Bank overcharging interest

Ilatt

Hi,

My husband and I have been banking with First Direct since last November. We realised around August time that even though we pay by direct debit, if they are late taking the direct debit they have been charging us interest on the interest. So far, in less than a year the amount is over £1 which may seem low but that is in under a year and we have daily compound interest. The bank isn’t going to do anything about it. Does anyone have experience and know what we can do?

Thanks.

Thrugelmir

How late is the direct debit being taken?

Ilatt

Hi,

If the last day of the month doesn’t fall on a weekday then we are charged interest on the interest till the direct debit goes through, so it varies. I think the longest was about 3/4 days late.

Thanks.