Nine Major Bank Changes Coming in August 2024
Santander, First Direct, Lloyds, Halifax, and More
Multiple major banks in the United Kingdom, including Lloyds, First Direct, and Barclays, are implementing significant changes that will affect millions of customers in August 2024. These changes range from increased fees to modified services.
First Direct Changes
One of the most notable changes is that First Direct will cease sending text messages with account balance information starting August 10th. Customers will need to rely on other methods, such as online banking or the mobile app, to check their balances.
Other Bank Changes
- Lloyds: 399 percent overdraft fee for most customers, with a higher rate for some
- Halifax: Reducing branch opening hours
- Santander: Increasing fees for some services
Impact of the Changes
These changes are likely to have a significant impact on bank customers, particularly those who heavily rely on text messages to manage their finances. It is recommended that customers review the changes and make necessary adjustments to their banking habits.
Additional Information
For further details and additional changes, it is advisable to consult the websites or contact the respective banks directly.
These changes come amidst a challenging economic climate, with rising interest rates and a potential recession looming. Banks are looking for ways to reduce costs and increase revenue, which may lead to further changes in the future.
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