OFT, not the FSA.
I imagine the FSA have bigger fish to fry right now.
OFT, not the FSA.
I imagine the FSA have bigger fish to fry right now.
Yes, if the normal rules of competition applied, but they would likely all charge the same.
My mistake.
They might be a tad busy :-)
WTF is all this stuff about "too scared of the Internet to order online" Do they stay in the house because they might get run down crossing the road. .Tell them to get a grip and grow up. :-)
Exactly either they pay me at least BoE base rate on my current account for the money I am *lending them* then apply charges or I get a nominal (or no) interest rate but free banking.
I guess the banks would much prefer the former, as most current accounts probably have a fair number of chargeable transactions, I prefer the latter.
The whole worlds banking system has just shot itself in the head.
Its less the £35 charge, and more the £100k loss, that bothers me.
Just for the benefit of anyone reading this and in a similar position on a more regular basis in the present financial situation.
Some banks like NatWest offer a free no interest overdraft buffer usually about £100-£250 depending on status.
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You may be but a but a large percentage of private current account holders are only just in the black at the end of every month Very few people with any significant funds leave them sitting in a current account. Current accounts are high maintenance for banks with a minimal return in most instances, so charges of one form or another are inevitable.
If banking charges are introduced as in other countries it will have the most effect on people who have struggled but managed to keep their account in credit without going overdrawn, and favour people who cannot manage their finances correctly.
-We were somewhere around Barstow, on the edge of the desert, when the drugs began to take hold. I remember geoff saying something like:
Bit of a royal flush.
I think you miss the point, and he is in that very situation. At the start of the month he is lending them 100% of his salary; my the end of the month he is lending them nothing. Ergo, he is *on average* lending them 50%. Simplistic, I know, but broadly correct.
Depends how long the bills arrive after the salary doesn't it?
I wasn't arguing about the details, just the general idea...
Why? Mine is paid into a linked savings account with about 5% interest.
I originate from Halifax so naturally banked with them as do most people from there. Wanted to draw out a large amount of cash and was told that I had to give 3 days notice (this was in the early 70's) I found them really arrogant and closed my account there and then and moved to Natwest. Been no problem with them, on the odd occasions I have incurred charges a quick phone call gets it dropped, mind you nowadays all my banking is done on-line so I keep a regular check on it. I am of the mindset that if a bank tries to rip me off there is no second chance, I will walk.
Yes, mine is £1,250 although I don't usually use it, bit confusing sometimes as my online banking statement adds the overdraft to my total available
Are you crazy? Would YOU say no to spending a fair proportion of that £40k through Quidco, and earning the interest on it between the day they give me the money and the day I have to pay the credit card bill? There`s a bloody good reason I`m not forcing them to do it themselves :-)
I`ve managed to keep the £5k overdraft limit they gave me as a student. Don`t use it anywhere near to that limit, but it can be very handy if a big expense comes in unexpectedly, or there is a problem with wages getting paid on the correct day. A nice little buffer against charges! :-)
========================================== You might need to check that as it may be a two part facility like this from Barclays:
"Overdraft Limit -£250.00 Your Reserve is an amount by which you can go over your overdraft limit, on a short term basis. Reserve Usage fees will apply for the use of this service. Reserve Amount -£1,000.00"
I've never used it so I don't know what fees would apply but probably not cheap.
Cic.
The Barclays reserve facility seems to have been introduced as a preemtive strike to circumvent any loss of revenue should they be forced to charge less for letters etc.
Note however you do have the option to decline it (you get it automatically if you don't). Without it, then you basically stay as you are and would presumably only get hit with the (hopefully soon) cheaper letters.
(the reserve costs about £20 for each period of five days you dip into it. So the first time you exceed you OD limit you cop for the reserve fee, you then don't incur another until five days later (if still OD))
I had somewhat less in my accounts with Nationwide. When I did a similar thing they sent me a letter telling me that they had created an overdraft facility for me, honoured the cheque, and were charging me something like a fiver for going overdrawn.
Probably all you have to do to get it removed is to ask, nicely. That's always worked for me,.
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