Beware santander 123 account

mikevan

I switched my Zero Account to a 123 account. On receiving my first statement I saw that I was being charged £1 per day when using an authorised overdraft. There was no mention of this in the promotional bumf and I think that it is absolute greed and deception by Santander. So if you regularly use an overdraft this account is not for you.

exel1966

So you didn't bother to read the very clear terms of the account before opening it then.

They make no secret of the charge. hardly greed and deception........yawn !!

badger_

Did you use their switching service? As it does say:

A free Arranged Overdraft for 4 months when you switch to us using our dedicated switcher service (depending on circumstances). See representative example. Also, if you have to pay any Unarranged Overdraft fees due to an error during the switching process, we'll refund them in full.

Obviously that is subject to status, it might be worth querying with them if you're in your first 4 months still.
After the first 4 months it will be £1 per day capped at £20.

As exel says it's not exactly hidden though, it's on the main page of their website for the 123 account.

YorkshireBoy

badger_ wrote: »

Did you use their switching service? As it does say:


Obviously that is subject to status, it might be worth querying with them if you're in your first 4 months still.
After the first 4 months it will be £1 per day capped at £20.

It wasn't a "switch" though...it was an internal re-designation. Even the sort code and account number remain the same.

As exel says it's not exactly hidden though, it's on the main page of their website for the 123 account.

Perhaps a better better link would be this one...

http://www.santander.co.uk/csgs/Satellite?appID=abbey.internet.Abbeycom&c=Page&canal=CABBEYCOM&cid=1237906513018&empr=Abbeycom&leng=en_GB&pagename=Abbeycom%2FPage%2FWC_ACOM_ViewSelector

...which details all the things you're giving up when you switch to the 123 product.

badger_

Oops didn't spot that it was a zero account he switched from.

Gromitt

To be honest though, If I read things like "If you are currently benefiting from an introductory credit interest rate or a fee free Arranged Overdraft, this will not be transferred to your new 123 Current Account" and "When you transfer to the 123 Current Account, different interest rates and fees will apply.", it would make me look further into the fees of the account, rather than assume that an overview page is 100% complete and correct.

Like others have said, they are hardly hiding the fact of the overdraft charge.

exel1966

I suspect this post is just another 'let's have a go at Santander' trolling post seen here on MSE without any substance whatsoever.

adamc260

• 0% EAR (variable) Arranged Overdraft. No Daily Arranged Overdraft Fee for the first 4 months. Then £1 per day capped at 20 days each monthly statement period applies thereafter.
  
• Assumed Arranged Overdraft credit limit: £1,200. Actual amount may differ.

If you don't switch using our dedicated switcher service, the Daily Arranged Overdraft fee will apply from account opening.

Made very clear on their website and is on the OVERVIEW page you mention of the 123 Account.