Latest news with #fees
The Sun
2 days ago
- Business
- The Sun
Millions of Lloyds customers have HOURS before a major change to bank's fees – here's how to act
Lana Clements, Assistant Consumer Editor Published: Invalid Date, MILLIONS of Lloyds customers will be hit in the pocket if they fail to take immediate action. The banking giant is hiking fees for selected current account. 1 Customers feeling the sting are those signed up to the Club Lloyds account. The packaged account provides extra benefits including a Disney plus subscription, cashback rewards, and access to linked savings accounts with preferential interest rates. In return, a membership fee is charged. This currently stands at a monthly £3, but is waived when £2,000 or more is deposited into the account each month. However, from today this fee is being hiked to £5 for users. Customers could end up paying an extra £24 a year if they do not meet the £2,000 threshold. This change will also affect customers with Club Lloyds Silver and Club Lloyds Platinum current accounts. These users are charged the standard Club Lloyds monthly fee, as well as respective account fees of £11.50 per month for Silver and £22.50 per month for Platinum. But as part of wider changes Club Lloyd customers no longer pay foreign currency or cash withdrawal fees when using their debit cards abroad. An overdraft enables you to borrow money through your current account if the balance hits zero. These services were already available for Club Lloyds Silver and Club Lloyds Platinum current accounts. The bank has also increased the interest-free allowance on Club Lloyds arranged overdrafts. What do Club Lloyds accounts offer? Club Lloyds (£5 a month) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets Exclusive savings and mortgage rates Earn interest on current account balance Get up to 15% cashback on debit card purchases in selected retailers Club Lloyds Silver (£11.50 a month + £5) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets Exclusive savings and mortgage rates Earn interest on current account balance Get up to 15% cashback on debit card purchases in selected retailers European and UK family travel insurance AA breakdown cover Mobile phone insurance Fee-free spending and cash withdrawals abroad Club Lloyds Platinum (£22.50 a month + £3) Free lifestyle benefits including either 12 months of Disney+ or six cinema tickets Exclusive savings and mortgage rates Earn interest on current account balance Get up to 15% cashback on debit card purchases in selected retailers Worldwide family travel insurance AA breakdown cover Mobile phone insurance Lloyds is not the only provider shaking up its offering. The Co-operative Bank announced it would be increasing the monthly charge on its Everyday Extra package bank account in July. Currently, customers pay a monthly fee of £15, totalling £180 a year. But starting from July 1, this fee will increase to £18 a month—an extra £36 annually. What to do if your perks are being being cut If your bank account becomes more expensive or loses some of its perks, it's a good time to see if you could be better off with another provider. Price comparison sites such as or show the top accounts on the market. But it's worth considering what is most important to your individual circumstances. Some banks offer interest-free overdrafts, while others unlock top savings accounts. You may get cashback and other money rewards or benefits such as cinema tickets or insurance. When you find an account you want switching is a simple process and can usually be done through the Current Account Switch Service (CASS). Dozens of high street banks and building societies are signed up - there's a full list on CASS' website. Under the switching service, swapping banks should take seven working days. You don't have to remember to move direct debits across when moving, as it is done for you. All you have to do is apply for the new account you want, and the new bank will tell your existing one you're moving.
BBC News
20-05-2025
- Business
- BBC News
Mastercard users to receive £70 in compensation
Millions of Mastercard users could get up to £70 each after a court ruled that historic fees charged by the provider to be unfair. The decision comes after a long-running legal case going back a decade, brought forward by a former financial Merricks argued that shoppers were charged higher prices after fees were wrongly levied on transactions made over a 15-year period between 1992 and has been approached for comment. Mr Merricks said that, despite retailers paying the fees, shoppers had lost out as retailers passed on these costs in the form of higher former financial ombudsman launched his claim after the European Commission ruled in 2007 that Mastercard's "multilateral interchange fees" charged to businesses had infringed competition law since the year alleged that 46 million shoppers in Britain were overcharged. The fees were paid by retailers accepting Mastercard payments, rather than by consumers themselves.
Bloomberg
19-05-2025
- Business
- Bloomberg
JPMorgan Sees Investment-Banking Fees Falling in Mid-Teens Range
JPMorgan Chase & Co. 's second-quarter investment-banking fees could decline by more than analysts are expecting as volatility set off by President Donald Trump's policy announcements continues to chill deals. Troy Rohrbaugh, co-CEO at JPMorgan's commercial and investment bank, said it expects investment banking fees to fall by a percentage in the mid-teens compared to a year ago — more than analysts had predicted.
Yahoo
17-05-2025
- Politics
- Yahoo
US House Republicans propose fees on immigrants to fund Trump's crackdown
Congressional Republicans are proposing an array of new fees on immigrants seeking to remain in the United States in a move that advocates warn will create insurmountable financial barriers. Legislation moving through the GOP-controlled House of Representatives could require immigrants to pay potentially hundreds or thousands of dollars to seek asylum, care for a minor in the government's custody, or apply for humanitarian parole. Republican lawmakers have described the fees as necessary to offset the costs of Donald Trump's immigration crackdown. But experts who work with immigrants say putting more economic pressure on people attempting to navigate US immigration laws could drain what little money they have, force them into exploitative work arrangements, or push them to leave the country altogether. 'These are essentially a mask for targeted attacks towards some of the most vulnerable immigrants that we currently have going through our legal system right now: asylum seekers, children, survivors of crimes,' said Victoria Maqueda Feldman, director of legal programs at Ayuda, which assists low-income immigrants in Washington DC, Virginia and Maryland. Trump has made it a priority of his administration to not only rid the country of undocumented immigrants, but also to stop many new immigrants from entering the country. The GOP-controlled Congress is negotiating what he has dubbed 'one big, beautiful bill', a huge spending and taxation package that includes provisions to turn his hardline immigration proposals into reality. Republicans are limited in what they can accomplish in Congress due to the Senate's filibuster, which the Democratic minority can use to block legislation it does not support. The GOP is seeking to enact Trump's legislative agenda through the budget reconciliation procedure, under which bills can pass with simple majorities in both chambers but must affect only spending and revenues – like fees. 'This system has left these agencies with funding shortfalls paid for by American taxpayers,' said Jim Jordan, the Republican chair of the House judiciary committee. 'The fees included in this bill will … allow us to make the necessary investments in immigration enforcement in a fiscally responsible manner.' Heidi Altman, vice-president of policy at the National Immigration Law Center, said the new fees appeared targeted at the sorts of immigrants that the Trump administration has prioritized keeping out, such as asylum seekers, who arrived in large numbers during Joe Biden's term. 'It's part of the administration's assault on humanitarian protections for immigrant communities,' Altman said. 'This is an entire new way of thinking about fees as a penalty, essentially, for an immigrant status.' Under the bill, immigrants would have to pay $1,000 to apply for asylum, $100 to keep an application active each year as it makes it through the overburdened immigration system, and $550 for a work permit. People requesting humanitarian parole to enter the United States would have to pay $1,000, and abused or neglected children who qualify for a program called Special Immigrant Juvenile Status would have to pay $500. Immigration cases can take a long time to resolve in court, but if a defendant asks a judge for a continuance, they would have to pay $100 each time. These fees do not exist under current law, and the bill specifies they cannot be waived in almost all circumstances. The new fees are targeted at people, often relatives, who seek to sponsor children who crossed the border without a parent or guardian and wind up in the government's care. In order to take custody of an unaccompanied minor, adults would have to pay $3,500 to partially pay back the government for the minor's care, along with another $5,000 to ensure the child attends their court hearings, though that money can be reimbursed if they do. 'In some cases, that would be placing $3,500 between a mother or a father being able to get their child out of government custody and back into their own home,' Altman said. The fees were proposed as the Trump administration looks for novel ways to push immigrants out, including by offering them cash to leave. The bill gives a preview of what more will come, should the president receive the tens of billions of dollars he has requested from Congress. Related: Supreme court blocks Trump bid to resume deportations under 1798 law More than $50bn is allocated in the legislation to construct a wall along the border with Mexico, as well as fortifications elsewhere. Immigration and Customs Enforcement (Ice) will receive $45bn for detention facilities, $14bn for its deportation operations and billions of dollars more to hire 10,000 new agents by 2029. For the low-income clients Ayuda serves, Feldman predicted that the fees 'could amount to a complete barrier to forms of relief'. Some might be able to pull together the money, but 'through means that could put them in greater danger. So, having to work under the table, putting them at risk for labor trafficking. They might have to take out loans that have very high interest rates, putting them at risk for having to pay off something that is very expensive.' The bill is a top priority of congressional Republicans, but its pathway to enactment is unclear. On Friday, rightwing Republican lawmakers blocked its progress through a key House committee, arguing it did not cut government spending deeply enough. Last month, when the judiciary committee met to approve the portion of the bill that included the fee increases, GOP lawmakers approved it quickly, with little signs of dissent.
The Guardian
17-05-2025
- Politics
- The Guardian
US House Republicans propose fees on immigrants to fund Trump's crackdown
Congressional Republicans are proposing an array of new fees on immigrants seeking to remain in the United States in a move that advocates warn will create insurmountable financial barriers. Legislation moving through the GOP-controlled House of Representatives could require immigrants to pay potentially hundreds or thousands of dollars to seek asylum, care for a minor in the government's custody, or apply for humanitarian parole. Republican lawmakers have described the fees as necessary to offset the costs of Donald Trump's immigration crackdown. But experts who work with immigrants say putting more economic pressure on people attempting to navigate US immigration laws could drain what little money they have, force them into exploitative work arrangements, or push them to leave the country altogether. 'These are essentially a mask for targeted attacks towards some of the most vulnerable immigrants that we currently have going through our legal system right now: asylum seekers, children, survivors of crimes,' said Victoria Maqueda Feldman, director of legal programs at Ayuda, which assists low-income immigrants in Washington DC, Virginia and Maryland. Trump has made it a priority of his administration to not only rid the country of undocumented immigrants, but also to stop many new immigrants from entering the country. The GOP-controlled Congress is negotiating what he has dubbed 'one big, beautiful bill', a huge spending and taxation package that includes provisions to turn his hardline immigration proposals into reality. Republicans are limited in what they can accomplish in Congress due to the Senate's filibuster, which the Democratic minority can use to block legislation it does not support. The GOP is seeking to enact Trump's legislative agenda through the budget reconciliation procedure, under which bills can pass with simple majorities in both chambers but must affect only spending and revenues – like fees. 'This system has left these agencies with funding shortfalls paid for by American taxpayers,' said Jim Jordan, the Republican chair of the House judiciary committee. 'The fees included in this bill will … allow us to make the necessary investments in immigration enforcement in a fiscally responsible manner.' Heidi Altman, vice-president of policy at the National Immigration Law Center, said the new fees appeared targeted at the sorts of immigrants that the Trump administration has prioritized keeping out, such as asylum seekers, who arrived in large numbers during Joe Biden's term. 'It's part of the administration's assault on humanitarian protections for immigrant communities,' Altman said. 'This is an entire new way of thinking about fees as a penalty, essentially, for an immigrant status.' Under the bill, immigrants would have to pay $1,000 to apply for asylum, $100 to keep an application active each year as it makes it through the overburdened immigration system, and $550 for a work permit. People requesting humanitarian parole to enter the United States would have to pay $1,000, and abused or neglected children who qualify for a program called Special Immigrant Juvenile Status would have to pay $500. Immigration cases can take a long time to resolve in court, but if a defendant asks a judge for a continuance, they would have to pay $100 each time. These fees do not exist under current law, and the bill specifies they cannot be waived in almost all circumstances. The new fees are targeted at people, often relatives, who seek to sponsor children who crossed the border without a parent or guardian and wind up in the government's care. In order to take custody of an unaccompanied minor, adults would have to pay $3,500 to partially pay back the government for the minor's care, along with another $5,000 to ensure the child attends their court hearings, though that money can be reimbursed if they do. 'In some cases, that would be placing $3,500 between a mother or a father being able to get their child out of government custody and back into their own home,' Altman said. The fees were proposed as the Trump administration looks for novel ways to push immigrants out, including by offering them cash to leave. The bill gives a preview of what more will come, should the president receive the tens of billions of dollars he has requested from Congress. Sign up to Headlines US Get the most important US headlines and highlights emailed direct to you every morning after newsletter promotion More than $50bn is allocated in the legislation to construct a wall along the border with Mexico, as well as fortifications elsewhere. Immigration and Customs Enforcement (Ice) will receive $45bn for detention facilities, $14bn for its deportation operations and billions of dollars more to hire 10,000 new agents by 2029. For the low-income clients Ayuda serves, Feldman predicted that the fees 'could amount to a complete barrier to forms of relief'. Some might be able to pull together the money, but 'through means that could put them in greater danger. So, having to work under the table, putting them at risk for labor trafficking. They might have to take out loans that have very high interest rates, putting them at risk for having to pay off something that is very expensive.' The bill is a top priority of congressional Republicans, but its pathway to enactment is unclear. On Friday, rightwing Republican lawmakers blocked its progress through a key House committee, arguing it did not cut government spending deeply enough. Last month, when the judiciary committee met to approve the portion of the bill that included the fee increases, GOP lawmakers approved it quickly, with little signs of dissent.
