[Misc] Bank of scotland customers: changes to overdraft policies

[0x21]

I was in the bank anyway and asked about this; existing accounts aren't changing at any point, but the only new accounts you can get are the £1/day overdraft ones.

[0x21]

Originally Posted by 0x21

I was in the bank anyway and asked about this; existing accounts aren't changing at any point, but the only new accounts you can get are the £1/day overdraft ones.

Scrap that, I've got a letter in saying old customers are being migrated in December onto the new accounts. Oddly, the staff didn't seem to bothered about the mention of changing banks, they obviously don't like having customers

I guess I'll need to see how it goes but this is a pretty shitty move.

[L@ur@]

the thing that annoys me most about this move, the people with huge overdrafts say £1000 and more. they will be getting charged £30+ in interest per month anyway. its the people who have overdrafts at like £250 which are getting charged £1 a day and feeling it most. really annoys me that...

my interest at the moment is only like £2/3 ill be raging if that jumps up to £30 a month


x

[0x21]

Originally Posted by L@ur@

the thing that annoys me most about this move, the people with huge overdrafts say £1000 and more. they will be getting charged £30+ in interest per month anyway. its the people who have overdrafts at like £250 which are getting charged £1 a day and feeling it most. really annoys me that...

You need to have a permanent overdraft of about £1800 to benefit

my interest at the moment is only like £2/3 ill be raging if that jumps up to £30 a month

I'm in the same boat; whilst I'm overdrawn a lot its never by much.
If I'm overdrawn by £1, then thats 36,500% APR!

The argument that £1 a day makes things easier to understand also worries me; do people really struggle with the idea of interest rates? It certainly seems like a scheme to shaft people whilst claiming its trying to make life easier for them.

[L@ur@]

ill be closing my bank of scotland account as soon as i can. its totally guff.

x

[0x21]

Abbey are doing some fairly decent deals for transferring customers, including £100 and an interest free overdraft for a year, followed by 12.9% APR (HBOS is currently 17.9%) if you're paying in over £1k/month. I haven't looked at any others yet.

[L@ur@]

wait, what about student accounts?

x

sorry... how does the HBOS charges affect their student accounts?

[0x21]

I've no idea what the script is with student accounts, I've not been a student for years, so you'll need to ask them. Don't students still get free overdrafts anyway?

[L@ur@]

hummn usually...

ill need to double check then

x

[Sazzarella]

Student accounts arnt changing thankfully!

Going on what Murray was saying about them not fussed about losing customers, my ma told them the same thing and they said they expect to keep all their customers as this is a better deal!?!?!?! eh how?

[triggerhappy]

Originally Posted by L@ur@

ill be closing my bank of scotland account as soon as i can. its totally guff.

x

Me too. Been annoyed with them for a while, but not enough to move. This will do it.

[L@ur@]

HBOS and Lloyds TSB are practically the same bank, customers are slowly but surely having no choice when it comes to banks.

x

[Warped]

Yeah had lots of people from HBOS move to LTSB beacuse of this, bit strange that considering we are part of the same group now. There is not plan to do this with LTSB as far as i know.

[Sazzarella]

RBS seem to be the people to go to lately although they are cutting down on the amount of bank accounts they are giving out and you need to be making a decent wage it seems.

[Warped]

First direct are the best for customer service. Always been intresting in their accounts.