MSE News: Santander to double overdraft charges

02112273

BobQ wrote: »

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!

Helpful..

Unfortunatly many people here got caught up in credit the same way as the whole world has, and when it was so cheap (£5 per month for ARRANGED overdraft, ie with permission) I used it too. Had i not seen this on MSE, I would again (and apologies, I'm one of those 'unprofitable' customers) have taken my arranged overdraft of £3.4k and paid down my 5.47% mortgage - save £190 a year for the next 20 years, and thought I'd pay a tenner a month for it.

This is the problem, I have always mentioned, with banker bashing. In reality, we have enjoyed years and years of free service, transactions etc and were PAID interest when in credit, if we lived within the rules.

Now with the bashing, selling off of investment arms, these retail banks, somehow need to cover their costs and make a profit, unfortunatly, with everythign in life, its the weak that will pay.

There are several options for you guys with a little look around this website.. it beggers belief why people like the above quoted come on to make comments in matters that fortunatly dont affect them

boysim34

Well off to another bank, no way am i paying £20 per month, i only have a £100 overdraft sometimes i use it. can anyone point me in the right way for a new good bank?

samwsmith1

boysim34 wrote: »

Well off to another bank, no way am i paying £20 per month, i only have a £100 overdraft sometimes i use it. can anyone point me in the right way for a new good bank?

First Direct if you've got a good credit record, the first £250 of their overdraft is free.

wherediditallgothen

BobQ wrote: »

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!

Santander is trying to make more profit from those customers. A certain amount of people who are perenially overdrawn can be ratrher profitable to have.

jaygra51

steve1980 wrote: »

See above!

I hope I'm not tempting fate, but I've been with them over 6 years and my security has never been breached.

laptopstand786

good posts

heloid

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.

Proof?

---

Gold_Rush

02112273 wrote: »

Helpful..

Unfortunatly many people here got caught up in credit the same way as the whole world has, and when it was so cheap (£5 per month for ARRANGED overdraft, ie with permission) I used it too. Had i not seen this on MSE, I would again (and apologies, I'm one of those 'unprofitable' customers) have taken my arranged overdraft of £3.4k and paid down my 5.47% mortgage - save £190 a year for the next 20 years, and thought I'd pay a tenner a month for it.

This is the problem, I have always mentioned, with banker bashing. In reality, we have enjoyed years and years of free service, transactions etc and were PAID interest when in credit, if we lived within the rules.

Now with the bashing, selling off of investment arms, these retail banks, somehow need to cover their costs and make a profit, unfortunatly, with everythign in life, its the weak that will pay.

There are several options for you guys with a little look around this website.. it beggers belief why people like the above quoted come on to make comments in matters that fortunatly dont affect them

I'll 2nd that, very well put.

And again anyone with views like "BobQ" you're lucky not to be living in a different reality where many need an overdraft to cover them until funds come in.
In my case this has been for receiving late payments for work done, cheques that bounce, or just a quiet month.
A few years ago they threatened to cancel my overdraft because I hadn't paid anything in within 30 days etc. was 2 days outside when I actually paid in funds and it was twice what I normally would pay in! No flexibility.
I've been with the Abbey/Santander since I was a kid.
I never asked for an overdraft, it was offered to me a very long time ago!
It was on an APR for around 20 + years, then the 50p now £1 within a very short period of time.
It's a rip-off and nothing else. If you don't have regular money coming in it's very bad news.

The sick thing is the people that need a bit of help with these small-ish overdrafts are now being charged fees that compare to the rip-off money lenders!!
These fees possibly wipe out any interest you make and with inflation you're losing money leaving it sit in this type of bank.
I still get offered for credit card automatic approval but this bank will not be getting much more from me and nothing soon!

If they were serious about dealing with overdrafts they would do this in a better way. This approach and 2nd increase is all about grabbing more off who can least afford to lose it! :mad:
PS. I've been charged a few times and the bank has never informed me. This relates to agreed limits and never going over a limit. They have all my contact details, Tel, Mo, email etc..!

jeremybrady

Hi santantander are raising doubling there arranged overdraft fee from 50p to £1.00 per day from 16th March. Depending on you account there is a maximum of twenty days per month. i.e if you are overdrawn for twenty or twenty five days the fee will be £20.00. There Premium current account with up to £800.00 of benefits is £20.00 per month but has no overdraft fees. If you are a current customer there is no credit check to upgrade. If you find you are paying overdraft fees each month this could well be a great money saving option.

Siobhan789

I maybe being silly here but if you have an overdraft and live in it then why not do something about it instead of moaning about the fact that the bank is increase the charges, here's a think it's the banks money not your they are doing u a favour by giving it to you,
Before anyone asks yes I bank with santander yes I have an overdraft and live in it however I am doing something about it and paying it off , because you never know one day they may just write to you and say they are taking it away which they can do.