Useful news item from 2003?

[stax68]

Looks like Halifax were applying unauthorised OD rate to the whole overdraft - including the authorised portion - in 2003. Halifax customers could claim back extra OD interest!!

 

telegraph.co.uk/money

 

Entering an unauthorised zone carries stiff penalty

 

Last Updated: 6:34pm BST 18/09/2003

 

One bank imposes big charges on customers who stray over agreed limits, writes Nina Montagu-Smith

Most people know that they will pay a higher rate of interest if they slip over their overdraft limit but Halifax customers are punished more severely than most.

Other banks only apply the higher rate to the part of your overdraft that is unauthorised but Halifax does so to the entire amount.

Although banks do not disclose current account customer numbers, a Mintel report found recently that Halifax has 13 per cent of the UK current account market - about 9 million customers.

 

Although a spokesman for the bank claimed it was standard practice to do this, the other five high street banks - Barclays, Lloyds TSB, NatWest, Abbey National and HSBC - do not.

 

Entering an unauthorised zone carries stiff penalty | Borrowing | Personal Finance | Money | Telegraph

[Dusary]

 

Although a spokesman for the bank claimed it was standard practice to do this, the other five high street banks - Barclays, Lloyds TSB, NatWest, Abbey National and HSBC - do not.

 

I BET THEY DO NOW!!!!!