First direct warning

miss_missy

hi
i think most banks charge per day cant be sure tho lloyds charged us about 20 per day with a max of 10 days they charge you depending on how much youve used and charged a fee of 15 for going over overdraft
natwest charge the monthly fee 20 and also get charged for each payment you make while in unarranged overdraft and you get charged for items they dont pay its all listed on the website all have a maximum

i think it is the set monthly fee which both of these accounts charge that op is talking about but dont think op realised they also charge the extra its not just the set monthly fee

hth

miss_missy

melian73 wrote: »

Do you think £25.00 per transaction is fair when another bank may charge you a one off fee? Maybe me being a Money saving expert novice is becoming apparent here but I just thought warning people who may not be as financially well off as the next person (as well as me having a rant) was the right thing to do.

can you tell us which bank only charge a one off fee for this???

eslick

melian73 wrote: »

For the record I couldn't find any info about their fees relating to this particular matter on their website and we didnt go over £500 overdrawn.QUOTE]

Ok if you didnt go overdrawn ask them what your overdraft limit is, I know they often split this if you have 2 accounts so this may be the case. then ask them why they charged you if you didnt go over £500

This is the link to the size of the OD
http://www1.firstdirect.com/1/2/banking/1st-account/in-detail/additional-services;jsessionid=0000A9D9mgfVNZE1fhAudP76395:11qks5bhc

this is the one to the fees
http://www1.firstdirect.com/1/2/rates/charges;jsessionid=0000A9D9mgfVNZE1fhAudP76395:11qks5bhc?clear=true

melian73

miss_missy wrote: »

can you tell us which bank only charge a one off fee for this???

Having banked in both Australia and the UK I believed that both HSBC (Aus) and Natwest and Barclays (UK) only charge a one off fee. Now this has been a while since we have banked with them and judging by what has been said in reply to my original post I suspect a bit more investigation may be needed to say for sure that they dont charge you for every transaction post overdraft.

miss_missy

melian73 wrote: »

Having banked in both Australia and the UK I believed that both HSBC (Aus) and Natwest and Barclays (UK) only charge a one off fee. Now this has been a while since we have banked with them and judging by what has been said in reply to my original post I suspect a bit more investigation may be needed to say for sure that they dont charge you for every transaction post overdraft.

i see no i think the one off fee your thinking of is the monthly fee which i put in my other post you get charged this for using the unarranged overdraft but you also get charged fees for transactions etc depending on the banks

just looked on barclays and at a quick glance i found this

Returned Transaction Fee£8 per itemGuaranteed Transaction Fee£8 per item
You will not incur more than five Returned Transaction Fees and/or Guaranteed Transaction Fees in any one working day.

couldnt see anything about monthly fee or maximum amount they would charge in any one month

hth

karatedragon

My building society charges £20 per item that is bounced plus a fee of £25 a month for being in an unauthorised overdraft.

Annoyingly they also charge £20 if a cheque I pay in subsequently bounces. This actually isn't my fault but life's a biatch sometimes.

However I agreed to these terms so it is tough if I incur the charges.

If you don't agree then change from First Direct but check what the charges are when you join a new outfit.

I do get fed up with careless people, living beyond their means, who flout the rules and then throw their toys out of their pram when they get charged. Then expect everyone to be sympathetic and agree to them reclaiming.

melian73

karatedragon wrote: »

My building society charges £20 per item that is bounced plus a fee of £25 a month for being in an unauthorised overdraft.

Annoyingly they also charge £20 if a cheque I pay in subsequently bounces. This actually isn't my fault but life's a biatch sometimes.

However I agreed to these terms so it is tough if I incur the charges.

If you don't agree then change from First Direct but check what the charges are when you join a new outfit.

I do get fed up with careless people, living beyond their means, who flout the rules and then throw their toys out of their pram when they get charged. Then expect everyone to be sympathetic and agree to them reclaiming.

OK thanks.

What seems to have come to light is the majority of banks have a similar fee structure, maybe it was the case that banks charged you a one off fee once upon a time but this seems to be no longer the norm. Unless someone can point me in the direction of a bank / building society that still does so?!?!?!?

I understand and agree yep if you go over your OD then a fee should be in order BUT with that said I still think charging a customer £25.00 per transaction is extortionate (I suppose they have bonuses to pay for and reserves to build up for lending to people for Mortgages that they can't really afford but then I suppose that's another thread for another forum).

Karate Dragon - Another point that highlights this is you getting charged for paying in a cheque and if it bounces then YOU get charged, lifes a biatch indeed...... but that aint fair it's criminal.

anselld

Thanks OP for pointing this out.

I for one hae been with FD for 18 months and I love it for service, but I was not aware of these fees. Fortunately I rarely use any of my agreed OD and after reading this I will be even more careful!

Lokolo

anselld wrote: »

Thanks OP for pointing this out.

I for one hae been with FD for 18 months and I love it for service, but I was not aware of these fees. Fortunately I rarely use any of my agreed OD and after reading this I will be even more careful!

You don't get charged these charges if its in your agreed overdraft. Only in unauthorised overdraft.

masonic

melian73 wrote: »

(I suppose they have bonuses to pay for and reserves to build up for lending to people for Mortgages that they can't really afford but then I suppose that's another thread for another forum).

There's a school of thought that it's all of us who thoroughly scrutinise our accounts and avoid paying any fees that the bank needs to subsidise.