Lloyds TSB has announced a cut in the charges it levies on customers who go into the red without prior authorisation, and also a reduction in the amount it charges for bouncing a cheque. It is the first major bank to reduce its fees in light of the ongoing saga over possibly illegal and punitive charging levels, although Lloyds insists that the move is a response to customer feedback and not an attempt to stave off tighter regulation by the Office of Fair Trading (OFT).

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