Santander Overdraft Charges

sansumida

Hi all
I am struggling to contain my rage after talking to customer service in Santander, they have increased the cap of daily overdraft charges, so instead of 20 days at £1 per day it is now the full month. I asked is that 30 days and the cheeky bug*er said it depends how many days are in the month!
I have a joint account and my wife has her account, I am overdrawn to about £500 per month, my wife is about minus £50. So in combination our household would pay £60 per month which is £720 per year. This is worse than a famous Italian crime syndicate or loan sharks! since when did banks stop charging interest, I used to pay £6-7 month on overdraft back in the day. funny they pay derisory amounts if you are in credit.
Please advise, my son who is at Uni offered to lend us his money (so kind & sweet of him!) but I don't want a temporary patch, in 6 months the problem will occur again
Oh yes, forgot to mention I am out of work for over 4 years now and my wife is working 10 hours a week. I would really like to even have an interview, I feel like a criminal for being out of work, I am 56 years old, male, educated & fit.

sourcrates

This has cropped up a lot in recent weeks, most banks seem to be increasing there OD fees, you could write and tell your bank about the situation you are in, they may be able to agree a suitable repayment plan for you, assuming you don't use the OD again, I would suggest moving to a basic bank account with another bank, and using that from now on, they may also convert the OD into a repayment loan for you ? worth asking.

MrsBeswick

I'm in the exact same boat
I've just opened a TSB bank account (they're paying 5% interest) and the idea is to put £40 a month into my Santander account and get that damn overdraft paid off and close that account!
I've been with them since 1986, a bit of loyalty rewards wouldn't have gone a miss!

Lioness_Twinkletoes

I've received notification that the charges are increasing from August.

sansumida

thanks for the reply, I am thinking of closing that account and folding the debt into a repayment plan.

harrys_dad

Is £500 the maximum? Why not pay £50 into your wife's account so she is not overdrawn and halve the charges instantly? Clearly this does not address the underlying issue of not having enough to live on but might help in the short term.

giorgio992

Why don't you switch accounts to a bank that charges overdraft interest instead? Nationwide flex direct has 12 month fee free overdraft when u open it, use that to pay off the santAnder one and gradually reduce the amount of overdraft each month until the 12 months is done...saving you potentially hundreds of pounds in fees.

sansumida

thanks I will try the Nationwide, the point is cant move to another bank if they cannot take my overdraft. Unless I make an arrangement to pay off the overdraft with my existing bank. i am already swapping between myself and wife's account. Not easy as I have to watch the balance every day!
In the end i am sinking, and every 6 months I need an infusion usually from relatives. I have tried to apply for a job every day for the last 4 yeras, still no joy! Ultimate problem is not job, I am 56 degree educated, male. I know our demographic's answer is suicide, but I can only muster borderline despair and cynicism.