UK bank with no overdraft scam?

[Deleted User]

eurgbp wrote: »

Really? If I want a loan I ll use my credit card
Current account should never be below 0 quid in civilized countries eg eu

A credit card isn’t a loan source.

0 quid? Civilised countries?
What are you talking about!? :rotfl:

eurgbp

!!! wrote: »

But it’s likely the person/business requesting the monies will apply their own charges for the payment being declined/missed/late/etc.

Fine I don't mind that
Banks are not doing these overdraft loans out of kind heart
They are robbing poor people

[Deleted User]

Okie dokie.
One for the block list...

spadoosh

eurgbp wrote: »

What is wrong with you?
Credit card is not a loan source?
Are you for real?

Youre not understanding colloquialisms.

When saying a loan in the uk its normally referring to a fixed term loan, ie you borrow £5000 over 5 years paying back a fixed amount per month.

Wed refer to a credit card as a form of borrowing as opposed to a loan source. Ditto with overdrafts.


Wth regards to suggesting theyre robbing poor people its completely untrue. hey make people aware of the terms of borrowing and it is up to the individual whether they choose to use that source of borrowing.

Youre not the only person to have been charged, no, its quite common to have this sort of reaction but ultimately had you read the terms and conditions you wouldnt have fallen foul of them. In the UK we expect our civilised citizens to read terms and conditions and understand what they are signing themselves up to. Those who kick off having failed to do so are generally treat with contempt. Particularly when that person then goes on to suggest that because they cant read terms and conditions that the country is somehow not civilised.

BoGoF

It's really not rocket science if you don't want to go into overdraft. Check your available balance and if what you want to buy is more than that then don't buy it.

born_again

eurgbp wrote: »

Current account should never be below 0 quid in civilized countries eg eu

Why?

Just because it does not suit you. Does not mean that other people are happy to have them.

Some people monitor their accounts and once aware they have gone over their limit. Bring the account back in line (no charges to you) before the end of the working day.

People complain because payments get declined, even when they have no funds to pay... Go figure that one.

Terry_Towelling

eurgbp wrote: »

Fine I don't mind that
Banks are not doing these overdraft loans out of kind heart
They are robbing poor people

What you need to balance out is whether the charges made by, say, a utility company, for a 'bounced' direct debit are likely to be higher than the fees for a very short-term overdraft. It could be better to pay a small amount of interest, rather than a sizeable fee for failing to meet a monthly payment.

Many banks will also send you a text message if your balance is low, so that you can make alternative arrangements to have any direct debit payments covered.

One thing you can't always avoid is going overdrawn as a result of a Debit Card transaction. If you make a (non-Contactless, Face-to-Face) DC transaction that is less than the retailer's 'Floor Limit', and your balance is already close to Zero, your bank will have to accept the transaction when it is cleared and that may put you overdrawn.

colsten

eurgbp wrote: »

Really? If I want a loan I ll use my credit card
Current account should never be below 0 quid in civilized countries eg eu

Are you having a laugh? Borrowing on a credit card is probably even more expensive than using an overdraft.

I am not sure what the civilised country remark is about. If you are of the view that the UK isn't a civilised country, I am sure you are aware that you are free to leave.

System

PRAISETHESUN wrote: »

Try a basic current account? https://www.moneysavingexpert.com/banking/basic-bank-accounts/

They don't issue these on request - as you should already know!

Ergates

eurgbp wrote: »

Really? If I want a loan I ll use my credit card
Current account should never be below 0 quid in civilized countries eg eu

Counterpoint: If I forget to transfer money to the joint account in time for a bill, I'd *much* rather the bill still cleared and I got charged a small amount of interest by the bank for going into our overdraft. They're expensive (about to become less so) and certainly not a method I'd use to borrow long term, but that doesn't mean they're not a useful tool.