Any Mathematicians out there ?

[DebsyDoo]

If you get a bank charge of 50 pounds for being 30 pence overdrawn (for 3 days) what rate of interest does that work out to please - anyone ?

[buildersmate]

20,278%
But it isn't really to do with an interest rate, the charge is (supposed to be) related to their direct costs in servicing your 'mistake'.

[buildersmate]

Sorry, that's per annum.

[R1Geezer]

There is a surprisingly easy way to avoid these charges........have a guess what it is!

[factor-fiction]

Are you sure the whole £50 was all for being 30p overdrawn- or were there some charges because direct debits/standing orders were rejected due to insufficient funds?

[DebsyDoo]

Thanx BM !!! That's a rate even a loan shark would be proud of !!!

Yes F30 - it was just for being 30p overdrawn - where a DD had been taken out of my account (by Sky TV) & I was unaware of the fact the payment had increased !

& YES R1 - we are all aware of that - but somtimes these things happen !!!

[factor-fiction]

I'd be very surprised that any bank would charge £50 for this. Are you sure the DD wasn't rejected (£25 charge) and then you got a £25 unauthorised overdraft charge?
Anyway, if it's your first 'offence' I think a quick call may lead to a refund

[DebsyDoo]

Yes F30, I am sure !!! It's the Abbey by the way !!!
Sorry for the delay in my response, but I'm in the middle of typing up a VERY strongly worded letter to them !!!

[AlBags]

... and I thought "Barclays" were rip-off merchants!

[factor-fiction]

What type of Abbey current account is it? I can't see any single £50 charges. It may be two charges

[DebsyDoo]

Dunno, F30, just "the Abbey account" - which has now (since January) become "the Santander Account" & yes, it's two charges, both to do with the measly 30p - one of 25 quid for an "instant overdraft request fee" & one for aother 25 quid for an "unauthorised overdraft fee" - you tell me ?????
Yes, I thought Barclays were bad too - but this lot have a rate that any loan shark would be proud of !!!

[factor-fiction]

Yep, clearly set out in the Abbey Ts and Cs
http://www.santander....e%2FWC_ACOM_TemplateG
Maybe your letter shouldn't be toos trongly worded- keep it polite, apologetic, helpful (suggest how they should deal with these situations), and point out that you weren't aware that the DD would go up. Good luck.

[DebsyDoo]

Yeah, I've no doubt they've got it covered !
I'll keep it as polite, helpful & apologetic (?) as they do when they bend you over & stiff you !!!!
Angry :-// grrrr
Off now to post said letter !
Ayway -
Thanx for the input !

[Im a BusyBee]

if you genuinely did not know your sky subscription had increased then its sky at fault and not the bank. But just maybe they had notified you and you hadnt read thoroughly all that they had sent you.

[R1Geezer]

Goo point from busybee above Sky may well compensate you, especialliy if you threaten to move!

[mollykins]

if you weren't told that the dd would go up then you can't be at fault . . .

[Im a BusyBee]

but under the direct debit regulations you should always be advised, 14 days i think, in advance of the payment being taken.

[DebsyDoo]

Hi again, just back fom post box - yes, there was a letter in there to Sky too, as I definately did not receive notification of the increase, so I've already requested a refund of the extortionate charges (wonder how they'll like it ??)

[New Judge]

I have incurred a couple of small increasaes in my Sky subscription (the last one a few pence to account for the VAT increase) with no notification whatsoever.

Fortunately my balance was not so tight as Debsy's.