Santander overdraft silliness

noh

djones9960 wrote: »

I wouldn't go so far as to say 'reasonable'. 'Not completely unreasonable' probably fits the bill better, considering they're cutting the facility to £800 when I already owed £1650 when the overdraft was at it's peak last month; giving me no notice at all I'd have incurred charges instantly, which, if it isn't illegal, damn well should be.

As it stands, they've effectively sent me a bill for £850, on 42 days' terms.

It's very reasonable they could have legally asked for an immediate repayment of £1650.

djones9960

noh wrote: »

It's very reasonable they could have legally asked for an immediate repayment of £1650.

You mean 'legal'.

Just because legally an organisation is allowed to do something it doesn't make it reasonable.

shinainunchuku

My how patronising people such as onlypaddy and paulmcerlean can be. It is all too easy to judge when we do not know the real circumstances surrounding a persons fiscal governings.

The banks are certainly not being altruistic by providing us with overdrafts. They are buying our loyalty. The overdraft is in fact far more of a right to customers than a privilege as it should be realised that without customers’ investments each month, ie their wages, the banks would not be making the billions of pounds profit each year that they currently do.

I am also having trouble getting an overdraft with Santander at the moment, despite being a homeowner, a well- paid doctor with a good credit score and a customer of Santander’s for over 15 years. I want the overdraft not because I want to live permanently in debt, as people have put it, but rather to simply have a buffer against bank fees should I have considerable outgoings in a particular month. I currently pay in over £3000 a month, which the bank ‘borrows’ from me for its numerous investments and from which they make considerable profit. In return they thank me by paying me little more than 75p interest a month. What the banks fail to remember is that they are nothing without their customers, while if worst came to worst we could undoubtedly get by with a locked money box under the floor boards. Overdrafts are just one of the lures that make us sign up with a bank in the first place and the attitude that they are a kind favour is quite frankly very naïve.

onlypaddy wrote: »

The assumption by people that overdrafts are a right, and not a privelege, is astonishing. Mind you, it is Santander we're on about, so a mistake is also very probable....

Overdrafts are designed as a temporary lending solution, not a facility to permanently live in. This is why they are repayable on demand.