Unarranged Overdraft Fees: Help me find a better bank

Nanako

I am currently an account holder with Halifax Bank of Scotland https://online.bankofscotland.co.uk I never chose them, my grandmother made me make an account when i was 16. I had no idea what i was doing. 15 years later, i still don't. I know !!!!!! all about banks.

I'm currently unemployed, living on jobseeker's allowance (£140 per fortnight) and right now i'm fuming because my bank has just stolen £30 from me, for an unarranged overdraft fee.

I've no idea why, i'm still trying to get in contact to figure out what's happening, but i don't fancy my chances of getting that money back. This isn't even the first time, they've stolen hundreds from me over the past decade.
I thought the point of a debit account was to prevent you getting in debt - that nothing would happen if you didn't have enough money for something. But this bank keeps charging me fees every time a payment tries to come out when i don't have the money to cover it. Usually its £10 and thats bad enough, but now it's inexplicably increased to £30 I don't even know what's going on, i budgeted carefully this month, i just paid £70 to my ISP and i should have £20 left. instead i have nothing and the ISP hasnt even been paid.

i'm so sick of this bank, i'm struggling to manage every penny and they just steal a huge chunk of my money like its nothing. Ive been on the phone for 30 minutes trying to get an answer and im still on hold. !!!! this, i'm done with these people

What can i do about this? Is there a better bank? Are there any that don't do this? Or at least, charge less than the absurd £30 this bank is charging me now. HBOS has had 15 years of custom from me, and they've brought me nothing but pain and misery. Frankly i'd be better having cash in a sock drawer.

Give me some recommendations. I have a low income and inconsistent expenditure. Sometimes money isnt in the bank when its expected to me. I need a bank that isn't going to rob me for an inconvenience.

Looking for recommendations for banks that have no unplanned overdraft fees, or at least less than this. If i don't have the money in the account for something then the bank should tell them "sorry, but no" and let me deal with it

KJSmith

Stolen? Strange choice of words given that the fees you have incurred concern an unplanned overdraft i.e. where you have taken the bank's money without agreeing it beforehand.

Halifax and BoS have recently changed their overdraft fees, so this should be the last set of unplanned overdraft fees you'll incur from them. Might be better to stick with them?

anselld

Fees were changed on 2 November and failed payment fees were removed all together so when did this happen?

Also, if you are paying £70 per month to your ISP you are not "managing every penny".

Dobbibill

Hi Nanako,

Welcome to the forum.

An unarranged overdraft fee would have been debited yesterday based on using an overdraft you didn't pre-agree with the bank in October as previous charges were paid in arrears.

Look back over your statement so you understand when and how this happened. Although this has now changed, you need to make sure you understand it especially if you decide to go to another bank that still has these charges in place.

Under the new structure you do not get charged for unarranged overdrafts or returned items.

Do you have an arranged overdraft?

eskbanker

Nanako wrote: »

I never chose them, my grandmother made me make an account when i was 16. I had no idea what i was doing. 15 years later, i still don't. I know !!!!!! all about banks.

[...]

i'm fuming because my bank has just stolen £30 from me

[...]

they've stolen hundreds from me over the past decade.

[...]

i'm so sick of this bank

[...]

!!!! this, i'm done with these people

[...]

Frankly i'd be better having cash in a sock drawer.

Give me some recommendations.

My recommendation would be to stick with cash in a sock drawer until you're mature enough to manage a bank account like a responsible grown-up....

wouldbeqaulitymoneysaver2

LLoyds TSB bank unauthorised overdraft fees are extornionate.£20 per month, now they are taking charges daily , mine from 12p a day to 30p or more? I fear it is even worse.
Another one wanting to escape.

Dobbibill

wouldbeqaulitymoneysaver2 wrote: »

LLoyds TSB bank unauthorised overdraft fees are extornionate.£20 per month, now they are taking charges daily , mine from 12p a day to 30p or more? I fear it is even worse.
Another one wanting to escape.

The fees would only be for an arranged overdraft - they no longer charge anything for an unplanned overdraft or returned item fee when payments fail.

If you are now paying a daily fee this would be for an arranged overdraft - you can always remove the facility if you want to

ETA - this is based on Lloyds policy not TSB policy as I am assuming you are with Lloyds (LloydsTSB is no longer one bank)

badger09

@ Nanako and wouldbequalitymoneysaver2

you might get more help and advice on the Debt-Free Wannabe board

worried_jim

badger09 wrote: »

@ Nanako and wouldbequalitymoneysaver2

you might get more help and advice on the Debt-Free Wannabe board

And just keeping your money in an old Tartan shortbread biscuit tin under the bed.

Katiehound

or maybe see if there is a Credit Union in your area?