UK bank with no overdraft scam?
Comments
-
wow , amazing, so many brainwashed/scared and with stockholm syndrom folks here
poor you, have not seen better right?
sure right blame the victims, it is their fault
also there is no reason for bounced direct debit charge to return with extra penalty... in civilised free world
fear and penalties work right?
keep you in line
Grow up and learn to budget.
In a civilised world, people have enough funds in their bank account to cover any expected transactions. No need to fear a direct debit because you know exactly what is going to be taken and when - a direct debit isn't a surprise transaction, you are always informed in advance.
Sounds like you want the bank to "keep you in line" by managing your finances for you by bouncing transactions that take you into your overdraft.
You are contradicting yourself in everything you say.
Direct debits exist to make your life easy by not having to make manual payments, if you want to bounce them when you have no money, cancel them all and just make manual payments as and when you feel like it!YNAB enthusiast and extreme coupon-er.
Discounts, coupons and cashback:
2019 = £1,443.52
2020 = £1,191,760 -
-
born_again wrote: »If a ATM is what they are using that that is what they can do. A bank can simply not stop/make them use another source, for a customer from using what means they want to get to their money.
Can you provide a link to this legislation because I find it very hard to believe that banks will be forced into providing overdrafts in this scenario.0 -
Best way to run your current account is never to get close to zero funds, then you never fall foul of the 'scammy' overdraft fees....
If they don't offer interest on the balance then I always leave the balance at zero.
With marks and spencers £100 0% overdraft it regularly goes below zero.
But of course you have to be on top of thingsborn_again wrote: »Also if you have £0.01p in your account and want to get cash. If the ATM only has £10 notes, then it has to let the customer get £10. Regulators state a bank can not stop a customer from accessing funds they have in their account.
I had a bank close my account when it had £0.01p in it, they donated it to charity. I'm not sure that a no overdraft account would let you take £10 out if you only had £0.01p in it. That seems ridiculous.
Banks often prevent customers from accessing funds at weekends, they send me notifications all the time.0 -
Whilst it is true that we sometimes don't have access to our online banking, or our apps, for a few hours (usually in the dead of the night) at weekends, this is far from not being able to access our funds. We can generally still use ATMs, write cheques, and pay with our debit cards in shops or online.
Banks often prevent customers from accessing funds at weekends, they send me notifications all the time.
Those scheduled overnight outages are part of ongoing enhancements to our banking facilities. Not too many moons ago, we didn't even have online access, and in fact, some people are still asking for Branch-only accounts and are dismayed that there are now so few of these. We happily survived with cheques, without Direct Debits, without Faster Payments, with bank opening times of 9:30 to 3:30 on working days (except Wednesdays, when they closed even earlier) only, a paper bank statement once a month, and people were in awe of bank managers. We've come a very long way since.
If we are now "prevented" from accessing our funds at weekends, we generally get ample warning of such service interruptions, so we can plan around them.0 -
Can you provide a link to this legislation because I find it very hard to believe that banks will be forced into providing overdrafts in this scenario.
Sadly it is not something that can be accessed.
All I know is we can not stop a customer from using a ATM to get cash, so long as they have funds in their account.Life in the slow lane0 -
Banks often prevent customers from accessing funds at weekends, they send me notifications all the time.
Do they.. While they may restrict internet banking if a upgrade is in place. To stop you from using your account would cause uproar in the press....
So I think you are being very selective in your wording, when saying accessing funds. As there are many ways to do this.
What you are implying is the TSB scenario. Which did stop people from using their accounts. And was a major headline.Life in the slow lane0
This discussion has been closed.
Categories
- All Categories
- 343.1K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.2K Work, Benefits & Business
- 607.8K Mortgages, Homes & Bills
- 173K Life & Family
- 247.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards