Technology0 min ago
Bank Defaults (charges)
1 Answers
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?
Answers
Only 1 answer
Best Answer
No best answer has yet been selected by Icemaiden23. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.
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 ..
Only 1 answer
Related Questions
Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.