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Halifax is raising fees for customers who are deep into their overdraft.

The hikes, which come into force on 2 November, hit those struggling already, who are £2,000 or more overdrawn. It will mean a doubling of charges for many.

Someone permanently £2,000 overdrawn currently pays £365 a year but will be faced with a £730 bill under the new regime. Anyone £3,000 overdrawn will see charges rise from £730 to £1,095 a year.

Anyone overdrawn by up to £2,000 continues to pay £1 per day, up to £365 a year.

MoneySavingExpert.com understands sister bank Lloyds TSB will announce changes to its current accounts next week.

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