Lloyds TSB un planned overdraft charges- maths question!

trikidy

So I am just wondering how much their charges are. I looked on their website and it says 2 different things, that firstly its £10 a day, but elsewhere it says its £25 to enter it and thats it.
Can anyone who has experience / works there answer how much it would cost to go into an un planned overdraft for £50 for 3 days.

This is more a proverbial question, not something I plan to do!

Thanks!!

MoneySaverLog

First of all you have until 3.30pm to put right any overdrawn situation, and a £10 buffer before getting charged.

Always advisable to arrange a overdraft if you think you'll ever need it, or just to have it in place for an emergency. Free to arrange, you don't have to use :-)

Going into a informal overdraft is going to cost more in interest, probably cost you for bank letters telling you about it, and daily charges too.

I believe LTSB are looking at the OD's at the moment and coming out with a new pricing structure. If it's similar to Halifax, you can bet your bottom dollar it's going to be an expensive way to borrow in the long term.

A few days though would be ok, my advice would be to apply for the planned OD and not use it, than hope that a unplanned one is accepted at the time, as DD's and other payments may not go though if they don't agree to a "informal overdraft".

opinions4u

I make it £35 at a quick glance.

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/banking_charges_brochure.pdf

noh

I make it £35.
£10 a day plus a £5 monthly overdraft usage fee.

opinions4u

noh wrote: »

I make it £35.
£10 a day plus a £5 monthly overdraft usage fee.

I did ponder including that, but for reasons unknown I chose not to.

Mark it down as mis-sold by me!

trikidy

MoneySaverLog wrote: »

First of all you have until 3.30pm to put right any overdrawn situation, and a £10 buffer before getting charged.

Always advisable to arrange a overdraft if you think you'll ever need it, or just to have it in place for an emergency. Free to arrange, you don't have to use :-)

Going into a informal overdraft is going to cost more in interest, probably cost you for bank letters telling you about it, and daily charges too.

I believe LTSB are looking at the OD's at the moment and coming out with a new pricing structure. If it's similar to Halifax, you can bet your bottom dollar it's going to be an expensive way to borrow in the long term.

A few days though would be ok, my advice would be to apply for the planned OD and not use it, than hope that a unplanned one is accepted at the time, as DD's and other payments may not go though if they don't agree to a "informal overdraft".

Thanks very much for the advice, very helpful!

But as I say this is not something I plan to do, it is just something that me and a friend couldn't quite understand.

http://www.lloydstsb.com/media/lloydstsb2004/pdfs/banking_charges_brochure.pdf

Page 4 - £5 usage fee
Page 5- Unplanned of more than £25 is £10 a day

But then on
Page 8- Using an overdraft for two days in a row £25

So is it all of these together? What about interest?

Confused.com

opinions4u

Page 8 is telling you what the total cost is. 2 x £10 a day plus one lot of the £5 a month fee.

MoneySaverLog

I believe it will cost you £35, the fee probably takes away the interest but not certain on this.

£10 x 3 days (for unarranged OD) plus £5 a month fee

Gromitt

trikidy wrote: »

So is it all of these together? What about interest?

Expect charges of £10 a day plus £5/month for unplanned ODs of more than £25.

From October, the charges are increasing for both planned and unplanned overdrafts.

Andystriker

opinions4u wrote: »

I did ponder including that, but for reasons unknown I chose not to.

Mark it down as mis-sold by me!

I think I will claim compensation:)

MME_2

As above, £35, but plus interest.