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Bank Charges Compared - 20 Tips to beat charges - Discussion

Former_MSE_Wendy
Former_MSE_Wendy Posts: 929 Forumite
I've been Money Tipped! Newshound! PPI Party Pooper Chutzpah Haggler
edited 10 June 2010 at 5:01PM in Reclaim bank & credit card charges


This thread is to discuss the new Bank Charges Compared
guide and tool

Click reply to discuss
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Comments

  • mrstone
    mrstone Posts: 1 Newbie
    I just got charge £50!!! by HSBC for a bounced direct debit. And the tool advertises HSBC as having no charges for bounced payments
  • dzug1
    dzug1 Posts: 13,535 Forumite
    10,000 Posts Combo Breaker
    mrstone wrote: »
    I just got charge £50!!! by HSBC for a bounced direct debit. And the tool advertises HSBC as having no charges for bounced payments

    Read it again - it doesn't. No monthly charge, correct, but still charges for transactions
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    I would say for those that manage their accounts well, have an overdraft (or extra overdraft) of £200 which you NEVER use, but will avoid any return DD or overlimit charges in the event of a genuine miscalculation or error.

    For those that regularly incur excess charges and returned DD charges, change to a basic bank account, and pay all bills manually using cash. This will avoid all charges and will help better budgeting skills and money management for the future.
  • Morglin
    Morglin Posts: 15,925 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Other than that, discuss an overdraft limit, stick to it, and any charges/intersst will be minimal.

    Other than that, draw money out as you get it, pay bills in cash, and you will not pay a penny to any bank.

    Lin :)
    You can tell a lot about a woman by her hands..........for instance, if they are placed around your throat, she's probably slightly upset. ;)
  • kingsmudger
    kingsmudger Posts: 1 Newbie
    hi,
    My name is paul, i am a customer with lloydstsb i had a loan for 7500 with a payment of 140 a month, when i went on holiday, the loan was taken out when i was away, but there was not enough funds in the account, 2 weeks later i had a letter stating i was overdrawn so i went to the bank to pay off the loan in full i did this, But at the end of the month i was charged over 200 pound as they charged me 20 pound a day for 10 days i thought i would of just had a 30 pound charge, but not that much!!! so i refused to pay ive sent them numerous letters to explain that i am willing to pay a fair amount but not 200 pound, this has been going on since oct 09 and i've just had a look at my balance and they have charged me over 1300 pound for going over drawn by 140 pound, i am getting charged 200 a month, they want me to set up a debt management program but i cannot justify paying all that money to the greedy bank,

    please, please help as this is causing me great stress


    thanks
    paul
  • Premier_2
    Premier_2 Posts: 15,141 Forumite
    10,000 Posts Combo Breaker
    edited 8 June 2010 at 1:47PM
    kingsmudger wrote: »
    hi,
    My name is paul, i am a customer with lloydstsb i had a loan for 7500 with a payment of 140 a month, when i went on holiday, the loan was taken out when i was away, but there was not enough funds in the account, 2 weeks later i had a letter stating i was overdrawn so i went to the bank to pay off the loan in full i did this, But at the end of the month i was charged over 200 pound as they charged me 20 pound a day for 10 days i thought i would of just had a 30 pound charge, but not that much!!! so i refused to pay ive sent them numerous letters to explain that i am willing to pay a fair amount but not 200 pound, this has been going on since oct 09 and i've just had a look at my balance and they have charged me over 1300 pound for going over drawn by 140 pound, i am getting charged 200 a month, they want me to set up a debt management program but i cannot justify paying all that money to the greedy bank,

    please, please help as this is causing me great stress


    thanks
    paul

    What made you think you would only be charged £30?

    The Lloydstsb website clearly confirms the charge for an unplanned overdraft that exceeds £100 is £20 per day with a maximum of 10 daily charges in any monthly billing period
    http://www.lloydstsb.com/rates_and_charges/current_account_charges.asp

    You will continue to incur charges until you repay what you owe. You may not like that idea, but unless you negotiate something else with the bank (like a debt managment programme they have suggested), that will be the reality, I'm afraid. You'll still probably have to pay back what you now owe, but at least they may agree to stop the further spiral of charges if you negotiate.
    "Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 2010
This discussion has been closed.
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