Stupid, stupid mistake

debtfreeby2013

I missed a call on my house phone this morning and when I googled the number it was coop debt management. I knew I had no money in my account because of Christmas and have been relying on my other half to help me out but the phone call prompted me to check my bank account (I know, I know, I should have checked my account but I didn't and can't change this now) and I am actually £4 overdrawn and have been since 27th December. I went onto co-op's website to check the charges (only joined in August and this is my first time over my overdraft) and the website seems to say that I will be charged £20 for the first 10 days (it doesn't say £20 daily) but £120 if I am overdrawn for 10 days or more.

Does anyone bank with the co-op and know if this is right?

If it is right, will they count the 27th as day 1(the day the transaction went through)? Or will the 28th be day 1 (the first day where I was £4 overdrawn at the opening of business)? If the 27th is day one then day 10 was yesterday but if the 28th is day 1 then today is day 10 so it's really important.

Will they really charge me potentially £120 for being £4 overdrawn? I've been with lloyds up until now and they don't charge if you're less than £5 overdrawn.

grumbler

They have different accounts and it would help if you quoted exactly what they say or posted a link.
What I see for their Standard current account is £20 monthly 'service charge' for going overdrawn and £20 daily 'service charge'. I don't see any 10 days.

YorkshireBoy

I've assumed you have a Current Account or Current Account Plus (hope I haven't wasted my time since you didn't say which account you had!)

I think you'll be facing £40 in charges plus a little debit interest.

The £40 is made up of 2 x £20 because your overdrawn balance spans two charging periods...which with Co-op run from the 5th of one month to the 4th of the next.

http://www.co-operativebank.co.uk/cfscombi/pdf/account_charges.pdf

debtfreeby2013

Sorry, I have a privilege account and first of all I thought it was £20 (didn't think about the 2 charging periods at all) but, you're right it would be £40. I found this which is entitled 'charging scenarios' and option 4 there says that you are overdrawn for 10 days in a row during the month.

[Deleted User]

Reading at http://www.co-operativebank.co.uk/servlet/Satellite/1199261362331,CFSweb/Page/Bank-CustomerServices , it seems to imply that you're charged £20 for each month (from 5th of the month to 4th of the next month) that you're overdrawn, then another £20 each time you go deeper into your overdraft.

Reading from that, my guess is that - assuming it was one transaction that put you £4 under, and you haven't spent any more since - you'll be charged £40, £20 once for a single transaction putting you into overdraft between the 5th December and 4th January, and a second £20 because you're still overdrawn today, in the new charging period of 5th January to 4th February.

YorkshireBoy

debtfreeby2013 wrote: »

I found this which is entitled 'charging scenarios' and option 4 there says that you are overdrawn for 10 days in a row during the month.

But it also says if you make 9 more payments whilst you're overdrawn...and you haven't so it doesn't apply.

debtfreeby2013

YorkshireBoy wrote: »

But it also says if you make 9 more payments whilst you're overdrawn...and you haven't so it doesn't apply.

Ok, I wasn't sure if they were mutually exclusive. Thanks, puts my mind at rest a lot!

opinions4u

I knew I had no money in my account because of Christmas

It's always a shock, Yuletide coming round.

eschaton

opinions4u wrote: »

It's always a shock, Yuletide coming round.

It would make things a lot easier if they made it the same day each year instead of always changing it.

[Deleted User]

opinions4u wrote: »

It's always a shock, Yuletide coming round.

The shock isn't that it actually comes around, the shock is that for 11 months of the year, people say "I'll have a frugal Christmas this year", then for December they turn into uncontrollable spending monsters, eager to impress their peers through lavish displays of the purchase of pat! and alcoholic egg-based beverages.

debtfreeby2013

Thank you to all those commenting on my christmas behaviour - it was actually planned, as I only work part time, that I knew I would run out of money and would rely on my other half for 2 weeks and then I get my student loan in jan and would pay him back what I owe him.

Christmas was not a shock and I spent 4 months saving from my £200 disposable income so I could buy presents. I then wanted to meet up with friends and family but £200 doesn't go far so my OH said he would cover me until I got paid and then I'd pay him back when I get my student loan.

Thank you very much for your sarcastic comments on where my money goes but I'd appreciate it if people comment with HELPFUL things and not having a go at me when I have spent 7 years living frugally to try and clear my debts and have paid for Christmas out of my tiny part time wage without using credit cards for the last 4. In fact, haven't used a CC at all in the last 4 years.

Yes I went over my over draft by £4 but my fault for slightly miscalculating my outgoings and as I already pointed out it was a stupid, stupid mistake!