new bank charges

Gorgeous_George

It is widely accepted that unfair bank charges are likely to be illegal.

These new charges will hit those with a small overdraft. Now, if I could secure a £1,000,000 overdraft I could make some serious money. With charges of just £60 per year, I could invest the £1,000,000 at 5% and rake in £50K

From the bank's point of view: 100,000 customers drift overdrawn by up to £20 for ten days each. Total in charges = £500,000. Not bad for very little outlay.

GG

virgin_moneysaver

sav4it wrote: »

Now that's a bit unfair.
I agree about the type of person those of us careful with our money all hate but what is wrong with someone posting worrying about the effects of higher charges?
We are here to offer suggestions on how to redress the balance.

maybe I didn't make myself clear but I was on the side of the OP who had an agreed overdraft, stayed within its terms & paid minimal fees - you don't have to be in credit to be classed as staying within terms, anyone who has a loan or credit card, myself included, who pays whats due & agreed, therefore does not get late fees, non-payment fees & default charges - the OP has an agreed o/d & pays A & L the minimal interest yet is now gonna get clobbered with higher fees brought about by those who basically spent more than they could afford to pay back & the rest of us gotta foot the bill

hard hat firmly planted on bonce

Sube-likes-a-bargain

Thanks for all your help. Will try very hard this month to keep in credit. I've taken over the purse strings for both accounts so we'll see if it works! :T