Bank charges

MikeHiow

MikeHiow

MikeHiow

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Joined
26 Oct 2004
Posts
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Location
Isle of Wight
I had a bit of a **** up with a new joint account earlier this month where I had forgotten to transfer all of the money I needed into it, meaning it went over its relatively small overdraft.

Lloyds have sent me a letter about this and have decided to charge me £15 a day for the first two days and then £20 for the third day plus a monthly £15 fee and then interest on top of all that - a total of £67.

Completely my fault, and I hold my hands up as such, but £67 is completely ridiculous for owing them less than £100 for two days and just over for one more day before realising my mistake and bringing the account straight back up to balance.

Was there not some new rule on charges? Is there anything I can do - this hasn't happened to me since I first joined Lloyds about three years ago, and back then they charged me about £15 and that was it - which is reasonable.
 
Just call them, explain the situation and they'll often reverse the charges with a reminder not to do it again, and a smack on the bottom.
 
MikeHiow said:
Was there not some new rule on charges?
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There was a court case, the banks won.

All you can do is call whatever number lloyds use for lending/charges (most banks consider these one in the same) and complain about it, however don't get angry at them, tell them your situation. If they say no, ask to speak to a manager, if they continue to say no, ask them how to take it further. This is where it will start to cost them more money to NOT reduce your charges.
 
I went overdrawn a couple of weeks ago due to a poor misjudgement of when my bills came out, went to see my bank branch manager at HSBC and he kindly withdrew the charge :)

Go to your branch manager, explain everything and promise it won't happen again - if the dude is in a good mood he might let you off.
 
It may be the new system the banks introduced after the last overdraft fiasco - I had a similar issue with barclays, where I had a £150 buffer beyond my agreed overdraft. If I went into that bufer, I could still bmake payments up to the £150 total, but I was charged about £15 or £20 a day while in it, up to a maximum of 5 such charges a month. Phoning at the bank and yelling produced a 75% refund of charges and a transferral to the old system, where I was charged once for crossing my limit and couldn't get any deeper in. Small print is everything with these ********.
 
MikeHiow said:
Did you even read the OP? How is it you find this response helpful?

Everyone else: thanks - I'll call them tomorrow and have a moan to see where it gets me :)
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It would be helpful in preventing excessive charges in the future, aim not to go into it, but a small (relatively) amount of interest, compared to £15/day charges are much better!
 
brainiac ghost said:
It would be helpful in preventing excessive charges in the future, aim not to go into it, but a small (relatively) amount of interest, compared to £15/day charges are much better!
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MikeHiow said:
I had a bit of a **** up with a new joint account earlier this month where I had forgotten to transfer all of the money I needed into it, meaning it went over its relatively small overdraft.
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From which we assume he already has a small overdraft.
 
Indeed - it is a small one because my partner is a new customer to the bank with little credit history (they wouldn't give her a planned overdraft at all for her own account).
 
This is unfortunately where the banks make their money, free banking meant that those who do slip ups will have to pay.

Lets not forget for most people if you manage your current account well you get your banking for free, you even get a small amount of interest on most current accounts.

So if occasionally you chalk up a small fee do your utmost to get out of it, but consider it a payment for the services you have used and it will cause you less stress ;)

I had similar with Tesco/Santander. I used my debit card to pay for some Euros in Tesco, paid and signed a STERLING amount for said Euros. When the transactions hit my bank account they applied a fee for foreign exchange. I was WTF I have a sterling receipt here?
Tesco said not their doing they had taken a sterling amount, seems Santander had defined Tesco Foreign Exchange as a "foreign currency" and as such it would dictate the charging of exhange fees despite the fact it was a sterling transaction. Santander wouldnt refund it despite me saying it was sterling. I am guess its because they are ****ed at Tesco creating a more accessable FX service than Santander have.
I chalked it up to experience and will now just go withdraw the cash to buy the currency in future.
 
MikeHiow said:
I had a bit of a **** up with a new joint account earlier this month where I had forgotten to transfer all of the money I needed into it, meaning it went over its relatively small overdraft.
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It won't get your charges back, but make sure you sign up for their mobile banking pack (it's free). If you go overdrawn again they'll send you a text message when you go near or beyond your limit. If you get cleared money into your account by 3.30pm on the day, that wipes off the charges for that day (which will hopefully be all of the charges).
 
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