Higher overdraft and card rates make banks millions

LONDON - Banks raked in more than 600 million pounds from consumers last year by hiking overdraft and credit card rates, according to price comparison service uSwitch.com

It said five banks, including Lloyds TSB and NatWest, had increased their agreed overdraft rates by an average 1.3 percent -- netting themselves an extra 56 million pounds.

At the same time, the industry made 567 million pounds by increasing the interest charged on credit card purchases by a typical 1.2 percent.

Read more at: Higher overdraft and card rates make banks millions