Bank account query
Discussion
I've just spent the last 2 years retraining, in order to fund this I took a part time job and a drop to a tenth of my previous income.
To avoid charges etc I asked my bank to give me an account with NO overdraft facility ie when the funds were out the card stopped.
I have stayed well within my balance but an early christmas pay packet caught me out and I was charged £44.
On speaking to the bank they informed me that I should be grateful they only charged £44 as they were entitled to take £25 per day overdrawn.
I asked why the overdraft even existed and was told that in order to have an account which did not allow payments to go into the red I would have to pay a £15 per month admin fee.
WTF
So if I don't want to borrow their money at usurious rates there is a fee.
Any banks out there which just let me store MY money in them for a while?
To avoid charges etc I asked my bank to give me an account with NO overdraft facility ie when the funds were out the card stopped.
I have stayed well within my balance but an early christmas pay packet caught me out and I was charged £44.
On speaking to the bank they informed me that I should be grateful they only charged £44 as they were entitled to take £25 per day overdrawn.
I asked why the overdraft even existed and was told that in order to have an account which did not allow payments to go into the red I would have to pay a £15 per month admin fee.
WTF
So if I don't want to borrow their money at usurious rates there is a fee.
Any banks out there which just let me store MY money in them for a while?
Not sure why this in SP&L but anyhow, I use HSBC and they text me and phone me when overdrawn and give me the chance to sort it out before charging provided its within a short time scale.
Though last time I did get b
ked by some upstart over going overdrawn by £15 due to my TV licence coming out of a dead account that I dont use anymore and it had not been switched across to my other account by HSBC despite telling them to.
That soon stopped when I informed him that if HSBC and his manager didnt want to know why my personal accounts and all business accounts just got transfered to another bank he might like to have a bit of respect.
So it does exist...
Though last time I did get b
ked by some upstart over going overdrawn by £15 due to my TV licence coming out of a dead account that I dont use anymore and it had not been switched across to my other account by HSBC despite telling them to.That soon stopped when I informed him that if HSBC and his manager didnt want to know why my personal accounts and all business accounts just got transfered to another bank he might like to have a bit of respect.
So it does exist...
SLCZ3 said:
Overdraft??? what is one of those, never heard of one.
Giving stupid people who cant manage their finances a way of getting free money to assist them, just for them to use it and then blame the bank for allowing them to use it... Take it away and the smae people claim its not fair that they cant get a £2k overdraft facility... Or complain that they get charged for going over the amount cause they like to spend spend spend...Some people use it sensibly and use it for emergencies or for the unexpected and they then re manage their financies to cope and pay it back...
Not aimed at OP...
I'm with Halifax. I never use the overdraft facility on my current account so cancelled it, simple as that. Didn't get charged anything for doing it.
Seems odd that a bank would charge you for NOT having an overdraft. That alone would be enough for me to change banks, unless they agreed to waive the 'no overdraft' penalty.
Seems odd that a bank would charge you for NOT having an overdraft. That alone would be enough for me to change banks, unless they agreed to waive the 'no overdraft' penalty.
Banks have to, and will increasingly so, charge for everything you do in order to meet shareholder dividend and profit expectations. No one should be surprised at all by this. If you don't like the service, do as you would with anything else, go elsewhere!
The banking market is about to be peeled open so competition should improve, along with the customer experience. But if profits in the Big 5 drop as a result, it could be your pension (which is most likely invested in one or more of them) which suffers. It's a lose-lose situation.
The banking market is about to be peeled open so competition should improve, along with the customer experience. But if profits in the Big 5 drop as a result, it could be your pension (which is most likely invested in one or more of them) which suffers. It's a lose-lose situation.
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