Monthy overdraft charge enforced

stewpot999

My wife and I have held separate current accounts at YBank for many years. We both had agreed overdraft arrangements and all was well until a couple of years ago.

We both received the same letter from our bank which referred to a change in overdraft arrangments but the wording was so oblique that i could not truly understand its meaning and so binned it. The following month both our accounts were subjected (and still are) to a £6.00 per month fixed overdraft charge on top of the interest.

I then enquired why and was given a the same reason as the letter stated which seems to have something to do with authorised and unauthorised overdraft facilities to which i am none the wiser?
has anybody else had this experience, if so please reply.

Thanks

david39

We had a similar experience.
We received the letter a couple of years ago and I agree - it was so complex, I did not understand its full implication but did not bother about it as we seldom if ever slip into an overdraft situation.


On later receiving an overdraft charge for going £15 o/d for one day, when challenged, the bank explained that they do not do free overdrafts - see our letter of ......! You have an agreed overdraft which, if you go into by more than a £10 buffer, they make a flat-rate charge. If you go over the agreed figure then you are into a hefty interest rate.


When we said that we would take our business elsewhere we were told by the counter staff that we would not get an account elsewhere that did not charge for overdrafts. Next day, we went to Marks & Spencer and opened an account with a totally free £100 facility.


We closed our three accounts of 25 years or more with Yorkshire Bank and they did not even ask why we were closing them. If you can get your o/d facility elsewhere, I suggest you do so and pick up as much cashback as you can for changing!

stewpot999

Thank you very much for your prompt reply i will look into this in the coming days.

Thanks again