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Bank Defaults (charges)
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I am aware that banks have a standard charge for unauthorised borrowing and unpaid direct debits, etc, resulting from this, whether intentional or accidental. Does anyone know if there is a limit on these charges per month?
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LLoyds Bank as an example , when you go overdrawn on your credit limit without agreeing first with them will charge �30, and then will charge you this amount each day your overdraft increases by �10 or more.
They do this to a maximum of �90 each month.
They will also charge a higher rate of interest when you go over the agreed credit limit at 2.2% per month or a equivalent annual rate(EAR) of 29.85% . This is an increase from the agreed charge of 1.21% and EAR of 15.53% . Practically double ........
Watch your a/c so not to incur these unreasonable bank charges as it is a nice earner for them ..
They do this to a maximum of �90 each month.
They will also charge a higher rate of interest when you go over the agreed credit limit at 2.2% per month or a equivalent annual rate(EAR) of 29.85% . This is an increase from the agreed charge of 1.21% and EAR of 15.53% . Practically double ........
Watch your a/c so not to incur these unreasonable bank charges as it is a nice earner for them ..
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