Reply to: Bank Overdraft Charges.

[lilelvis2000]

I thought bank charges were just for the poor, to teach them to be more prudent.

No. They're there to fund the free accounts of others.

[shelby68]

I thought bank charges were just for the poor, to teach them to be more prudent.

[Peoplesoft bloke]

Has anyone gone this route to reclaim bank's overdraft charges ? I got another 30 fine yesterday.

http://www.fool.co.uk/news/your-mone...d-charges.aspx

No. I don't go overdrawn. As for the whining about fairness - you signed up for it. It probably doesn't cost railcos what they charge you in penalty fares, but who whines about that? There is a really easy way to avoid these charges.

[Jog On]

Well , with Barclays you need to upgrade your free current account to a 6 quid a month one in order to be eligible for overdraft. What can I say..

So they're dragging their feet over the refunds and scrapping free banking already.

Boomed!

[DiscoStu]

Well , with Barclays you need to upgrade your free current account to a 6 quid a month one in order to be eligible for overdraft. What can I say..

Change accounts...

[Likely]

Why don't you get an agreed overdraft facility on your current account?

Well , with Barclays you need to upgrade your free current account to a 6 quid a month one in order to be eligible for overdraft. What can I say..

[Churchill]

Hum ... I am using a debit card ( It makes me feel I spend only what I have ) .... hence my account can go overdrawn....

I was just suggested that using a Credit Card may overcome this problem because you get a buffer of say 2 000 GBP from which you spend during the month and then simply repay from your savings accounts before any interest kicks in... So

ANY CREDIT CARD SUGGESTIONS ?

The Rolls Royce Owners Club Credit Card is quite nice...

Threaded

[DimPrawn]

Hum ... I am using a debit card ( It makes me feel I spend only what I have ) .... hence my account can go overdrawn....

I was just suggested that using a Credit Card may overcome this problem because you get a buffer of say 2 000 GBP from which you spend during the month and then simply repay from your savings accounts before any interest kicks in... So

ANY CREDIT CARD SUGGESTIONS ?

Why don't you get an agreed overdraft facility on your current account?

I have £5K agreed overdraft for when big bills and divident payments are out of sync. Nationwide:

A Nationwide overdraft allows you to manage your money without incurring any unnecessary costs. As long as you stay within your authorised limit, you can use your overdraft whenever you need to without incurring charges. The interest rates we charge are highly competitive - view our Overdraft Calculator to find out how you could be better off.

Cheaper than most credit cards.

[Likely]

Hum ... I am using a debit card ( It makes me feel I spend only what I have ) .... hence my account can go overdrawn....

I was just suggested that using a Credit Card may overcome this problem because you get a buffer of say 2 000 GBP from which you spend during the month and then simply repay from your savings accounts before any interest kicks in... So

ANY CREDIT CARD SUGGESTIONS ?

[BoredBloke]

And if you bother to point this out to them they refund any charges that have been incured due to charges taken.......

I did ask for them back - but did it in one big chunk.

[Dow Jones]

Piggy-banks

Pigs WILL fly before anyone else gets any money back. They have asked the Courts for an indefinite 'stay of execution' to deal with the issue and they've been dragging their feet ever since. I can't see anyone getting a full refund, best case scenario is that they'll go the way of credit cards, ie put a cap on charges (say £ 10) and if - and only if - they are forced to, then they'll refund the difference. They are pleading poverty due to the current 'credit crunch' and I'm sure they'll find another way to rip us off eg with 'mortgage arrangement fees' that can now run into 000's. Few years back were only a couple of hundred - if that.

[blacjac]

The banks were allowed to place a charge to cover their costs - not fine their customers. There is no way that it costs a bank £30 to send a standardised letter to to tell a customer that they have gone overdrawn. I've had instances where an account has incurred a charge which the HSBC place onto the account 30 days later and it is their charge which pushed the account overdrawn which means another charge in 30 days time.

And if you bother to point this out to them they refund any charges that have been incured due to charges taken.......

[lilelvis2000]

Please, not again. Didn't we all go through this 'debate' a couple of weeks back?

Oh BTW, grab some templates off of moneysavingexpert.com and at least
put your claim in before your 6 years runs out. The way the OFT and bank are hammering it out..it could be a few years before you get your money back.

[NotAllThere]

I understood that it was about whether the charges were fair. .

Is that fair according to the labour government definition?

[Jog On]

The banks were allowed to place a charge to cover their costs - not fine their customers. There is no way that it costs a bank £30 to send a standardised letter to to tell a customer that they have gone overdrawn. I've had instances where an account has incurred a charge which the HSBC place onto the account 30 days later and it is their charge which pushed the account overdrawn which means another charge in 30 days time.

The snowball syndrome.

My bank don't send me paper letters anymore, just an email and a 'paperless document' in my online banking if something takes me over my limit. That costs me £15 .