UK banks revise overdraft fee policies

HSBC Holdings, Royal Bank of Scotland (RBS) Group and six other UK lenders agreed to revise their policies on overdraft fees to make it easier for customers to opt-out, Britain's antitrust regulator said.

The banks agreed to create minimum standards for customers who do not want an overdraft service that can result in added costs and develop policies for people who incur fees while in financial trouble, the Office of Fair Trading said yesterday in a statement.