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Bank Charges / refused overdraft, Catch 22 stuation!
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If you can claw your overdraft to within your agreed limit it should also help your credit rating. Most banks share details on how customers manage their overdrafts and unauthorised overdrawing can lead to adverse data being registered.
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Posts by James Jones, Neil Stone, Stuart Storey & Joe Standen0 -
The interest rate depends on the risk in the first place, not on the type of credit. It's a suicide to offer a low interest rate on a loan to a customer with defaults in the past and deeply overdrawn at present.Yeah, charge the customer (who is in a corner and desperate) a huge amount for an even larger overdraft! If the banks, or even the people working in it, had a social conscience, they would pro-actively offer such people a loan, with a much more affordable interest rate.
By increasing the overdraft limit they at least remove some charges that often are higher than than the interest.0
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