We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Abbey instant overdraft interest
Dagobert
Posts: 1,625 Forumite
I have just been charged overdraft interest in error.
Abbey is experiencing problems with their system and a "small number" of accounts are affected by erroneous charges.
I went overdrawn staying within the limit of my Advance Overdraft. On the same day, I brought my current account back in credit via internal transfer from my eSaver during business hours.
Interest is calculated based on the balance at close of business. There should have been no interest charges in my case.
Check your statements carefully, calculate what interest should have been due if any at all and request a refund if necessary.
Abbey is experiencing problems with their system and a "small number" of accounts are affected by erroneous charges.
I went overdrawn staying within the limit of my Advance Overdraft. On the same day, I brought my current account back in credit via internal transfer from my eSaver during business hours.
Interest is calculated based on the balance at close of business. There should have been no interest charges in my case.
Check your statements carefully, calculate what interest should have been due if any at all and request a refund if necessary.
Dagobert
0
Comments
-
I got this too. I phoned their call centre but got cut off so I rung their complaints department. Got interest and compensation (Didnt ask for any they just gave it )Originally Posted by Dr Cuckoo3
Your bank and bank card does say something about the kind of person you are: Big 4 banks=sheep;),Santander=someone who doesnt mind incompetence:p,COOP=Ethical views,a campaigner:cool:,First Direct/Coventry=someone who thinks they are better than others:o,NI Bank card when living on the mainland=Aspergers
0 -
Ha well I have had this.... didn't notice the charge made to my account on 6th May when I recieved my statement... but when I went online to do my banking yesterday I saw it ... went online again today and saw another charge was made today for this month too. I had plans to go into my bank to query it not knowing what the charge was but found my statement and on it the words "instant overdraft interest". Thought I would look it up before I made a complaint and came across this forum. The stupid thing about this is that my account has not gone into overdraft at all so why charge me!!!! Yes I have reported the charge through the Abbey website complaints link now so I will wait with baited breath to receive a response....0
-
It happened to me again this month. I was not overdrawn at all.
When I phoned customer services, they were well aware of the problem.
What I find incredible is that they have not implemented anything to correct this automatically! There will be plenty of people either not bothering to complain or overlooking the charge.
Who knows - maybe the system also overcharges people who do have to pay o/d interest. Unless you calculate every month what should have been due it will be very difficult to spot an error.
You can never rely on interest calculations to be correct. I remember someone spotting an error with Bradford & Bingley's savings interest.Dagobert0 -
When I complained about the £11 overdraft interest, which was charged in error in May, I received a refund and compensation by cheque.
A month later, in June, the overdraft interest was credited back to my current account. They must have written a program to correct the erroneous charges after all.Dagobert0 -
I was charged £37 in May when I was in credit all month. I complained and they refunded it in June but then charged £44 even though I was still in credit!
I rang to complain again and got through to a call centre in India. The security was non existent and when I complained the guy put the phone down on me.
I rang back and spoke to Chris in Scotland who said they are aware of the error and would refund the charge.
How many people are being charged and do noy even reaise?!0 -
You might want to check out these forums
http://forums.moneysavingexpert.com/showthread.html?t=771009
http://forums.moneysavingexpert.com/showthread.html?t=914963
My advice would be to ring 01908 690333. This is the Chairman's office for unresolved complaints.0 -
This is still happening. :mad:
I got my statement today which showed 45p Instant Overdraft Interest. At no stage has the account been overdrawn and while there have been transfers in to cover cheque and debit payments the transfers are from the savings of an Abbey offset mortgage and have been in the account for 2 days before the payment out is showing on the statement. So they can't say the funds hadn't cleared before the payments were taken out.
I phoned and spoke to a very nice Irish lady called Nicky who agreed it was a mistake, said she would refund the charge or at least stop it being taken as it wasn't due to go until 12 August. She also said she would arrange for the cost of my call to be refunded to my bank account. I asked and she didn't argue. Thought i'd start small with 50p and see what happens next month. My time will start getting more expensive if they don't sort it out quickly.
I'm not holding my breath0 -
I had a 3p charge on my statement earlier this month despite never having been overdrawn since opening the account, and not actually having an overdraft facility set up.
Went into the branch to sort it out (like I'm ringing an 0845 number to correct their error) and spent 1/4 hour with their staff in branch and then on the phone (at their expense) sorting it out. All done....
The money then got taken out anyway, so a phone call on the 0800 number (www.saynoto0870.com) it finally got refunded. Interestingly 10 minutes the phonecall took and then they had paperwork afterwards. I wonder how many people will ring up and not realise they're being charged more to fix the problem than the problem cost them though.0 -
The problems continue:
On 8/8/08, I received a 50p interest refund in anticipation of the erroneous 50p charge which was going to be debited on 9/9/08. In other words: they know that their software is malfunctioning and rather than fixing the bug they run another piece of software to compensate for the errors.Dagobert0 -
My statement yesterday showed I was going to be charged £0.41 in instant overdraft interest. The lady I spoke with in the Chairman's Office was under the impression that this problem had been resolved, but obviously not. I am advised I won't be charged, but let's just wait and see.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.5K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards