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  • FIRST POST
    • MSE Rosie
    • By MSE Rosie 25th Jan 18, 2:51 PM
    • 88Posts
    • 40Thanks
    MSE Rosie
    MSE News: Santander to scrap unarranged overdraft fees on 123 accounts
    • #1
    • 25th Jan 18, 2:51 PM
    MSE News: Santander to scrap unarranged overdraft fees on 123 accounts 25th Jan 18 at 2:51 PM
    Santander is to remove all unarranged overdraft fees on its current accounts that charge monthly fees, including its popular 123 and 123 Lite accounts - though a small minority could be worse off under changes to its other accounts...
    Read the full story:
    'Santander to scrap unarranged overdraft fees on 123 accounts'

    Click reply below to discuss. If you haven’t already, join the forum to reply.
    Last edited by MSE Luke; 26-01-2018 at 12:37 PM.
Page 1
    • Mchambers
    • By Mchambers 25th Jan 18, 3:07 PM
    • 988 Posts
    • 309 Thanks
    Mchambers
    • #2
    • 25th Jan 18, 3:07 PM
    • #2
    • 25th Jan 18, 3:07 PM
    That is nice and generous of Santander after they reduced interest rate to 1.5% for 123 !!
    • robin58
    • By robin58 25th Jan 18, 9:06 PM
    • 2,705 Posts
    • 3,269 Thanks
    robin58
    • #3
    • 25th Jan 18, 9:06 PM
    • #3
    • 25th Jan 18, 9:06 PM
    I think the biggest question is, why do we have to wait for 6 months for the new charges or removal of charges to come into force?
    The more I live, the more I learn.
    The more I learn, the more I grow.
    The more I grow, the more I see.
    The more I see, the more I know.
    The more I know, the more I see,
    How little I know.!!
    • TheJackah
    • By TheJackah 25th Jan 18, 10:41 PM
    • 21 Posts
    • 6 Thanks
    TheJackah
    • #4
    • 25th Jan 18, 10:41 PM
    • #4
    • 25th Jan 18, 10:41 PM
    It's a good start. With recent regulatory changes, and now this, overdrafts, including unarranged, are slightly more viable options. Do remember people, they're for short-term emergencies!
    • Chrysalis
    • By Chrysalis 25th Jan 18, 10:43 PM
    • 2,351 Posts
    • 1,130 Thanks
    Chrysalis
    • #5
    • 25th Jan 18, 10:43 PM
    • #5
    • 25th Jan 18, 10:43 PM
    what about the arranged overdraft fees they charge? are unarranged overdrafts about to become more cheaper than arranged overdrafts O_o.
    • brutus6
    • By brutus6 26th Jan 18, 12:23 PM
    • 13 Posts
    • 9 Thanks
    brutus6
    • #6
    • 26th Jan 18, 12:23 PM
    So worse off having an arranegd overdraft?
    • #6
    • 26th Jan 18, 12:23 PM
    Am I being really dumb here? If I have an arranged overdraft with my 123 lite account post July I get chaged £1 per day for being overdrawn by £13. If I don't have an arranged overdraft post July and I go overdrawn by £13 I don't get charged anything.

    In which case I might see if I can get rid of the arranged overdraft. I'll be better off.
    • Heng Leng
    • By Heng Leng 26th Jan 18, 12:53 PM
    • 4,812 Posts
    • 1,575 Thanks
    Heng Leng
    • #7
    • 26th Jan 18, 12:53 PM
    • #7
    • 26th Jan 18, 12:53 PM
    It makes a 123 lite account almost a no brainer for some people
    • jimbo747
    • By jimbo747 27th Jan 18, 9:19 AM
    • 589 Posts
    • 1,594 Thanks
    jimbo747
    • #8
    • 27th Jan 18, 9:19 AM
    • #8
    • 27th Jan 18, 9:19 AM
    So now this will encourage more people to 'steal' the banks money, and people who live within their means will be the ones that pay, through lower interest, reduced deals etc. Noice. Why not just prevent people from being able to go in to an unauthorised overdraft to begin with.
    • Heng Leng
    • By Heng Leng 27th Jan 18, 12:31 PM
    • 4,812 Posts
    • 1,575 Thanks
    Heng Leng
    • #9
    • 27th Jan 18, 12:31 PM
    • #9
    • 27th Jan 18, 12:31 PM
    So now this will encourage more people to 'steal' the banks money, and people who live within their means will be the ones that pay, through lower interest, reduced deals etc. Noice. Why not just prevent people from being able to go in to an unauthorised overdraft to begin with.
    Originally posted by jimbo747
    The bank authorises payments in almost all circumstances, they then choose to allow unauthorised overdrafts.

    With the abolition of Cheque Guarantee cards, it's only offline debit card transactions that they have to honour.
    • Jabba_flabba
    • By Jabba_flabba 24th Aug 19, 9:23 AM
    • 87 Posts
    • 31 Thanks
    Jabba_flabba
    Am I being really dumb here? If I have an arranged overdraft with my 123 lite account post July I get chaged £1 per day for being overdrawn by £13. If I don't have an arranged overdraft post July and I go overdrawn by £13 I don't get charged anything.

    In which case I might see if I can get rid of the arranged overdraft. I'll be better off.
    Originally posted by brutus6
    At first glance it didn't make sense to me either. But it looks to me like unarranged overdrafts above £12 attract additional fees that arranged overdrafts don't. Like the paid-transaction fee, for example. From the table's legend in the MSE article:

    (i) If you're in an unarranged overdraft of £12 or less, you won't incur any usage fees or paid-transaction fees.
    I would infer from this that for unarranged overdrafts above £12, a fee would apply, but then the table itself begs to differ ("No fee").

    FWIW, here's a link to the official Santander announcement

    Yours,
    Confused (in a slightly different way)
    • Gary_Dexter
    • By Gary_Dexter 24th Aug 19, 9:53 AM
    • 6,261 Posts
    • 4,160 Thanks
    Gary_Dexter
    At first glance it didn't make sense to me either. But it looks to me like unarranged overdrafts above £12 attract additional fees that arranged overdrafts don't. Like the paid-transaction fee, for example. From the table's legend in the MSE article:



    I would infer from this that for unarranged overdrafts above £12, a fee would apply, but then the table itself begs to differ ("No fee").

    FWIW, here's a link to the official Santander announcement

    Yours,
    Confused (in a slightly different way)
    Originally posted by Jabba_flabba

    After 18 months you’d think the poster you’re replying too would have this sorted by now
    • Jabba_flabba
    • By Jabba_flabba 24th Aug 19, 11:18 AM
    • 87 Posts
    • 31 Thanks
    Jabba_flabba
    After 18 months you’d think the poster you’re replying too would have this sorted by now
    Originally posted by Gary_Dexter
    Yeah, I positively revel in dredging up old threads. This one's nothing; I usually go for the 5-10 year old ones if possible

    But seriously, you're right. Since much time has passed brutus6 may have asked Santander directly or may have changed banks altogether.

    The reason for my post was really for my own benefit and understanding, but also — assuming I receive an answer — to make answers public for others who may be equally confused. Countless times I have benefited (as a lurker) from others who have posted same or similar questions, and got answers. I tend to treat these article-linked threads as extensions to existing bodies of knowledge on whatever topic is being discussed. I don't think Santander have made any significant changes to their overdraft charges since early 2018, so to my mind this thread is still relevant.
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