Does your bank rip you off?

[Charlie J]

The bank could just refuse the transaction thus preventing the customer from going overdrawn without charging you for the privilege. Shame that they don't.

 

jb

 

This is standard practice for RBS if a transaction will take you even 1p over your limit. However, when it comes to them taking out their fees they couldn't care less whether it takes you over or not (then will charge you £12 fee for going over plus £6 a day until you are back in).

 

Yes RBS rip me off significantly each and every month!

[kidley]

This is standard practice for RBS if a transaction will take you even 1p over your limit. However, when it comes to them taking out their fees they couldn't care less whether it takes you over or not (then will charge you £12 fee for going over plus £6 a day until you are back in).

 

Yes RBS rip me off significantly each and every month![/QUOTE]

 

 

 

theres an obvious answer there M8t. My Bold

[*Turbo*]

A lot of banks, for a fee, will let you have a interest free overdraft of £300. Co-op who I bank with let me be between £300 and £900 overdrawn when I was off sick last year for three weeks and charged me something like £3 for the pleasure.

 

Where if that happened with Halifax they would have charged me £1 a DAY. Thankfully I left them before I crunched my ankle.

 

The point is yes you shouldnt go overdrawn and manage your money properly, there is only one person responsible for that.

 

BUT sometimes life throws things at you. I get paid weekly with only SSP as an income so didnt anticipate after buying a new car and having a holiday in Ibiza I would be off work with a bad ankle:gag:

 

Stay clear of the likes of Halifax who charge a £1 day, only pay a fee for a bank account if you get a fee free overdraft, have an authorised overdraft for more than this for life's emergency's and use their other policies for your benefit.

 

Not everyone if fortunate like Angelfire1 who maybe has a partner who can help them out or has full pay should they be off sick.

 

Or lucky like Rich who has their mother to do everything for them:roll:

 

In answer to the person who wants more than 0.1% for having credit either run a savings account with it and after bills have been paid stick your money in that or Santander has a decent interest rate but dont know much more about the account and apparently their customer service is shocking.

 

You'll struggle to get better than the Co-op for everything above:thumbsup:

 

Note, if you can only get a basic bank account with zero overdraft you have my sympathy and try and manage your money. Easier said than done I know

[kidley]

This is not answering your post Turbo.

 

I always have a very healthy current account "i need one" but any body that says they have a good C-A never mind a top notch one, please let me know, i dont think there is such a thing

[kaleidoscope]

According to "Which?", the best bank for unauthorised overdrafts is Halifax Reward Current Account (provided you pay in £1000 per month) with charges for overdrafts of £5 per day. Next is NatWest Select Account, followed by Royal Bank of Scotland Select Account, both at £6 per day.

 

The best bank for authorised overdrafts is the one the original poster is with, First Direct First Account with an overdraft interest rate of 15.90%.

[*Turbo*]

This is not answering your post Turbo.

 

I always have a very healthy current account "i need one" but any body that says they have a good C-A never mind a top notch one, please let me know, i dont think there is such a thing

 

Think I see where your coming from. I get on fine with Co-op for MY needs. Everybody's needs are different though I suppose. I would imagine there are people with loads of bad experiences with Co-op.

 

Otherwise I'm not sure what your getting at:huh:

[kidley]

If i can give an example if i have an average C-A balance of one£ i get 0.1% interest if i have a average balance of lets say £8000 i still get 0.1%, i think all banks are the same including the Co-oP, and please no one say move it

[onewheeldave]

I'm sorry but if someone is liable for certain charges (like being overdrawn), then it's their fault for mis-managing their money.

 

How hard is it to keep an eye on your cash?

 

 

 

I'm sorry as well- but you appear to be replying to the wrong thread?

 

the OP said-

 

Can anybody recommend a bank that doesnt charge you a disproportionate sum of money for going overdrawn?

For example, First Direct wanted to charge me £150 for going overdrawn by £47. This was because you get charged £25 per transaction when overdrawn.

I made 6 separate small transactions (foolishly) not realising I was overdrawn. I did manage to beat them down to a £50 charge but want to swap to a decent bank. Any suggestions?

 

i.e they're asking for pointers to a bank that's somewhat less agressive with their overdraft charges- a perfectly reasonable request, clearly stated: not, as you seem to have assumed, an invitation to have their money management prowess critisised by passing whingers

[barleycorn]

According to "Which?", the best bank for unauthorised overdrafts is Halifax Reward Current Account (provided you pay in £1000 per month) with charges for overdrafts of £5 per day. Next is NatWest Select Account, followed by Royal Bank of Scotland Select Account, both at £6 per day.

 

The best bank for authorised overdrafts is the one the original poster is with, First Direct First Account with an overdraft interest rate of 15.90%.

 

I get 14.28% with my Lloyds Platinum account, the first £250 of which is interest free.

 

jb

[SnailyBoy]

I get 14.28% with my Lloyds Platinum account, the first £250 of which is interest free.

 

jb

 

The first £250 with First Direct is interest free too. Find it hard to understand how the OP managed to not realise how they'd become overdrawn.

 

First Direct offer.

 

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