euros to random individuals. The fraudsters request the recipient to send their name, location and contact details to claim.
Uninsured breaks
NEARLY two- fifths of British tourists have no travel insurance for their summer holidays, according to ABTA. The travel association found that a total of 8.6 million people could be putting themselves at risk of costs if they fall ill or hurt themselves. Around 21 pc said they travelled without cover in the last year.