Confused RE new HBOS charging system

brody77

Hi all,

I couldn't find an answer for this, so decided to open a thread.

Like everyone else, I got the letter saying interest would be scrapped & after Dec 6th it would be a £1 per day charge instead for an overdraft (in my case meaning an increase of £20 per month).

However, I logged into my a/c this morning, and on 31 Dec they only took the normal £10 interest?
I had been expecting to see the £1 per day deduction but that wasn't the case.

I'm confused as when I visited the bank they said it would be taken in a lump sum at the end of each month, so are they waiting til the end of Jan to take the amount, and will they be trying to take from me money for the period 6th Dec - 31st Jan? Surely not, as I've already had the £10 interest for Dec deducted?

As I said, I'm very confused by this.

supersavor

brody77 wrote: »

Hi all,

I couldn't find an answer for this, so decided to open a thread.

Like everyone else, I got the letter saying interest would be scrapped & after Dec 6th it would be a £1 per day charge instead for an overdraft (in my case meaning an increase of £20 per month).

However, I logged into my a/c this morning, and on 31 Dec they only took the normal £10 interest?
I had been expecting to see the £1 per day deduction but that wasn't the case.

I'm confused as when I visited the bank they said it would be taken in a lump sum at the end of each month, so are they waiting til the end of Jan to take the amount, and will they be trying to take from me money for the period 6th Dec - 31st Jan? Surely not, as I've already had the £10 interest for Dec deducted?

As I said, I'm very confused by this.

the normal ten pound charge you refer to would have been for using the over draft in november.

the charges started on th 6th of december so from the 1st -5th dec you will get debit interest and the 6th -31st of december the daily fee this amount will come of your account on the last day of january ie a £26 overdraft fee and 5 days debit interest

and if you use your over draft this month those fees will come off in feburary

flyingjock1

brody, the £10 charge you got on the 31st dec 09 may have been debit interest for your account up to the end of november. the 1/2 day a charges for days spent overdrawn from the 6/12-31st dec will come off at the end of jan 10. the days overdrawn in jan 10 will come off at the end of feb. so fees are debited a month behind them being incurred.your jan statement may have a mixture of debit interest and daily fees as 2 charging systems were in operation. hope this explains it a little