Lloyd’s/Halifax bank charges
sourcrates
Posts: 28,875 Ambassador
Just an update to this, both these banks now charge a daily fee for using an authorised overdraught.
What is not made that clear is this daily fee, is deducted on a daily basis, from your account, whereas before, it was monthly.
So your OD fee is charged daily, and not monthly, just to clarity.
What is not made that clear is this daily fee, is deducted on a daily basis, from your account, whereas before, it was monthly.
So your OD fee is charged daily, and not monthly, just to clarity.
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Yes, this has caught me out big time. I’ve been managing with my DMP I arranged for years and my cheapish overdraft facility was the one debt remaining not on the plan. Was shocked to find up to £3 a day has been going out of my Lloyd’s account since beginning of November for this daily charge. My £2500 overdraft is now the priority to pay off as soon as I can as the charge is a flat rate £1 PER DAY for every £700 am overdrawn.
It’s taken me aback as my overdraft fees will go up from £25 per month to £80 or so a month, but to be honest I’m also determined Lloyd’s will not get the better of me and WILL lose out long term as I will pay this off and then leave.
It’s also brought me back here after a gap of SIX YEARS just continuing with my DMP with no real issues fortunately.
So my plan is to......
1. Reassess my income and outgoings for creditors as there is a monthly adjustment to be made with what I offer as Lloyd’s have decided they are having what is left. I will have to offer creditors less as a result.
2. I’ve going to be super savvy. This had slipped for a while but my yellow sticker shopping and no waste, no new clothes, etc will be a priority again. I’ve done it before, I’ve done it again.
3. I am going to keep a record of what I’ve saved and reduce my availability for overdraft accordingly, bit by bit.
Like I said, Stuff Lloyd’s because long term, customers like me will no longer be paying overdrafts....that’s what I’m going to keep focussed on.
Do others have any other ideas about this at all?0
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