TSB Arranged Overdraft charges after paying it off

Jbrown832

Hi,

I paid my overdraft off with TSB on the 15th Sept, since then I've been charged £43.94 on 02 Oct, and £17.17 on 02 Nov.

I've rang up this morning and been informed that with overdrafts your interest is billed 2 months in arrears. So the the charge in October was for August and the one in November was for September. Which should mean I won't receive any further charges.

Is this correct? I always thought overdraft fees were charged for the previous month? I've never heard 2 months.

Any advice would be greatly appreciated, I just want to double check before deciding to follow up.

Thanks,
Jason

emmajones1976

I would suggest that is right, judging by the PDF on their website (page 6,https://www.tsb.co.uk/banking-charges-guide-1117.pdf

At the end of your monthly billing period. This will usually be on the first of each month. • We’ll tell you at least 14 days before these fees and interest are taken from your account.

So as an example there, the month ends 1st October, they then have to give you 14 days notice (so the 17th October) of the fees they are going to take on the 1st November to cover the month ending 1st October.

Looking at your figures that seems right too, you only had an overdraft for part of September so the money they took this week was a lot less than the month before.

Daliah

You could find yourself in a never-ending loop of getting charged for charges you haven't yet been able to pay. I would put £50 into the account and leave it there until they have taken the next lot of charges on December 2 or thereabouts. This should hopefully settle the overdraft for good. You could ask them to confirm this this beforehand. 

If they can't do a final settlement for the overdraft, I would

1. raise a formal complaint
2. set a bank switch in motion (new offer from Halifax as of today, £125, easy switch, attractive offer anyways)