I Have An Overdraft Facility On Two Bank Accounts Which Fortunately I’Ve Never Gone Into

[Bobbisox1]

I’ve just watched Martin Lewis’s Money programme , I’m not sure if the new churches ( March 14th) of nearly 40% ,are for simply having the overdrafts or exceeding the amount , I’ve looked online and it’s as clear as mud but if I’m to bd charged for just having them, they are going !!!

[ummmm]

Just charged if you use them.

[Bobbisox1]

Thanks

[Old_Geezer]

And if you quite rightly thought that credit card % was an utter rip off that should be illegal, just look what the banks are allowed to force folk to swallow in terms of % charge. There oughtter be a law.

[Buenchico]

The charge is for interest on the money you've borrowed on your overdraft. If you don't borrow on it, it doesn't matter if the rate rises to a billion per cent or more, you still can't be charged anything at all (simply because a billion per cent of zero is still zero).

There is definitely NO charge for simply having an overdraft facility available to you. Indeed, the higher interest rates for overdrafts have come about precisely because the regulator banned 'facility charges' (whereby customers were charged 'per day' for using an overdraft facility, on top of any interest charged, irrespective of the amount involved).

PS: I love the typo in your post. Perhaps it arose because the banks expect their customers to bow down and pray to them? ;-)