All I wanted was an overdraft...

Have a large bill to pay towards the end of this month (new car) and not quite enough liquid funds to cover it. Depending on exactly when I have to pay it and when my monthly income arrives.
So to avoid any possible problems, thought I'd increase my (never used) overdraft limit online.
My banking home page online says I can have far more than the amount I need as an overdraft, so decide to apply for it. But I have two current accounts, - my main one, and a very small one used for a club of which I'm treasurer. And the only one I was offered that overdraft on was the club one. The drop down choice for accounts when applying only showed it - not my main one. So it's not just TSB who can't write software.
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Dave Plowman snipped-for-privacy@davenoise.co.uk London SW
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Well they probably think you have enough credit and enough funds on the other one anyhow. Many years ago I took out a bridging loan from GE Finance, very easy to do and paid it back without an early termination fee. Does this sort of thing not exist any more? Its been my experience that high street banks are the last place to look except for payday loan sharks of course. Brian
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It might be that. At one time when working I had a pretty large (for me) overdraft limit on the same account. Having been retired for some time now and never having needed to go overdrawn, it's been reduced to a few hundred. Not quite enough for safety in this instance.

A straight overdraft would have been ideal in my case as it might well not be needed - or paid off very quickly.
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Dave Plowman snipped-for-privacy@davenoise.co.uk London SW
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On 25/04/18 07:40, Brian Gaff wrote:

Although I understand the payday loan sharks are used by the canny poor because they know that if they get to the end of the month and incur penalty charges on phone, loan, cards etc they will be fleeced. Better to pay the outrageous fees to a payday loan shark than to let the high street banks get at you.
It's a sobering thought but wonga exists because the likes of Barclays and Lloyds are even worse.
TW
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On Wednesday, 25 April 2018 11:15:57 UTC+1, TimW wrote:

I've never heard of high street banks charging anything like the crazy prices of wonga et al. They just refuse to loan. As bad as payday lenders are, they're still an improvement on illegal loan sharks, which is why they're permitted.
NT
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On 25/04/18 14:12, snipped-for-privacy@gmail.com wrote:

The point of the wonga loan is that it's available for a week or two. The apr therefore looks crazy but that isn't what it's for. If you are a bit skint you can get to the end of the month and have to pay late charges on cards, on a phone account, at £10 or £20 a time, maybe unauthorised overdraft charges, hiked interest as well, all for being a week behind and you will pay a lot more in total than if you go to a payday loan provider.
TW
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On Wednesday, 25 April 2018 23:18:08 UTC+1, TimW wrote:

r
prices of wonga et al. They just refuse to loan. As bad as payday lenders a re, they're still an improvement on illegal loan sharks, which is why they' re permitted.

be

Sure, but clearly there are a couple of things wrong with that picture.
NT
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On 26/04/18 10:15, snipped-for-privacy@gmail.com wrote:

I'm not saying it's a good idea, just that that is why there is a market for payday loans. TW
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On 25/04/2018 11:15, TimW wrote:

They exist because the likes of Barclays and Lloyds won't lend people money that they can't afford to pay back Lenders like wonga will lend money to almost anyone and send the heavy mob around if they don't pay. They are not in the same leagues.
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On 25/04/18 14:41, dennis@home wrote:

Actually if you are getting into trouble Barclays and Lloyds will start to increase your costs and rob you as fast as they can, knowing you can't afford to pay it back.
TW
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Quite. When looking into this, I was surprised just how much an unauthorised overdraft could cost these days. Some certainly pay for 'free' banking now.
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Dave Plowman snipped-for-privacy@davenoise.co.uk London SW
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On 25/04/2018 23:44, Dave Plowman (News) wrote:

The key here is unauthorised. You are comparing taking someones money without permission with taking someones with permission. If you ask the bank for an overdraft and they say yes then its much cheaper than the likes of wonga.
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Dave Plowman wrote:

Unauthorised overdrafts have always been expensive.
My bank gives a £250 free overdraft, then £1.50/day up to £1200, followed by £1000 of emergency borrowing for £5/day, it has a £15 buffer zone where you won't be charged extra between the tiers.
Higher overdraft limit is available for 1.5%/year arrangement fee
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An unauthorised overdraft means in effect you are helping yourself to someone else's money.
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bert

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On 26/04/18 22:51, bert wrote:
[...]

This could be entered in the 'stupidest post of the year' comp.
You seem to imply it's some kind of theft. Way off the mark and not very nice.
Besides overdrafts are repayable on demand, so the bank can just declare your arranged overdraft to be 'unauthorised' double the rate and start slapping penalty charges on your stos to increase it further. Is that 'helping yourself to someone else's money' Yes, the bank is doing it. tw
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On 27/04/2018 00:55, TimW wrote:

Do you want to name a bank that has done that to anyone you know? Its in the terms and conditions so that they can get their money back if you decide to close the account not to just put the charges up for customers.
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Not at all. While the bank may not have specifically authorised the the overdraft, they are fully in control of whether they allow you to have it or not.
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Roger Hayter

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On 25/04/2018 23:22, TimW wrote:

I've often thought this too.
Loan companies have to provide an APR which includes any fees to setup the loan.
I have never understood why banks seem to be immune to including these fees in any APR calculation.
Same for mortgages too.
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On 26/04/2018 09:55, Fredxx wrote:

They all have to provide the figures, maybe you haven't looked/noticed?
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On 26/04/2018 15:29, dennis@home wrote:

I have never seen APR to include the amounts of fees and other payments for an bank overdraft or mortgage.
Yes I have looked, clearly you haven't.
The likes of Wonga have to include their fees in the APR calculation. I suspect you haven't noticed that either?
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