TSB £10 Buffer Zone

gbhxu

Has anyone else had trouble with this?

Having read the bumf, it clearly states that there is a £10 buffer zone on my account

I had a direct debit returned which would have left me £3.08 overdrawn and within the limit of the buffer zone.

Despite this, they're going to charge me £10 for the returned direct debit!

Currently waiting to hear from them after I've refused to let them take the £10 charge from my account

YorkshireBoy

gbhxu wrote: »

Having read the bumf, it clearly states that there is a £10 buffer zone on my account

I had a direct debit returned which would have left me £3.08 overdrawn and within the limit of the buffer zone.

Despite this, they're going to charge me £10 for the returned direct debit!

That's because the value of the DD was >£10. See "returned items" on page 5 here...

http://www.tsb.co.uk/media/tsb/pdfs/banking_charges_brochure.pdf

Currently waiting to hear from them after I've refused to let them take the £10 charge from my account

I don't think you'll get a say in the matter!

innovate

gbhxu wrote: »

Has anyone else had trouble with this?

Having read the bumf, it clearly states that there is a £10 buffer zone on my account

I had a direct debit returned which would have left me £3.08 overdrawn and within the limit of the buffer zone.

Despite this, they're going to charge me £10 for the returned direct debit!

Currently waiting to hear from them after I've refused to let them take the £10 charge from my account

It sounds as if the DD has not been made, if I read what you said correctly.

So you are not being charged anything for an overdraft. You are being charged a Returned item fee of £10. You have no grounds on which to refuse this charge.

TSB have obviously determined that they do not wish to grant you an unplanned overdraft. There is nothing in the T&Cs that says they must allow you to go overdrawn by up to £10.

You might be able to negotiate an overdraft facility for the future with them but only do this as your last resort since an overdraft will cost you dearly. Much cheaper to avoid overdrafts and unpaid item fees altogether.

innovate

NB: if this was your first "offense", they might wave the charge if you explain that you had misunderstood the T&Cs. But if you complain and use words like "refuse to pay", they might just not feel like doing you a favour.

the_insider

The buffer is there to help you if you mismanage your finances and end up going less than £10 overdrawn. It's not there so you can make payments with money you don't have and haven't asked to borrow. If you want an overdraft you can apply for one, don't rely on the buffer because, as you found out, it doesn't work in the way you thought it would!

Hominu

gbhxu wrote: »

Has anyone else had trouble with this?

Having read the bumf, it clearly states that there is a £10 buffer zone on my account

It says you have a £10 buffer on your account? As in, your account in question? and quotes your account number?

If not, then the following applies:

"Where you do not have enough available money to make a payment and we do not agree to give you an Unplanned overdraft, you will not be able to make that payment. We will write to tell you we have declined your request. We will charge you the following fee: Returned Item Fee: £10 for each item: We will charge you up to a maximum of three Returned Item Fees a day. This fee will not be charged if the amount of the payment that we decline is £10 or less"

If you want a guaranteed overdraft, then you need to ask. Subject to application and approval, you can get a £25 Interest and fee-free Planned Overdraft.

jonesMUFCforever

innovate wrote: »

It sounds as if the DD has not been made, if I read what you said correctly.

So you are not being charged anything for an overdraft. You are being charged a Returned item fee of £10. You have no grounds on which to refuse this charge.

TSB have obviously determined that they do not wish to grant you an unplanned overdraft. There is nothing in the T&Cs that says they must allow you to go overdrawn by up to £10.

You might be able to negotiate an overdraft facility for the future with them but only do this as your last resort since an overdraft will cost you dearly. Much cheaper to avoid overdrafts and unpaid item fees altogether.

There could also have been earmarked funds on your debit card due to go out which would have further reduced your available balance - on checking your statement any small debit card transactions gone out a few days after?

gbhxu

YorkshireBoy wrote: »

That's because the value of the DD was >£10. See "returned items" on page 5 here...

http://www.tsb.co.uk/media/tsb/pdfs/banking_charges_brochure.pdf
I don't think you'll get a say in the matter!

I fall under The Social Security Administration Act 1992 Section 187.

My only income is IR ESA

gbhxu

the_insider wrote: »

The buffer is there to help you if you mismanage your finances and end up going less than £10 overdrawn. It's not there so you can make payments with money you don't have and haven't asked to borrow. If you want an overdraft you can apply for one, don't rely on the buffer because, as you found out, it doesn't work in the way you thought it would!

Direct debit was taken out on the wrong day.

innovate

gbhxu wrote: »

I fall under The Social Security Administration Act 1992 Section 187.

My only income is IR ESA

Did you tell TSB? If not, why not? Why did you come on here with your problem if you are certain that you cannot be subject to the TSB T&Cs you agreed to?

gbhxu wrote: »

Direct debit was taken out on the wrong day.

that is not the blank's fault, you have to take this up with the company who took the DD. What did they say when you took this up with them, what have you done to make sure this will not happen again?

Hominu

gbhxu wrote: »

I fall under The Social Security Administration Act 1992 Section 187.

My only income is IR ESA

Irrelevant.

If you took a case to court to reclaim bank charges based on S187 of the Social Security Administration Act 1992 the court would almost certainly find the case against you due to the following:

"Bank charges are in the nature of an expense, and are incurred by the holder of the account; tax credits and benefits are payable in order to help customers meet their expenses, and as such it is legitimate for banks to deduct charges from the balance of an account held in that bank, whether the money paid into the account comes from tax credits, benefits or other sources, such as earnings."