Originally Posted by Scott
Well that's just good business. It's everyones responsibility to keep track of their own spending, but if you do lose track, and run out of money, I think the overdraft option is good to have, incase you need to get something but ran out of money. And if they have a rate at what they charge you for it, then so be it. That's what you get for signing on that dotted line.
ah you see, the law states that a bank jmust have fair charges (proportional to it's loss) somehow i don't think that 100£ for 2 weeks at 112£ over, as well as being charged 30£ for a reversal charge in that time is fair.
I've actually read an article or two on it, as there is a lawyer here who is challenging it. Also, a lot of banks seem to be returning the money rather than having to go to court to reveal their exact costs and lose, thus setting a precedent for millions to reclaim unfair charges.
I mean, it is my own money, it is my responsibility, but to call some of the charges excessive and a joke is putting it mildly.
I mean, an overdraft limit (ie, the limit of your overdraft) should be the stopping point at which the bank refuses transactions, not the point where they cash in and make money at interest rates vastly exceeding 100%
i think, at the end of the day, it's called laws to protect the consumers, and if the office of fair trading is investigating it, then something must stink.