most 'unauthorised' bank overdrafts more expensive than payday loans!

CKhalvashi

opinions4u wrote: »

Rather suggests managing your money better and not going into overdraft or using a payday lender is the way forwards.

More people should try it.

I do agree with this, I really do, however I do use mine very occasionally, and when it does get used it's for large amounts (high value short term).

This is where they become cheaper than any other option.

CK

cepheus

antrobus wrote: »

If by 'complain' you mean, point out that it's an old story being recycled yet again, then you'd be right.

You found that it was reported once in a totally different and right wing publication, one which many of us try to avoid because of the inaccuracies it publishes. Does that mean MSE can't publish it? Does this mean we can't report if there have been any changes a year later? You think no, stay quiet you say.

antrobus wrote: »

Well I'd prefer it if (a) you had something new and interesting to say and (b) you knew the difference between an 'overdraft' and an 'overdraught'. I suppose since you've now gone an edited your OP to remove that error, at least you now know the difference and I'm half way there.:)

This level of charges were news to me, so I'm sure it was news to most people. No doubt you are concerned about it becoming news to more people. If an ad hominem attack over a spelling mistake is the best you can offer it only suggests you are lobbying for the banks.

cepheus

Does anyone know if bankers cards fail to work once overdraft limits are exceeded?

iolanthe07

Actually 'overdraught' is the way 'overdraft' used to be spelled years ago, so is not technically incorrect, though obsolete.

RuthnJasper

Not strictly MSE - but at least an unauthorised bank overdraft (not advisable) doesn't put profits into the talons of the Pay Day Loan raptors (even less advisable).

antrobus

cepheus wrote: »

.... an ad hominem attack over a spelling mistake is the best you can offer it only suggests you are lobbying for the banks.

You take yourself far too seriously, cepheus. Personally, I think that my "Have you recently taken an overdraught?" joke was quite a good one in the circumstances. If you think that pointing out a spelling mistake in a humorous manner is some kind of personal attack you're way too sensitive for politics. (Well, you wouldn't last ten seconds in the modern Labour Party.:))

iolanthe07 wrote: »

Actually 'overdraught' is the way 'overdraft' used to be spelled years ago, so is not technically incorrect, though obsolete.

Well yes, since the word 'draft' itself is simply the modern phonetic spelling of the word 'draught', but that would have spoiled the joke wouldn't it? Although I suppose I could made some quip about the OP being stuck in the 19thC.:)

Herzlos

My authorised overdraft charges a much higher APR than payday loans once you work it out. Dip a penny into it and it's £6 (for the month) + some percentage. Brutal.

The old interest rate only seemed a lot fairer.

cepheus

Herzlos wrote: »

My authorised overdraft charges a much higher APR than payday loans once you work it out. Dip a penny into it and it's £6 (for the month) + some percentage. Brutal.

The old interest rate only seemed a lot fairer.

Well they need to keep their pay above the minimum wage

More than 2,400 UK bankers paid 1m Euro plus, EU regulator says

The row over bankers' pay has been reignited by data showing that more than 2,400 bankers in the City were paid in excess of €1m (£870,000) in 2011 – more than three times as many as in the rest of the EU put together.

It also takes quite a high salary to find bankers who will defend their shameless excesses on forums such as this. Could you take the shame for a million?