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OK, so I currently pay £15 per month for my Bank of Scotland Ultimate Reward Account which gives me a free £300 arranged overdraft facility.

From April, the account fee will be £17 per month and my free overdraft has been cut to £50.

It seems that the banks are getting totally desperate now.  Is this to do with Brexit????

I don't use my overdraft, but the principle is "pay more and get less". 

 

The scum banks can print money out of thin air as debt, so it looks like borrowing is drying up, or is there another reason???

See below.......

 

 

You’ll no longer get a discount on your Ultimate Reward Current Account

Dear Mr

At the moment you can get a £2 discount on your monthly maintaining the account fee, if you pay in at least £750, pay two or more direct debits and stay in credit on your Ultimate Reward Current Account, within the month.  From 1 April 2020, we're removing the discount which means you'll pay £17 each month, whether or not you pay in £750, pay two or more direct debits and stay incredit on your account. I understand this may be disappointing, so I’ve included areminder of the benefits this account still gives you.

 

Your arranged overdraft charges are changing

Dear Mr

From 6 April 2020, we’re making changes to the way we charge for using your arranged overdraft. This is because new regulations mean all banks will charge asingle interest rate for arranged overdrafts to make it easier to compare the costs. The interest rate for your arranged overdraft is based on how you manage your accountand on the credit information we hold about you – it will be 49.9% EAR / 0.111% dailyvariable.No other overdraft fees or charges. We won’t charge you for unarranged borrowing, or for refusing a payment if there is not enough money in your account, where other banks might. I’ve enclosed an Overdraft Guide that shows how your current arranged overdraft is calculated andexplains EAR – Equivalent Annual Rate.The interest-free amount is reducing. We’re reducing the amount you can borrow using your arranged overdraft without being charged from £300 to £50. So, you’ll pay arranged overdraft interest when youborrow more than £50.

Edited by Social Justice League
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Slightly surprised they've left you with a £50 free overdraft instead of either leaving it the way it was or taking it off entirely. By 'free' do you mean 0% interest on the £50.

I wonder if the same applies to student overdrafts. I had a free £3k overdraft, if they suddenly jacked the rate on that to 40% today that would be £1.2k a year in Interest. 

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25 minutes ago, Social Justice League said:

What is disgraceful is that I'm paying £17 per month for the account.  This isn't a free account.

I still get AA Breakdown & Travel/mobile phone cover, but it's still a digusting cash grab.

Economy of scale with large slice taken by Bank I guess. The bank wont be paying retail prices for the Breakdown/Travel/Mobile cover. Could you get all of those for £204 a year without going through that bank account?

25 minutes ago, Social Justice League said:

How do people get treated who have free accounts these days??

I've got a free bank account, 0% interest, just to facilitate all business spending and income. Never had any issues. I get charged a small % for conversion when transactions are in foreign currencies. I don't understand why people need accounts they pay for?

22 minutes ago, Social Justice League said:

Like I said, is this a Brexit thing?????

Probably. If people believe Brexit will cause issues then they will be easier to manipulate into thinking they need to pay more. People who don't believe that will be more likely to not to put up with it. A bit like the referendum.

Edited by Arpeggio
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Human psychology says people do not like giving up what they have, like a fee paying account and the benefits they hardly use....like they don't like to not do the lottery this week using their special numbers just Incase their numbers come up.....often things we pay for regularly like insurance we will never use......put the money into a savings account each month, create your own insurance.?

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3 minutes ago, winkie said:

Human psychology says people do not like giving up what they have, like a fee paying account and the benefits they hardly use....like they don't like to not do the lottery this week using their special numbers just Incase their numbers come up.....often things we pay for regularly like insurance we will never use......put the money into a savings account each month, create your own insurance.?

Yep I agree, it looks like this account is now a bust. 

All very odd, as I thought the banks wanted people to pay for their accounts???

It looks like the banks want everyone to pay for just an account.  No benefits included.

 

Like I've said before, the "banks" are smoke and mirror mechants who have a license to create worthless currency out of thin air.........and the public fall for it over and over again.

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  • 415 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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