Planned overdraft fees

10
Found 30th Aug 2017
Hi people got a quick question to you , Im currently lloyds bank customer with 1k planned overdraft on it , from 2nd november 2017 they changing overdraft fees to ...

"You’ll pay a daily overdraft fee of 1p for every £7 you borrow, over your fee-free amount (if your account has one). When calculating the daily overdraft fee, we will only use every full £7 you have borrowed, so if you borrow less than £7 you won’t be charged. The Classic Account planned overdraft will no longer have a fee-free amount. All other accounts will keep their existing fee-free amounts."

I cannot affored to pay it back in that short term , so need to change bank , with better Planned overdraft fees ... can you guys help me choice the right bank to carry on my planned overdraft for less fees than Lloyds and Halifax offer ...
Thank you
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Replace the overdraft with a person loan, the interest on £1000 will be fairly small, you will be paying off capital each month and avoiding an overdraft fee.

And when you have the cash you can repay the remainder of the loan.

Im not sure you will get a free £1000 overdraft many places if anywhere
I swapped from Barcalys with a similar scenario albeit I was only a few hundred in the Minus. I switched over to first direct. Its was £500 overdraft with the first £250 being interest free. The Interest from £251 to £500 was very small (about £4 I think) but luckily I was out of it soon but is a good buffer just in case you need it.

You could get an Interest free Balance Transfer credit card. Some are 30+ months Interest free and I know MBNA and Virgin offer to transfer to bankl accounts. Check how much you will need to pay for it (something around 3%) as the loan mentioned up above could be the better option.
Tell them to stick their rubbish account where the sun don't shine. I stopped using my Lloyds account when they whacked me with a disproportionate fee when I accidentally went temporarily overdrawn. I think I left 17p in there and keep getting paper statements, so it's costing them money to have that 17p, haha.

One of the banks (Halifax I think) do not charge for an overdraft.
Is this your main bank account?

Based on what they are saying it works out about £1.40ish a day whilst maxed. I assume the full overdraft is only at its limit just before your payday.

All comments mentioned above are alternatives for you. You could also get a 0% on purchases credit card and spend between now and the 2nd November on the credit card. However it's then a matter of control on you to make sure you don't overspend and reduce the overdraft each time you use it.

Edit: Once you've cleared the overdraft on spending on the 0% credit card you will start clearing the credit card. This means you pay no interest whatsoever. Again it is purely based on managing it correctly.
Edited by: "JohnnyRoller" 30th Aug 2017
Wont get good credit card as my credit score is "poor" ... will go to barclays then ...
Edited by: "zinqzinq" 30th Aug 2017
zinqzinq18 m ago

Wont get good credit card as my credit score is "poor" ... will go to …Wont get good credit card as my credit score is "poor" ... will go to barclays then ...


If you have a poor credit score there is a good chance a new bank won't offer you an overdraft facility at all. Make sure you are upfront about that potential problem at the start of your conversation with them because the last thing you need is a hard credit check on your file if they are going to reject your overdraft request
The way I read it from what you have written is that those charges apply to being over your agreed overdraft limit unless you have a classic account, in which case you have no limit at all. Do you have a classic account? If not it seems nothing will change providing you stay within your agreed limit
I have classic account with agreed overdraft limit to £1.000
Can you not just change from your classic account into another account with the same bank
So If ill change account to silver / platnium planned overdraft remain without any extra fees ?
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