Changes to overdraft charges

ELLE2009_2

Has anyone else received a letter advising them of changes to overdraft charges as of Dec 2009 with a leading Scottish Bank? (Not sure if I am allowed to mention their name on the site or not?)

Instead of being charged a monthly interest (usually around £10 for us)they are planning to charge £1.00 per day to use your overdraft. For me and my family this will mean potentially paying around £62-00 per month! (As two accounts)

I am tempted to get a loan to pay off my overdrafts and close my accounts! Putting these new procedures in just before Christmas is an additional kick in the teeth!

I am interested to learn how others are planning to deal with this change, as am sure am not the only one who regularly relies on my overdraft.

Once again the banks are penalising their customers to claw back money that they lost!

I for one am disgusted by this!

I am intersted to hear other Money Savers views on this, as a new Money Saver and first time poster.

Elle

Anihilator

Thank all those who cried about bank charges and penalties.

The banks have just found a fool proof way to make more out of it. The rest will follow closely behind.

I would love to thank the !!!!s who didnt abide by their terms.

CLAPTON

discussed extensively on the budgeting and bank account board