Santander 2800% on overdraft

ChrisK1000

I opened an account with Santander and I was under the firm impression that I had a free overdraft. As a result I allowed my account to go overdrawn by £13-that's right £13.00.
I received a statement on the 25th advising that they were applying £30.00 in fees for this overdraft. I said based on this outrageous charge I refuse to pay it and wish to close my account OR waive the fee. They refused to waive the fee and, even though I've now cleared the piffling £13 OD when they add these charges I'll be paying fees on the new OD of £21 at an exorbitant rate of 4.76% PER DAY!!

Ballard

The T&Cs state that they will charge £1 per day for an agreed overdraft. How long were you overdrawn?

Yorkshire_Pud

How much for an unarranged overdraft?

colsten

It's £6/day for unarranged overdrafts. You can go into the red by £12 without getting charged.

http://www.santander.co.uk/uk/current-accounts/understanding-overdrafts

OP, literally all banks have been charging fixed amounts per day for some time now. They also usually all let you off when it happens first time, but it sounds as if you might already have burnt your bridges. You'd do well to settle the outstanding amount asap as otherwise you will risk default markers on your credit files.

Yorkshire_Pud

£6 a day!:eek:

Never knew Santander gave free overdrafts? Just checked, for switchers and Student there can be a few months interest free ARRANGED overdraft.

If it was me I would clear the overdraft ASAP and learn a lesson. Oh and read the T&C of the account. Maybe ask for an arranged overdraft if applicable?

colsten

The Santander charges are much in line with charges in other banks. The fixed daily amounts are a direct result of people complaining they don't understand how much they have to pay if charges are %ages.

http://www.moneysavingexpert.com/banking/bank-charges-compared

pcman1985

ChrisK1000 wrote: »

I said based on this outrageous charge I refuse to pay it and wish to close my account OR waive the fee. They refused to waive the fee

Was this was your first time overdrawn with Santander? Normally for a small amount overdrawn they would refund the charges for the first time.

Did you ask them nicely and remained polite at al times?

ChrisK1000 wrote: »

I said based on this outrageous charge I refuse to pay it and wish to close my account OR waive the fee. They refused to waive the fee

It probably was not a good idea to say this part though. Try again without saying this and be apologetic. You may well be pleasantly surprised.

GingerFurball_2

My favourite type of customer.

'I don't agree with these charges' - yes you did, you've opened the account haven't you?

'I'm not paying them' - Good for you. Fight the man. Also, good luck with that default on your credit report.

Stevie_Palimo

It's not really 2800% though is it, They charge a standard fee and if you were overdrawn by £1.00 or several hundred the initial costs are the same.


If you do not like this then simply do not go overdrawn and keep a better eye on your finances.

MABLE

pcman1985 wrote: »

Did you ask them nicely and remained polite at al times?


.

That is the key especially if you are in the wrong. Works every time for me and has generated many a goodwill payment.

Attitude is everything/