Bank Charges

sfaitken

Hi,

My girlfriend and I have a Santander 123 current account. We set this up to have an account for paying rent in and out of rather than one of us chasing the other etc.

The account has since gone overdrawn and we are being charged £1 a day for the privilege.

As we have both started new jobs and the Christmas period, we have been slightly lax with paying the overdraft back. After paying back charges of £80 for the account going over the agreed limit (due to the £1 a day and other charges) we noticed today that we have been charged £100 over the last month despite being within the agreed limit.

Does anyone have any experience with this account or any advice as it seems like this could go on for a while!

Cheers

Steven

grumbler

It's £1/£6 per day for arranged/unarranged overdraft, with £95 monthly cap.
Month is a billing month, starting on the date account was opened.
Do your maths.

They can notify you about the charges at the end of the month, then take the amount next month - check the statements if this is really the case.

ETA:

Section 2B.2:
Where overdraft fees are incurred, we will take them from your
account 22 days from the end date of the statement in which they
are notified.

General Terms & Conditions

Piercedmrsp

grumbler is quite correct about the charges, but my advice would be to watch out very carefully. My hubby has a Santander account and they can be very lax about that 22day rule. Earlier this month he had charges taken which were eventually traced back to August! The bank's excuse? He owed them so they would take them whenever they chose (in this instance without notice - we checked his previous statements). This is not the first occasion this has happened and unfortunately always leads to him going overdrawn because he has no idea the charges were going to be taken. He even has their app and that showed no charges due.

I am speaking purely from personal experience but we really have found this particular bank to have an appalling disregard for both standard banking practices and their own procedures and certainly for their customers. If you suspect that you will need to use an overdraft again I would strongly advise switching to one of the banks that doesn't make a "daily fee" for using one, particularly when you work out what interest rate that "fee" equates to! (clue, it would most likely make a pay day lender blush)

Sorry, didn't mean to go on a rant and I'm sorry to hear they're messing you around too. I would strongly recommend getting away from them!

StephenJWoods

grumbler wrote: »

It's £1/£6 per day for arranged/unarranged overdraft, with £95 monthly cap.
Month is a billing month, starting on the date account was opened.
Do your maths.

They can notify you about the charges at the end of the month, then take the amount next month - check the statements if this is really the case.

Yeah, I agree with your suggestion. They will inform you at the end of the month.

gycraig_2

Disgusting company who tried charging me 73 quid for going 3 quid over. Pay it off and find a different bank

ColdIron

gycraig wrote: »

Disgusting company who tried charging me 73 quid for going 3 quid over. Pay it off and find a different bank

Or stay in credit and enjoy one of the best accounts on the market?

bengal-stripe

gycraig wrote: »

Disgusting company who tried charging me 73 quid for going 3 quid over. Pay it off and find a different bank

But they do give you a £12.00 charge-free "buffer". So, I'll take it you haven't been overdrawn by £3.00 but by £15.00 for almost a fortnight.

Why did you leave it so late to bring the account back into credit (or at least within the buffer)?