Lloyds, Halifax and Bank of Scotland hike overdraft fees - MSE News

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
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Former_MSE_NaomiFormer_MSE_Naomi Former MSE
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edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Nearly all customers with an overdraft at Lloyds, Halifax and Bank of Scotland will see their charges increase from January - and someone with a constant £500 overdraft will pay around £40 a year more under the new system...
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'Lloyds, Halifax and Bank of Scotland hike overdraft fees'
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  • JuicyJesusJuicyJesus Forumite
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    I wish they'd just charge a percentage rate of interest. You know, like banks always used to before they decided that this (more expensive, more complicated) charging structure was "simpler".
    urs sinserly,
    ~~joosy jeezus~~
  • ceredigionceredigion Forumite
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    JuicyJesus wrote: »
    I wish they'd just charge a percentage rate of interest. You know, like banks always used to before they decided that this (more expensive, more complicated) charging structure was "simpler".

    At least partly due to a certain financial journalist been on their backs about the old system. Comes under the heading of, be careful what you wish for.
  • .1xp.1xp Forumite
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    If people don't want to pay the fees, don't borrow the money - it really is that simple.

    It's not free money! It's being loaned to them from the banks.

    Why do people think they deserve everything for free and expect so much for free these days?!

    I understand people have to fall back on an overdraft at times, however, they should not then moan when they have to pay for being helped when they needed it.
  • millermiller Forumite
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    Since they made it near impossible to have an unarranged overdraft (payments should be declined) it was inevitable they'd have to soak those with an arranged overdraft.
  • pdel61pdel61 Forumite
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    If you want to borrow other peoples money then you have to pay for it, but yet people want it for free and if they are charged are encourage to claim it back and seek compensation.

    Don't spend what you don't have.

    I know they wont as they do make money from overdrafts but I'd be quite happy for the banks to just abolish them altogether and payments that you didn't have the money for were refused.
  • I opened a Lloyds Bank current account with an arranged overdraft and received a message in my "digital inbox" recently entitled "[FONT=Arial, Helvetica, sans-serif]Confirmation of your Planned Overdraft limit[/FONT]" claiming that the total cost of credit for using my full overdraft (which is not huge, just about four figures) for three months would be over £1000000,000.00. :huh:

    I'm wondering if this is a bug from them changing the overdraft charges - anyone else receive something similar?
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