MSE News: Got a Santander current account? Find out if fees shake-up affects you

Options
13»

Comments

  • Archi_Bald
    Archi_Bald Posts: 9,681 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    MikeBer wrote: »
    I didn't watch my account like a hawk, and so...

    I had a small balance in my Santander Current Account as my TV License (£12/month) was coming out of it by Direct Debit. No other activity... except for the £1/day "overdraft arrangement fee". Now I suddenly find myself >£300 in debit!

    You cannot possibly find yourself "suddenly" in >£300 debts due to overdraft fees as Santander have a monthly overdraft fee cap of £95 on the 123, and £150 on the Everyday account. See their published rates (link downloads PDF from Santander website).

    Given that you say the charges are responsible for the >£300 debt, you must have let your overdraft situation prevail for at least two full months. If your negative balance is entirely due to the daily overdraft fee, it would have taken many more months to clock up £300.

    There is no doubt you haven't been watching your account like a hawk. More likely, you haven't been watching it at all. No sympathy from me, I'm afraid, the problems are all of your own making.
  • bengal-stripe
    bengal-stripe Posts: 3,349 Forumite
    Name Dropper Combo Breaker First Post First Anniversary
    edited 20 July 2015 at 6:30PM
    Options
    MikeBer wrote: »
    I had a small balance in my Santander Current Account as my TV License (£12/month) was coming out of it by Direct Debit. No other activity...

    But Santander does give you a buffer of £12.00.

    If you stay within that buffer, there are no daily charges. Your small balance and a DD of £12.00, would not have taken you into chargeable territory. If next month's DD would have hit the account on top of the previous month, only then would you have been liable to charges.

    So, for how long did you not check your account? Did the bank not write to you? Do you have a pile of unopened letters from Santander (and maybe others)?
  • EssexExile
    EssexExile Posts: 6,158 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    But looking on the bright side - they should be able to continue paying me over £40 a month for the privilege of looking after my money.
    Tall, dark & handsome. Well two out of three ain't bad.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards