hiten55 Posted November 25, 2009 Share Posted November 25, 2009 yeah me too. got around £1200 out of them (had a good student life ) Quote Link to comment Share on other sites More sharing options...
Matt H Posted November 25, 2009 Share Posted November 25, 2009 So the banks can now go ahead and charge whatever fees they like, way to go Lord Phillips. Glad I got my claim in and sorted before everything got suspended now. All is not lost for the consumer. A lot has happened from this, for example, Natwest and a few other have actually lowered their charges. I think they've gone down from about £28 to £5 for something like going overdrawn. Quote Link to comment Share on other sites More sharing options...
Thorin Posted November 25, 2009 Share Posted November 25, 2009 Natwest and a few other have actually lowered their charges. I think you'll find most have just changed the way they collect the charges. Halifax for example changed from charging a one off fee if you went over your overdraft limit in a particular month, to charging a smaller daily fee for every day you are over. For most people I suspect they'll either end up paying the same, or more than before. Quote Link to comment Share on other sites More sharing options...
Matt H Posted November 25, 2009 Share Posted November 25, 2009 I think you'll find most have just changed the way they collect the charges. Halifax for example changed from charging a one off fee if you went over your overdraft limit in a particular month, to charging a smaller daily fee for every day you are over. For most people I suspect they'll either end up paying the same, or more than before. Perhaps, but I know that Natwest has unconditionally lowered their fees all round. Unfortuneatly for me, the days when this would have been useful have come and gone Quote Link to comment Share on other sites More sharing options...
RiceRocket Posted November 25, 2009 Share Posted November 25, 2009 I think you'll find most have just changed the way they collect the charges. Halifax for example changed from charging a one off fee if you went over your overdraft limit in a particular month, to charging a smaller daily fee for every day you are over. I think my bank (Lloyds TSB) charge something like an inital £20 then £6 per day plus the APR interest. Quote Link to comment Share on other sites More sharing options...
Charlotte Posted November 25, 2009 Share Posted November 25, 2009 I think you'll find most have just changed the way they collect the charges. Halifax for example changed from charging a one off fee if you went over your overdraft limit in a particular month, to charging a smaller daily fee for every day you are over. For most people I suspect they'll either end up paying the same, or more than before. Except that Halifax not only charge to go over your overdraft - they charge to have one too. It's £1 per day - even if you're 50p into your overdraft (£2 if your overdraft is over £2,500). Quote Link to comment Share on other sites More sharing options...
Matt H Posted November 25, 2009 Share Posted November 25, 2009 Here's a link to the RBS (natwest by default) cuts. They are seemingly the only corporation doing it. still not great, but better than nothing. http://www.thisismoney.co.uk/savings-and-banking/bank-charges/article.html?in_article_id=490405&in_page_id=507 Summary: Rejected transaction fee reduced to £5 from £38 (maximum £50 per month, reduced from £114 per day, which could have meant thousands each month). Accepted transactions which take you overdrawn without permission: fee reduced to £15 from £30 (maximum £90 per month) Accepted transactions which take you overdrawn without permission using a cheque guarantee card: fee reduced to £15 from £35 (maximum £90 per month, reduced from £105 per day) Monthly fee while in an unauthorised overdraft reduced to £20 from £28 Unarranged borrowing interest rate reduced to 19.24% from 29.69%. Quote Link to comment Share on other sites More sharing options...
Matt H Posted November 25, 2009 Share Posted November 25, 2009 (£2 if your overdraft is over £2,500). An overdraft of more than 2,500!!! I wonder how many people who earn no where near that after tax they have given that too Quote Link to comment Share on other sites More sharing options...
Thorin Posted November 25, 2009 Share Posted November 25, 2009 An overdraft of more than 2,500!!! I have an overdraft of over £2,500 I used to regularly be right up at the limit every month too Quote Link to comment Share on other sites More sharing options...
Charlotte Posted November 25, 2009 Share Posted November 25, 2009 Here's an interesting article about the Halifax new charges. http://www.moneysavingexpert.com/news/banking/2009/10/how-to-beat-halifaxs-overdraft-chagres Quote Link to comment Share on other sites More sharing options...
Matt H Posted November 25, 2009 Share Posted November 25, 2009 I have an overdraft of over £2,500 I used to regularly be right up at the limit every month too Jeez, that must have cost a bomb in interest alone! What were you typically looking at per month on that? Quote Link to comment Share on other sites More sharing options...
gaz1 Posted November 25, 2009 Share Posted November 25, 2009 Perhaps, but I know that Natwest has unconditionally lowered their fees all round. Unfortuneatly for me, the days when this would have been useful have come and gone but hopefully not forgotten;) Quote Link to comment Share on other sites More sharing options...
Thorin Posted November 25, 2009 Share Posted November 25, 2009 Jeez, that must have cost a bomb in interest alone! What were you typically looking at per month on that? Not a huge amount, but enough. I'm on a plus account and had lower interest rates as a result, plus I wasn't over drawn by that amount for the whole month. Quote Link to comment Share on other sites More sharing options...
marbleapple Posted November 25, 2009 Share Posted November 25, 2009 and it still doesn't with Natwest, . It does for me. Quote Link to comment Share on other sites More sharing options...
Matt H Posted November 25, 2009 Share Posted November 25, 2009 It does for me. You must be special then Quote Link to comment Share on other sites More sharing options...
marbleapple Posted November 25, 2009 Share Posted November 25, 2009 Except that Halifax not only charge to go over your overdraft - they charge to have one too. It's £1 per day - even if you're 50p into your overdraft (£2 if your overdraft is over £2,500). I personally think that is disgusting. I am considering changing my Halifax accounts over to Natwest. From December if you go 50p into your overdraft you get charged £1 per day. Thats 200% interest in one day.... I worked it out that they are basically changing the O/D to a 14% loan.... i.e. its cheaper interest wise to borrow the maximum overdraft for a year than borrow 50p for a year, Quote Link to comment Share on other sites More sharing options...
marbleapple Posted November 25, 2009 Share Posted November 25, 2009 You must be special then I am but thats not due to Natwest In all seriousness though they have done it for years. It even tell's you at ATMs. used to work for HSBC on the phones 5 years ago Perhaps you are not special? Quote Link to comment Share on other sites More sharing options...
Matt H Posted November 25, 2009 Share Posted November 25, 2009 I am but thats not due to Natwest In all seriousness though they have done it for years. It even tell's you at ATMs. used to work for HSBC on the phones 5 years ago Perhaps you are not special? I'm not questioning whether it should do it. Im just saying it's flawed and doesn't work properly. Many a time I've come across my available balance being totally different to what it should be, knowing that I've being to a restaraunt or filled up with fuel etc. Quote Link to comment Share on other sites More sharing options...
Matt H Posted November 25, 2009 Share Posted November 25, 2009 I personally think that is disgusting. I am considering changing my Halifax accounts over to Natwest. From December if you go 50p into your overdraft you get charged £1 per day. Thats 200% interest in one day.... I worked it out that they are basically changing the O/D to a 14% loan.... i.e. its cheaper interest wise to borrow the maximum overdraft for a year than borrow 50p for a year, They've basically switched the onus onto the people that keep their finances more or less in order. If I was with Halifax, I'd be moving without a doubt. Wouldn't have ever gone with them to start with mind. Quote Link to comment Share on other sites More sharing options...
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