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MSE News: Co-op Bank borrowers to pay less after overdraft fees revamp
Former_MSE_Paloma
Posts: 531 Forumite
Co-operative Bank current account customers who go overdrawn will see some fees fall from today, as it revamps charges ...
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Co-op Bank borrowers to pay less after overdraft fees revamp
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Co-op Bank borrowers to pay less after overdraft fees revamp
Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Either it's very expensive to use an arranged overdraft with the co-op, or MSE's penchant for providing incorrect/out-of-date information strikes again.Informal charge (applied when you go over the buffer into your arranged overdraft)
£10/day
£20/day
Edit: Indeed, it appears there is no daily charge for using an arranged overdraft, although they do charge interest.
http://www.co-operativebank.co.uk/assets/pdf/bank/currentaccounts/common/account-charges.pdf?int_cmp=CA_overdrafts_root_account-chargespdf_accountchargescurrentaccounts0 -
Hi tripled, thanks for this - i've tweaked the copy to say there's a £10/day charge for arranged overdraft customers who go above the buffer and above their agreed overdraft limit.0
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MSE_Paloma wrote: »Hi tripled, thanks for this - i've tweaked the copy to say there's a £10/day charge for arranged overdraft customers who go above the buffer and above their agreed overdraft limit.
The copy also saysBuffer (allows you to go into your arranged overdraft by a set amount before fees are charged)
Up to £20
Up to £20
My understanding according to that document is that the buffer only applies to informal overdrafts. There is no reference to a "buffer" before incurring interest on an arranged overdraft that I can see!0 -
Hi tripled, I checked with Co-op as it said the buffer was available to all customers - I asked whether this was for both customers with an arranged and an unarranged overdraft and it confirmed this was correct. So say if you have a £1,000 overdraft and you go above this limit, you get the extra £20 buffer too.0
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MSE_Paloma wrote: »Hi tripled, I checked with Co-op as it said the buffer was available to all customers - I asked whether this was for both customers with an arranged and an unarranged overdraft and it confirmed this was correct. So say if you have a £1,000 overdraft and you go above this limit, you get the extra £20 buffer too.
In which case wouldn't that be "over your arranged overdraft" as oppsed to "into your arranged overdraft"?0 -
I think that's a fair point to avoid confusion - thanks tripled.0
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