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

[triggerhappy]

I think I'll have a look at RBS. I'm a bit wary of Abbey tbh.

[0x21]

Originally Posted by Sazzarella

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?

It is a better deal in some cases; if you have a huge overdraft, all the time, or if you are never overdrawn. If you're only overdrawn a little bit or occasionally then it is not a better deal.

IF I can get to a position where I'm never overdrawn (hah!) then I'd be about £4.50/month better off, but its a big if, and I don't really like being forced into changing something like that until I'm ready to.

Originally Posted by triggerhappy

I think I'll have a look at RBS. I'm a bit wary of Abbey tbh.

Same, I just went blank as to what other options there are and it was the first one to come to mind.

Edit: RBS account doesn't look that good, but it does claim £100 free overdraft, and then ~19% APR on the rest which is going to be a lot less than £1/day for more people who are overdrawn.

[Warped]

Just clocked first direct, its only worth your while if you have a wage of 1500+ into account each month. If you do you get 250 overdraft intrest free and 15.9 apr on the rest.

[caitlinjae]

Gah, for some reason I thought this wasn't being implemented until January. In some ways it'll be good as I'm sick of getting a heft £28 fine for going just a few pennies in to my overdraft. The thing is though, even if I pay off the rest of my overdraft will I still get charged if I have the option for an overdraft on my account? As in, my overdraft is set at £300 at the moment. I'm guessing as long as I'm in black I won't be charged, and if I get overdrawn I'll only get charged £1 a day?

[0x21]

Originally Posted by caitlinjae

Gah, for some reason I thought this wasn't being implemented until January. In some ways it'll be good as I'm sick of getting a heft £28 fine for going just a few pennies in to my overdraft. The thing is though, even if I pay off the rest of my overdraft will I still get charged if I have the option for an overdraft on my account? As in, my overdraft is set at £300 at the moment. I'm guessing as long as I'm in black I won't be charged, and if I get overdrawn I'll only get charged £1 a day?

Correct, you'll get charged £1/day that your balance is less than £0

[spoonie]

Cheerio to free banking. The banks made a fortune from charges, now it looks like they won't, so they're finding new ways to make that revenue. It's not uncommon to have to pay to have a bank account in other parts of Europe and it looks like we'll be following suit.

[0x21]

Originally Posted by 0x21

It is a better deal in some cases; if you have a huge overdraft, all the time, or if you are never overdrawn. If you're only overdrawn a little bit or occasionally then it is not a better deal.

Scratch that. People aren't having accounts migrated to the new ones, they overdraft charges are just changing. So this will benefit only those who are perpetually overdrawn by a huge ammount. Some people may find moving onto the reward account will leave them better off or at least soften the shafting a bit

[Noddy]

Ive not read thru the entire thread yet, but if anyone is interested, HSBC charge £25 per quarter to keep your overdraft as well as the normal interest. Seems to be a better deal than BoS no?