My bank sent a letter to me this week, telling me that they would soon be introducing more 'straighforward' overdraft charges, under which they will be charging a pound a day, so three hundred and sixty five pounds a year, for having an authorised overdraft, whether for £1 up to £2500. I had to read the letter more than once to check that I had not misunderstood. The account involved is a personal account into which I pay my personal allowance, for clothes, books, and so on. The amounts going in and out are fairly small, but as it has an overdraft limit, up until now I have been pretty relaxed about going slightly overdrawn on it within the limit, when it suited me to do so, and this has cost me a few pence a month. I have learned my lesson now, however, and intend to close my account as soon as possible.
P.S After writing this post, I heard a discussion about this issue on the Moneybox programme, on BBC Radio 4, and there is a relaetd e-mail discussion on the BBC website.
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3 weeks ago
This is quite rude of Halifax, and the more people vote with their feet and close their accounts as Penny has, the better. No bank should be able to rely on consumer apathy.
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