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by switch007
3957 days ago
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Pre crisis overdrafts used to be cheap. There was just a monthly interest amount (fairly low - IIRC mine was about 12%). Post crisis, many banks in the UK "simplified" overdraft fees by charging rediculous daily/monthly usage charges and increased interest rates. It really is a massive swindle when being £100 overdrawn for one day can cost between £5 and £40 [1]. You used to just have a monthly interest rate like a credit card, often paying a few pence for going overdrawn for a day. Of course being British, we just rolled over and took this (I did close all my Natwest accounts after being charged £5 for being £1 overdrawn for one day, but most banks are the same now). The people with the power have large amounts of money in the bank and had no need to complain. With blllions in PPI being reclaimed (Lloyds alone supposedly have a bill of £13 bn [2]), this isn't a surprise. The banks always win. [1] http://www.moneysavingexpert.com/banking/bank-charges-compar... [2] http://www.moneysavingexpert.com/news/reclaim/2015/07/lloyds... |
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