Text alerts for bank overdraft threat

A text message alert system for those close to being overdrawn has been agreed by the UK banking industry.

From April, all major High Street banks will offer current account customers the option of receiving a phone or email warning if they are close to going into the red.

The service is one of many changes to consumer lending, including store card offers, agreed by the providers.

They also plan a seven day account switching service by September 2013.

Read the full article at bbc.co.uk

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