Overdraft

Col81_2

Anybody know what the new charges will be on Club Lloyds i have £1500 as my limit only had it 2 months people are saying £50 a month surely not!!!!!!!!!!!!!!

Pixie5740

What people?

Surely you read the benefits and costs of having a Club Lloyds account before signing up to it. If not the details are easily found online.

https://www.lloydsbank.com/current-accounts/landing/ab2/club-lloyds.asp

If you use your overdraft you are charged £6 monthly overdraft usage fee plus interest. How much interest you pay will be determined by how much you are overdrawn and for how long.

Col81_2

It has been documented in the news thatthe charges are increasing significantly!!!!!!!!

Pixie5740

Care to share a link it this news source?

Isn't the point of having an interest bearing account like Club Lloyds that you keep a credit balance in the account and don't live in your overdraft?

DCFC79

Are these the changes OP http://www.examiner.co.uk/news/west-yorkshire-news/how-changes-overdraft-fees-banks-13330769 ?

jonesMUFCforever

Col81 wrote: »

Anybody know what the new charges will be on Club Lloyds i have £1500 as my limit only had it 2 months people are saying £50 a month surely not!!!!!!!!!!!!!!

1p for every £7 OVERDRAWN balance - no more £6 monthly fees and no unauthorised borrowing fees if you stray over your limit.

[Deleted User]

OP - spray a bit of WD40 on your keyboard. Your exclamation key is stuck.

Sparx

OP read this, the full article for Lloyds Bank specifically:

http://www.bbc.co.uk/news/business-40555175

lopsyfa

To answer the OP, from November the monthly charge for £1500 overdraft will be approximately 1/700*1500*30=£64.28 assuming 30 days in a month so that charge will depend on the number of days in the month.

You can also calculate it using the 52% APR published by the bank, the charge will be 52/100*1500/12=£65.


Edit: the charge is based on the amount you are overdrawn and not on your agreed overdraft limit. Just noticed the OP said they have 1500 OD limit.