Lloyds TSB to issue text warnings on overdrafts

Lloyds TSB is introducing a new mobile text service which will alert current account customers if they are nearly reaching or going over their overdraft limit.

Lloyds TSB is introducing a new mobile text service which will alert current account customers if they are nearly reaching or going over their overdraft limit.

The text warning service will kick in once customers are within £50 of going overdrawn. Another alert is sent once the limit is passed or a payment - such as a direct debit - cannot be made because it would breach the limit.

The bank currently offers free weekly balance updates via text messages, but it will charge £2.50 a month for the overdraft alert service from next year.

During a trial period though, the new overdraft service will be free to use until the end of this year.




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