£1 a daY OVERDRAFT

vintagegirl

I have the halifax overdraft which is free with in £300 or £1 a day if you go over. I was in it all the time, every month (haVE JUST finished paying it off yesterday) but I got charged on the 31st of oct £33.

This does not add up to the 30 days of september. Does anyone have any clues why>? thanks

vintagegirl

yeah well i ddi but they had a 7 minute queue when i rang earlier so thought id see on here

Gromitt

If you just finished paying it off then next month you'll probably incur further charges to include the days after the statement was prepared in which you were still in overdraft.

Can't really say much without seeing your account, and I doubt your going to give us all your security information

vintagegirl

yeah i know im going to have charges at the end of this month but this will be my last month without the god awful £30 0dd quid a month for no reason

noh

vintagegirl wrote: »

I have the halifax overdraft which is free with in £300 or £1 a day if you go over. I was in it all the time, every month (haVE JUST finished paying it off yesterday) but I got charged on the 31st of oct £33.

This does not add up to the 30 days of september. Does anyone have any clues why>? thanks

http://www.halifax.co.uk/bankaccounts/rates-rewards-fees/

"Monthly billing periods
We calculate the amount you pay in overdraft fees (including any returned item fees) using monthly billing periods. This applies to all accounts and means we divide the year into monthly billing periods that differ from calendar months as they start on the day after the first working day of the month. The last day of a monthly billing period is the first working day of the following month.
You’ll only ever pay one set of overdraft fees per monthly billing period."

Your September billing period would start on 2nd September and end on 3rd of October. I make that 32 days .

meer53

Another good reason for moving banks !

noh

meer53 wrote: »

Another good reason for moving banks !

What is?? ..............

vintagegirl

noh wrote: »

http://www.halifax.co.uk/bankaccounts/rates-rewards-fees/

"Monthly billing periods
We calculate the amount you pay in overdraft fees (including any returned item fees) using monthly billing periods. This applies to all accounts and means we divide the year into monthly billing periods that differ from calendar months as they start on the day after the first working day of the month. The last day of a monthly billing period is the first working day of the following month.
You’ll only ever pay one set of overdraft fees per monthly billing period."

Your September billing period would start on 2nd September and end on 3rd of October. I make that 32 days .

well i dont know. I paid £31 in Oct. Seems to milk every penny

meer53

noh wrote: »

What is?? ..............

Paying £1 per day for an overdraft !:eek:

noh

vintagegirl wrote: »

well i dont know. I paid £31 in Oct. Seems to milk every penny

You pay £1 per day. The length of the billing periods are not the same as calendar months and obviously vary.

noh

meer53 wrote: »

Paying £1 per day for an overdraft !:eek:

Which depending on the amount borrowed may be cheaper than the amount charged at other banks.
An overdraft of £2500 with the halifax would equate to a rate of 365/2500 = 14.6%