A senior MP criticized the Lloyds Banking Group as "unacceptable" for trying to "play the system" by introducing new overdraft fees for customers a few months before a proposed repression by regulators.
From today, the group's current account holders who come into their overdraft up to £ 4,100 will face new rates that will lead to more pay.
The changes come into force today for users of the Bank of Scotland on 28 January for Lloyds Bank and on 4 February for Halifax customers.
Lloyds Banking Group has a huge number of current account customers – all of whom may be exposed to higher overdrafts on the basis of changes made by the group that will come into effect today
Previously, Lloyds charged a flat-rate daily cost of 1p for every £ 7 borrowed in the event of overdrawn.
Under the changes, borrowing up to £ 1,250 will cost you 1p per day for every £ 6 borrowed.
That potential new annual interest rate of 61 percent is more than some secured loans or credit cards for people with low credit history.
It is also more than three times the rates charged by other popular current account providers, such as First Direct and Nationwide.
Borrowing between £ 1,250 and £ 2,500 still costs 1p per day for each £ 7, while borrowing more than that costs 1p per day for every £ 8 on loan.
The new tiered system means that anyone who indebted less than £ 4,100 will pay more.
Lloyds is the largest provider of overdraft in the UK and controls about a quarter of current accounts.
Last year, bank overdrafts commissions collected over £ 2.4 billion, with over 30 per cent of that stemming from non-agreed financing costs.
No longer differentiates between unconventional and agreed overdrafts, in changes that took place in November 2017.
Rachel Reeves, a Labor MP who chairs the Business, Energy and Industrial Strategy selection committee, tweeted: "It is unacceptable that financial institutions try to play the system at the expense of customers, especially those who are struggling with their finances .
"Lloyds should review these changes urgently."
He told the Financial Times: "Even though these taxes could be legal, they are not in the spirit of the recommendations of the Financial Conduct Authority."
The FCA has proposed to repress overdraft commissions, prohibiting banks from charging customers for higher rates for undiscovered overdrafts, as well as banning credit institutions from charging for fixed daily fees for overdraft loans.
On the basis of these proposals, banks would set a single rate to go red and customers would be able to compare banks for the best deal.
The FCA data shows that the average customer on deposit accounted for about £ 250.
Andrew Hagger, a personal finance expert at Moneycomms consumer site, told the BBC: "I am surprised that the increase is going forward, as it does not fit in any shape or form with what the regulator wants to see for their own discoveries. & # 39;
Lloyds said the changes "were announced before the last FCA recommendations".
"We were the first major bank to remove unplanned discoveries, remove fees on returned items, and our overdraft charges are proportionate to what they actually borrowed, making it easier for customers to understand total costs. involved. "