MSE News: Santander to double overdraft charges

steve1980

markdavey wrote: »

Well, closed my Sandanter (old A/L) accounts yesterday. Switch to Co-Op now complete and waiting for my £200 switching bonus to be paid in next month...

steve1980 wrote: »

Co-Op have a massive security risk in that they have access to all your security questions. They are not encrypted on their systems.

See above!

nicol1978

I currently have an overdraft of £1500 on a current account which i have had for over 10years. Its used every month with a charge of £7.50 per month but now looks like it'll be going up to £20.

Does anyone have any idea on any other banks that would give me the same Overdraft with a smaller charge until cleared?

betteleyh

I've been a customer of Santander/Abbey for 25 years and unfortunatley got in to the overdraft trap when fees were low and didn't bother me too much. Is ok saying you shouldn't be overdrawn and I shake the hand of those who aren't but I'm now so deep in it's difficult to get out. I thought the 50p per day was a bit much capped at £7.50 but now this £1 per day capped at £20 is just a little bit ridiculous so I've just made an appointment at Nationwide and am moving my accounts and going to clear the overdraft. I'm sure Santander will lose business hand over fist on this annoucement. One thing at least they've forced me to address my debt and get a clean sheet.

I'm out of there, from the 15th March they'll be getting no more from me.

steve1980

If you clear the overdraft then go to First Direct as they offer £250 overdraft for free.

adamcarvell

im off too not paying that much proberly go to the coventry.

adamcarvell

where is the co-op switching bonus then ?.

dazza.mk

As a short term measure anyone with an account that is going from £10 to £20 charge could switch to a preferred account online and therefore remain at £10 (minimum funding amount required)

callum9999

betteleyh wrote: »

I've been a customer of Santander/Abbey for 25 years and unfortunatley got in to the overdraft trap when fees were low and didn't bother me too much. Is ok saying you shouldn't be overdrawn and I shake the hand of those who aren't but I'm now so deep in it's difficult to get out. I thought the 50p per day was a bit much capped at £7.50 but now this £1 per day capped at £20 is just a little bit ridiculous so I've just made an appointment at Nationwide and am moving my accounts and going to clear the overdraft. I'm sure Santander will lose business hand over fist on this annoucement. One thing at least they've forced me to address my debt and get a clean sheet.

I'm out of there, from the 15th March they'll be getting no more from me.

I highly doubt that - most people just put up with whatever their existing account offers them.

nicol1978 wrote: »

I currently have an overdraft of £1500 on a current account which i have had for over 10years. Its used every month with a charge of £7.50 per month but now looks like it'll be going up to £20.

Does anyone have any idea on any other banks that would give me the same Overdraft with a smaller charge until cleared?

Depends purely on how much you use it? If you just dip in every now and again, then any bank that charges an APR instead of daily charge will be better.

steve1980 wrote: »

How long ago was the problem? Not really FD's fault is it? You were a joint holder therefore would have had access to bank balances, statements etc.

Co-Op have a massive security risk in that they have access to all your security questions. They are not encrypted on their systems.

I don't think they are blaming First Direct, just curious as to whether they'd be allowed to join again - and annoyed that it was through no fault of her own.

As to the co-op thing, it's really good you're trying to raise awareness, but to be honest, I doubt many people care! I personally don't.

samwsmith1

Can someone tell me if I've got this right, it says if you upgrade to Santanders premium account (£20 per month) that you get a 0% overdraft with no daily fees & all of the other benefits.

Interest and fee free Arranged Overdraft (depending on your circumstances)
Representative Example 0% EAR (variable) Arranged Overdraft and no Daily Arranged Overdraft Fees.
Assumed Arranged Overdraft credit limit: £1,200. Actual amount may differ.

http://www.santander-products.co.uk/banking/reward.html
If your going to end up paying £20 a month in overdraft charges anyway surely you may as well take out their premium account as you get other benefits with it as well.

BobQ

I really do not see the problem. Santander is trying to rid itself of unprofitable customers who still think its OK to go overdrawn without permission and those who think overdrafts are a way of life.

People should live within their means!