Banks should cap overdraft fees, says competition watchdog

Banks should cap unarranged overdraft fees and warn customers before they go overdrawn, the competition watchdog has said.
The Competition and Markets Authority says this and other measures could save bank customers £1bn over five years.
The provisional conclusions of the 18-month study into personal and business banking suggest competition is weak in the industry.
But consumer group Which? said the report was a missed opportunity.