When does 15p equal to £65?

vaporate

Lokolo wrote: »

You miscalculate, you get fined.

You go over the speed limit without realising, you get fined. etc.etc.etc.

lol Give over.

In the realm of 'over the top' now.

Such transactions should be cancelled by the bank and not let through.

With £65 a pop trap awaiting customers I wonder why they do not.

End result, move from Santander anyhow, find a bank with a interest free £100 buffer zone. Start fresh.

Mrs_Arcanum

dabbit wrote: »

My daughter has an account (standard one where her wages go in). She has no overdraft on the account at all, but due to a Graze box being delivered near the end of the month Santander paid the graze box and she went overdrawn by 15p! Today she has received a letter saying that they plan to charger a whopping £65 for the 15p error.

Firstly, if she has no overdraft facility with them why didn't they decline the payment? And secondly is £65 justified for 15p?

:mad:

No the £65 is unreasonable in the extreme and tantamount to a scam.

Lokolo wrote: »

The amount is a fixed fee. These fees are in the T&Cs.

And yes, I defend the fee, it's there black and white. Don't like the amount charged? Don't have to end up paying it. Simples.

If you have no overdraft the bank should not make the payment if it goes into the red.

vaporate wrote: »

It is blatantly a rip-off tactic from the bank. Netted an unfortunate soul more like and not the 'be careful in future slap on wrist' that many people foolishly believe on here.


If they do not refund then move banks, start fresh and check the terms. Try get a buffer zone too of around £100.

Frankly banks should refuse it but why do that when they can milk people!

Now is a good time as any to move banks, especially from SANTAN'DIRE'.

Best idea (even a £15 buffer would be better).

[Deleted User]

£65 is very dear
Overdrawn more like than overdraft

Hasty

Ring up/ go in to a branch.

Lokolo

For anyone's interest the £65 fee would be made up of a £25 paid item fee (assuming a normal current account) and 8 days of being in the unauthorised overdraft (£5/day)

So going into unauthorised overdraft for 8 days is the reason the fees are so expensive.

pvt

Lokolo wrote: »

You miscalculate, you get fined.

You go over the speed limit without realising, you get fined. etc.etc.etc.

What a stupid comment! :mad:

Banks aren't there to "fine" people. Fines are penalties that are imposed by courts, police, and LA's to punish wrongdoing.

Since when did it become the duty of my bank to fine me for not conducting my financial affairs correctly, and for borrowing 15p without seeking prior permission?

It is a basic principle of common law, and in particular contract law, that one person cannot impose a fine or penalty on another.

I would suggest that a bank having contract terms to impose a £65 admin charge on a 15p unauthorised overdraft would be considered an unfair term.

As already suggested, I would give the bank the opportunity to review the wisdom of their decision to impose the charges.

Lokolo

pvt wrote: »

What a stupid comment! :mad:

Banks aren't there to "fine" people. Fines are penalties that are imposed by courts, police, and LA's to punish wrongdoing.

Since when did it become the duty of my bank to fine me for not conducting my financial affairs correctly, and for borrowing 15p without seeking prior permission?

It is a basic principle of common law, and in particular contract law, that one person cannot impose a fine or penalty on another.

I would suggest that a bank having contract terms to impose a £65 admin charge on a 15p unauthorised overdraft would be considered an unfair term.

As already suggested, I would give the bank the opportunity to review the wisdom of their decision to impose the charges.

It's not a stupid comment. Fines are imposed by all sorts of companies, train companies, bus companies - there aren't courts or the police.

If the OP doesn't like it then go elsewhere, it's in the T&Cs, they agree to it, you cannot complain when it goes against you. It's as simple as that.

pvt

Or consider standing outside he branch on a Saturday morning with a placard saying:

THIS BANK CHARGED ME £65.00 FOR A 15p OVERDRAFT!

DO YOU REALLY WANT TO BANK HERE?

meer53

Lokolo wrote: »

For anyone's interest the £65 fee would be made up of a £25 paid item fee (assuming a normal current account) and 8 days of being in the unauthorised overdraft (£5/day)

So going into unauthorised overdraft for 8 days is the reason the fees are so expensive.

When you're so close to your account limit, why would you not check it ? To be in the overdrawn position for 8 days is whats caused the biggest problem here. A very expensive lesson learned i'm afraid.

zppp

pvt wrote: »

Or consider standing outside he branch on a Saturday morning with a placard saying:

THIS BANK CHARGED ME £65.00 FOR A 15p OVERDRAFT!

DO YOU REALLY WANT TO BANK HERE?

And I imagine this would be fruitless.

At the end of the day, there are always going to be people who go over the line a bank sets. If a bank says that they won't charge up to £10 overdrawn, what happens for those who go overdrawn by £10.15?