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Lowest Bank Charges

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Hi Guys, I'm looking for a bit of advice please. The other day I accidentally went overdrawn one day before my salary went in. I was charged £25 + £35 unpaid Direct Debit + I will be charged a furt…
Mikey1610 Avatar
7y, 2m agoPosted 7 years, 2 months ago
Hi Guys,

I'm looking for a bit of advice please. The other day I accidentally went overdrawn one day before my salary went in. I was charged £25 + £35 unpaid Direct Debit + I will be charged a further admin fee of £25 next month. So £85 for going overdrawn for one day. Yes it was my fault but this is riduclous so it's time for me to leave Yorkshire Bank.

I would like to know any opinions on who I should go with and who charges the lowest for going overdrawn if possible.

Many Thanks.
Mikey1610 Avatar
7y, 2m agoPosted 7 years, 2 months ago
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#1
somebody else been talking about bank charges this morning
http://www.hotukdeals.com/item/592136/bank-overdraft-charges-possible-to-
banned#2
get an overdraft facility, also contact bank as a 1st time im sure they will waver the fees
#3
sassie
get an overdraft facility, also contact bank as a 1st time im sure they will waver the fees


+1 plead your case they can waver the fees
#4
It's not the first time unfortunately which is why I'm fed up of getting charged crazy sums of money. Part of my loan agreement was that I have my overdraft facilty removed as this is what the loan was partly used for.

Based on just a standard current account which of these from the chart is best to go with?

http://www.moneysavingexpert.com/banking/bank-charges-compared
#5
One way to get round this is to MOVE your direct debits (those you can) to a couple of days AFTER your salary goes in.

That way you are not likely to miss a direct debit if you are short of money just before pay day.

Wont get round your total problem, but it is one thing to consider.

Another option is to open a SECOND current account and have all your direct debits on there.

Then each month, just after pay day, set up a direct debit to copy one LUMP SUM to this other account to cover all your normal direct debits.

That way this second account is unlikely to go overdrawn (as you use it for nothing else but direct debits).
.
banned#6
you need an account that only charges you interest should you go overdrawn, i would never pay to have a bank account
#7
sassie
you need an account that only charges you interest should you go overdrawn, i would never pay to have a bank account


No, I don't want to pay for a posh account. Just a basic one where wage goes in, DD's go out.
banned#8
Mikey1610
No, I don't want to pay for a posh account. Just a basic one where wage goes in, DD's go out.


then choose any account that doesnt have charges, but make sure you always have an overdraft facility


i have accounts with rbs and natwest, both have an overdraft facility but have never used them, but you only pay interest on what you overdraw by
banned#10
I would recommend smile bank

£500 fee free overdraft and regularly wins bank of the year awards.
#11
csiman
I would recommend smile bank

£500 fee free overdraft and regularly wins bank of the year awards.


Thanks but would prefer a bank with a high street branch in case I ever to need to pop in to make an emergency deposit.

Any bank offering money for switching to them at the moment?
banned#12
check out quidco or topcashback
#13
HSBC Premier. No charges at all.
#14
chester123
HSBC Premier. No charges at all.



Unfortunately I don't earn anywhere near 100k per year in order to qualify for this account free.
banned#15
Mikey1610;7650126
Thanks but would prefer a bank with a high street branch in case I ever to need to pop in to make an emergency deposit.

Any bank offering money for switching to them at the moment?

you can make deposits at any post office
#16
csiman
you can make deposits at any post office


Cheers. What's the Smilemore £13 monthly fee for current accounts?
#17
I have had this conversation regularly with friends and family complaining about charges.

It's simple - get an account with Nationwide. They are always fair about charges and come pretty much top in most comparisons, have high-street branches and UK customer service.

An example, if I go overdrawn they charge me the interest for the time I'm overdrawn....and that's it! No 'fee' or punitive charge, just the interest!

They do charge for DDs and guaranteed cheques if you don't have the cleared funds (i.e.over your overdraft limit etc) but they have always been incredibly fair with me over any charges incurred.

Another benefit is that they don't charge for cash machine withdrawals in Europe and only charge the base charge, imposed by Visa, anywhere else in the world and the exchange rate is always the standard exchange rate on the day.

A list of the charges are here:

http://www.nationwide.co.uk/current_account/charges.htm

Hope that helps

Dave
#18
...Oh I forgot to add these tips about managing your money:

Set up a separate account for your DDs and move money across from your main account when you get paid. That way all DDs are covered and what's left in your main account is yours to do what you want with knowing that all bills are paid for.

Move all your DDs to the end of the month (or as far away from your salary date as possible) so that your money earns YOU interest for the month instead of the companies. I have yet to have a request to move my DD to the end of the month declined. Not so effective at the mo, cos of the low interest rate, but every little helps!

Lastly, it's worth speaking to your bank (unless you are a serial defaulter) about canceling the charges. Most customer services have quite a lot of leeway for good customers and will often cancel if it is a one-off and have a reasonably good excuse :-D

Dave
banned#19
Mikey1610
Cheers. What's the Smilemore £13 monthly fee for current accounts?


it is for the smilemore currewnt account, not the normal current account, it tells you what yoy get extra within this account
#20
Personally on the rare occasion I've went unauthorised overdrawn and had charges, I've gone into my branch to question it and they've been removed/refunded.
I'm with HBOS and apparently provided it is not a regular occurence (years since previous occurence) they can use their discretion to remove and or refund them.
Being polite to them helps :)
#21
vinnyabdn
Personally on the rare occasion I've went unauthorised overdrawn and had charges, I've gone into my branch to question it and they've been removed/refunded.
I'm with HBOS and apparently provided it is not a regular occurence (years since previous occurence) they can use their discretion to remove and or refund them.
Being polite to them helps :)


Yorkshire Bank are terrible, they will not budge and I've gone as far as speaking to my branch manager without success. I've tried to be polite and just ended up getting in to a rage about how they're bleeding me dry. I don't really mind paying a charge but £85 for one day? That's pretty shocking.

Where other banks have realised their fees are too high, Yorkshire Bank have continued to bleed their customers dry with the same high penalties.

I've just applied to switch to A&L. £100 credit for transferring salary and DDs to them and free overdraft for a year.
#22
Mikey1610


I've just applied to switch to A&L. £100 credit for transferring salary and DDs to them and free overdraft for a year.


Bad move, A&L are part of Santander, probably the worst bank in the UK, I bet they mess up the transfer.
#23
I could say I was moving to any bank and there's bound to be somebody that has a bad word to say about them. All banks are ***** but it's not like there's an alternative.
#24
Mikey1610
I could say I was moving to any bank and there's bound to be somebody that has a bad word to say about them. All banks are ***** but it's not like there's an alternative.


Try ringing them on their 0844 premium rate number.:roll:
#25
Wirral_guy
Move all your DDs to the end of the month (or as far away from your salary date as possible) so that your money earns YOU interest for the month instead of the companies. I have yet to have a request to move my DD to the end of the month declined. Not so effective at the mo, cos of the low interest rate, but every little helps!


Not sure this is a good suggestion.

If you go overdrawn JUST before all the DDs go out (and just before pay day) you will not be able to pay any of them and get hit by charges.

Far better to set the DDs to go out just AFTER you get paid, then no chance of going overdrawn and missing a DD.

I find the amount of interest on most current accounts not worth bothering about
#26
I've only just realised this now. I'm not too sure why it showed up as an unpaid DD.

It was for a purchase I made on ebay a couple of days before so it was just a paypal debit but it shows on my account as Direct Debit Paypal Payment. Why is this?
#27
Mikey1610
I've only just realised this now. I'm not too sure why it showed up as an unpaid DD.

It was for a purchase I made on ebay a couple of days before so it was just a paypal debit but it shows on my account as Direct Debit Paypal Payment. Why is this?


nope, sorry prob not as paypal send money to & from your account by direct debit so when you paid for the item on ebay pby paypal bank transfer paypal would then use the d/d you set up when you open your paypal account to take the money from your bank account.

By the way 1 to stay clear of is norwich & peterborough they have just decided to start charging people for PAYING IN MONEY !!! if you pay inby chaps or tt, can you beleive it charging me to give them my money,
banned#28
Got £1,500 overdraft facility, £500 on mine, £500 on the shared and £500 on the girlfriends had to pay 12p over Christmas due to the church wedding all with Lloyds TSB.

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