Overdraft fees advice, what can i do ?!

[djivesp]

Hey all!
I'm pretty sure some of you may have been hit by unfair fees when an account goes overdrawn past the limit, and i have many a time (ffs ), but this time i'm pissed.

Basically, i have a monthly account charge with Lloyds, so i get benefits such as AA cover etc etc. I was told on the phone by one of their advisors, that if it's the account fee itself that topples the account over the OD limit, then i don't incur a fee, i then recover it obviously.

I received a letter stating this is what happened, and that now they're going to charge me.
So i called, and he said i do indeed have a penalty to pay.
So i explained what i was told before and this is the reason why i dont watch the balance of that account as tightly.
To this, he replied with the T&C crap and nothing he can do, and then had the cheek to offer me a loan at a "rape me in the ass" APR. WTF!

What can i do to not incur this fee?
Unfortunately i dont record my phonecalls i would otherwise be able to prove that what he told me now contradicts what i was told before.

I'm a student and a £30 fee is like, 2 weeks of food . Or a few tins of waxoyl for the old girl lmao

please help!

[Scaryfish]

Take it higher - ask for line manager and state that evenmif given wrong information that isn't you fault and won't pay it. Will report to financial ombudsman etc etc

That'll get em 'on this ocassion sir as a gesture of goodwill' ing all over the place

[OHC]

I recently got £308 in fees, but it was the banks fault for not telling me they took my overdraft off so i phoned up one day and got told to stop the fees put £72 in my account (which wouldn't have stopped the fees at all) phoned up the next day spoke to some one else and got them all reversed.

[djivesp]

ok, thanks scaryfish.
That's what i thought - i was given wrong information so im not at fault.
Would saying that i'll move to a different bank make them more inclined to help me? (like phone companies etc)

[djivesp]

wow, that's a lot of fees ohc! i think that;s what i'll do. Arm myself with information and call again another day

[Scaryfish]

ok, thanks scaryfish.
That's what i thought - i was given wrong information so im not at fault.
Would saying that i'll move to a different bank make them more inclined to help me? (like phone companies etc)

Hmm tricky one - if overdrawn (Me too) then efectively they not gaining anything apart from the odd fee from you so may not wash.

Calm but firm asking for it to be resolved is best IMHO - just state facts and make it clear you not clearing off untill you get fund reversed.

Use www.saynoto0870.com to try and find a cheaper rate line so you not talking to the muppets for hours at a premium rate!

[Gary_808]

i racked up a few fee's when i went over when i was on holiday,

just go in talk to them, i got all my written off

[chip]

Dont go over your limit, dont get fees.

That seems like the least hassle way of doing it, and is what ive always done.

[Spinbitch]

Swap your account to Barclays, we don't charge fees on fees! lmao

[MSG]

I know it is going to be difficult being a student to maintain a positive balance all the time, but try to somehow built up a buffer amount which you must not spend into regualrly and if possible top up at the next available opportunity, this way you will save in penalties and why feed these rich bastards your hard earned or hard to get money.

You could open a seperate savings account in which you keep some energency funds and whenever your current account is likely to go overdraft then make sure you transfer some funds from your savings account into your curent account, often you can set an automatic transfer facility where the bank will automatically maintain a minimum balance of say £100.00 so when you spend say £50 from the current account then the autotransfer will automatically top up your current account by £50.00 to bring it up to the minimum balance of £100.00 and the they will trabsfer the required funds from your savings account, but for this operate sucsessfully you must top up your savings account regularly and only try and spend money from your current account up to its normal limit of £100.00 and don't look at your savings account balance as the available funds for spending, then you won't benefit from this arrangement. (in oter words, the savings account is there as a last resort for any emergency funding and you don't count or depend on it in most everyday spending)

[djivesp]

Dont go over your limit, dont get fees.

That seems like the least hassle way of doing it, and is what ive always done.

But that's the arguable thing chip, i didnt go over the limit, they made me over the limit with their fee. Which is why the gent on the phone last year told me i dont get penalised for this.
Yes it's like a direct debit in the sense that you have to have money there for it for when it comes out, but if i was told it's not a problem recovering it after it's been taken, then that's what i do, as it's easyer this way.

Then they change their mind and fine me, thats not on.

Thanks all i'll give it another go!

[Jack]

wow, that's a lot of fees ohc! i think that;s what i'll do. Arm myself with information and call again another day

Be warned that they will charge you £30 per day up to a maximum of £90 per month.

If you have a student account your overdraft can be extended every year. IIRC it's £1000 in the first year, £1250 in the second year and £1500 in the third year. Might be worth popping in and seeing if they can extend it for you if you have not done so already.

[@ndy]

£15 a week on food? That sound totally rank IMHO (and yes I have been a student).

If you have it in writing take it higher and fax them through a copy of the letter. Maybe even try to speak to the person that sent yo the letter?

[Jack]

I managed to stretch £50 to last three months in my second year! lmao

Although now I have a job I am lucky to make £50 stretch to a week. Doesn't make sense.

[Scaryfish]

If you have it in writing

He doesn't

[Melv]

go into the bank personally. Tell the cashier the problem and explain that you are not prepared to pay the charge because of account fees. If he/she refuses ask to see the branch manager. That should work as they don't want conflict.

Failing that tell them to shove their account up their ass and switch to the RBS like I have done where they give you £5 each month if you pay in +£1k

[Rysee_sri_130]

My account fee took me overdrawn once(i swear it goes out randomly). LLoyds charged me a fee on the fee i don't think they charged me the daily rate tho

[vxlgsi]

whenever my missus goes over draw and they take £30 she walks into the bank and tells em to put the money back, and they do. doesnt happen ofetn but she has done it 3 -4 times over tha last 3 odd years

[Galahad]

Always go in the bank when its proper busy, banks don't like a scene, especially when the rest of the queue can hear whats going on.

[ad4mb1nns]

http://www.thisismoney.co.uk/help-an...&in_page_id=90

theres some useful information there, i did have a better link but they've removed the page from their site.

[djivesp]

My account fee took me overdrawn once(i swear it goes out randomly). LLoyds charged me a fee on the fee i don't think they charged me the daily rate tho

Thats exactly what happened to me and yes it does tend to go out randomly, thats why i leave it then recover the balance from one of my other accounts.

£15 a week on food? That sound totally rank IMHO (and yes I have been a student).

thats why god invented chickens, to make kievs lmao. Oh, and pasta lmao

Always go in the bank when its proper busy, banks don't like a scene, especially when the rest of the queue can hear whats going on.

thats a very good point. I worked in a shop for years and the stuff we used to give away just to keep people happy on saturdays ..

i'll check that link out. Cheers everyone! I'll print this thread and take it in lmao