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Old 20-10-2009, 10:53   #1 (permalink)

 
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Wow, HBOS are ****s. Their latest scam is replacing overdraft interest with a fixed £1 per day charge for overdrafts from Dec 6th.

This means I need to go much more massively into debt with them before I break even on the £20-30 pound a month I'm gonna be paying them, instead of the £2-3 I currently pay in interest.
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Old 20-10-2009, 11:12   #2 (permalink)

 
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Wow, HBOS are ****s. Their latest scam is replacing overdraft interest with a fixed £1 per day charge for overdrafts from Dec 6th.

This means I need to go much more massively into debt with them before I break even on the £20-30 pound a month I'm gonna be paying them, instead of the £2-3 I currently pay in interest.
Aye, was looking to move to another bank, although the rest will probably follow suit.

Checked my bank account yesterday to discover that I had inadvertantly gone over my agreed overdraft by charging 3 items to my debit card. HBOS decided to charge £35 for EACH breach, ie £105 in total, PLUS £28 "for going into unauthorised overdraft". Um, wasn't that what the £35 charges were for???

In the end a grovelling phone call saying it was a mistake on my part and pointing out that it had never happened before got them to drop all but a £3 interest charge. Phew.
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Old 20-10-2009, 11:17   #3 (permalink)

 
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Aye, was looking to move to another bank, although the rest will probably follow suit.

Checked my bank account yesterday to discover that I had inadvertantly gone over my agreed overdraft by charging 3 items to my debit card. HBOS decided to charge £35 for EACH breach, ie £105 in total, PLUS £28 "for going into unauthorised overdraft". Um, wasn't that what the £35 charges were for???

In the end a grovelling phone call saying it was a mistake on my part and pointing out that it had never happened before got them to drop all but a £3 interest charge. Phew.
Yeah, I've never been sure what that cryptic 'monthly overdraft fee' bullshit was about. I already moved my account to another bank (and a solvent one at that so I'm hoping they'll leave me alone.) and I'm just waiting to get my hundreds back that they already stole before closing the HBOS one. Was there a verdict on the court case yet? Anyone know?
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Old 20-10-2009, 11:20   #4 (permalink)

 
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Yeah, i'm not keen on this principle at all. Is it for any overdraft facility or if you go over the arranged overdraft?
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Old 20-10-2009, 11:23   #5 (permalink)

 
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Yeah, i'm not keen on this principle at all. Is it for any overdraft facility or if you go over the arranged overdraft?
I haven't looked at the detail of the new agreement, just the letter that came through my door an hour ago but it seems that any authorised overdraft will run at £1 a day (working days or calenders days I'm not certain about) and unauthorised overdrafts will run at £5 a day.

Oh, and they cancelled my 0.1% interest which nearly caused me a belly laugh.
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Old 20-10-2009, 11:24   #6 (permalink)

 
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I haven't looked at the detail of the new agreement, just the letter that came through my door an hour ago but it seems that any authorised overdraft will run at £1 a day (working days or calenders days I'm not certain about) and unauthorised overdrafts will run at £5 a day.

Oh, and they cancelled my 0.1% interest which nearly caused me a belly laugh.
If i didn't have such a massive overdraft i'd move banks
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Old 20-10-2009, 11:26   #7 (permalink)

 
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If i didn't have such a massive overdraft i'd move banks
If your overdraft is really massive, then you may actually benefit as the fixed fees could be less than the interest.
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Old 20-10-2009, 11:31   #8 (permalink)

 
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Yeah, seems it's any overdraft, not an unauthorised one. Charges are higher still for unauthorised overdrafts.

Good incentive to clear the overdraft I suppose.

Big thread on this at the Martin Lewis Money Saving Expert forum.

Halifax/ Bank of Scotland: a guide to account changes. - MoneySavingExpert.com Forums
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Old 20-10-2009, 11:31   #9 (permalink)

 
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If your overdraft is really massive, then you may actually benefit as the fixed fees could be less than the interest.
I think i'm round about £10 less than the daily charge total per month.
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Old 20-10-2009, 11:34   #10 (permalink)

 
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Post from that thread on why they are doing this:

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The changes are a reaction to the likely loss of the Test Case on bank charges, and a subsequent ruling by the OFT that charges are, indeed, unfair under UTTCR. They have reduced unauthorised overdraft charges from £35 (max of 3 per day) and £28 to £5 per day. So if something goes down, to balance the books, something else has to go up: arranged overdraft charges.
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