Is Alliance & Leicester an EVIL bank?

Strapped

I've just posted about how I've been charged £2.50 for being overdrawn by £3.56 for 5 days. OK, it's only £2.50 but calculate the %!

I'm liking Grade_A_Reject's style though. Great idea.

suze200

TighterThanTwoCoatsOfPain wrote: »

I know you're using an extreme example to demonstrate a point, but of course its possible to charge over 100% APR interest! I think you'll find that for 1p you would get the automatic charge straight back unless you made a habit of it.
Plenty of short term loan (and thats what a small overdraft facility like this is) companies do as a matter of course.

e.g Typical APR 1355% here.
http://www.paydayuk.co.uk/getting-started/our-charges.html

You don't get it back with A&L!

ShelfStacker_3

Strapped wrote: »

I've just posted about how I've been charged £2.50 for being overdrawn by £3.56 for 5 days. OK, it's only £2.50 but calculate the %!

I'm liking Grade_A_Reject's style though. Great idea.

That's partially why I switched to HSBC. I couldn't justify having a £50 overdraft costing me £5 when a £200 overdraft with HSBC has just cost me 35p (actually, now I think about it, I had a £50 temporary o/d with them and I don't think they actually charged me any interest in the end...)

That said, even though it's extortionate they *are* a business, they can charge what they think people will bear, and I suppose it helps balance out the stoozers who withdraw overdrafts totalling in the thousands and only pay a fiver a month for them...