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MSE News: Banks agree to code to help limit overdraft charges

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This is the discussion thread for the following MSE News Story:
"Britain's major banks have agreed not to issue charges for just exceeding an overdraft limit ..."
"Britain's major banks have agreed not to issue charges for just exceeding an overdraft limit ..."
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Does this mean those with basic accounts [not full facility] will not benefit from some of the new measures whilst these are the customers most likely to get charged [because there's a reason they can't get a full facility account].
What people want, is when they say I don't want to go overdrawn and don't pay anything that would make me go overdrawn, is for the banks to adhere to that and not pay things "for your convenience" so you get levied with a charge from the bank on recall, and a charge from the company for non payment.
We still need a cap on charges though - £8 is a fair figure.
Also yes, people should have the option to tell the bank to take any payment that takes them overdrawn.
NatWest Overdraft £[STRIKE]1600[/STRIKE] [STRIKE]1450[/STRIKE] [STRIKE]1200[/STRIKE] [STRIKE]1100[/STRIKE] [STRIKE]950[/STRIKE] [STRIKE]700[/STRIKE] [STRIKE]450[/STRIKE] 0!
Other debts consolidated into a loan £3000 over 3 years at 8.8%:D
Perhaps in light of the comment:
A more appropriate item title may have been:
Banks agree to code not to limit overdraft charges
:cool:
Not sure on this one. One would hope so though! It maybe depends on how the buffer is set (and how conscientious the person setting it up is!)
NatWest Overdraft £[STRIKE]1600[/STRIKE] [STRIKE]1450[/STRIKE] [STRIKE]1200[/STRIKE] [STRIKE]1100[/STRIKE] [STRIKE]950[/STRIKE] [STRIKE]700[/STRIKE] [STRIKE]450[/STRIKE] 0!
Other debts consolidated into a loan £3000 over 3 years at 8.8%:D
No, I mean the buffer.
When I set my account up, it was explained to me that I had a £10 buffer (in effect a £10 overdraft). An overdraft and reserve were offered to me (through application), both of which I rejected. I was wondering if you could have a £10 buffer then an overdraft or reserve (or both), or if having an overdraft or reserve would remove that £10 buffer. The info on current accounts doesn't actually specify the buffer as a feature of the account, so I expect that you can't have both the buffer and an overdraft.
Have you or your parents been caught by the reserve fees? If so, I'm sorry. They seem costly and are probably hard to escape from.
NatWest Overdraft £[STRIKE]1600[/STRIKE] [STRIKE]1450[/STRIKE] [STRIKE]1200[/STRIKE] [STRIKE]1100[/STRIKE] [STRIKE]950[/STRIKE] [STRIKE]700[/STRIKE] [STRIKE]450[/STRIKE] 0!
Other debts consolidated into a loan £3000 over 3 years at 8.8%:D
It isn't and I would never rely on such a thing.
No way Hose, although I fear that tens of thousands cough up on a regular basis.