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It's obviously a problem I have where I find my account going in to the red when a direct debit comes in and I have no overdraft facility. This has happened last week where a paypal payment and two DD's has earned me £25 x 2 "Review Fees" putting me further into the red as other DD's came in.
I called them today to query, complain and beg poverty to which the outcome was they would refund one £25 charge as a gesture of goodwill.
I'm sure it's relatively easy for them to shoot off early warning emails to me, give me the chance to deposit some cash and avert any problems/charges as I don't have a surplus of cash and it's a balancing act that I seem to fall foul of.
Are the charges fair and justified considering their lack of interest in pre-warning me?
I've been advised the onus is on me and I accept that to some degree but whenever I check my account, I can never work it out. Quite often there is a discrepancy between Available and Current Balances which again, I can never reconcile and the first time I called CS to query it, they couldn't give an explanation either. So how am I suppose to know when I'm in danger of going in the red if the information/balances they provide don't make sense to me?
And today I discover I've been charged £5 per day (four of) for each day I was in the red - another £20 fee!
I was not made aware of this when I discussed the review fee but today I learned how it all happened. When the DD's appeared and my funds were insufficient, it "goes to a review" clerk. Ch-ching, £25 please. Second DD failed, off to the review clerk also. That (those) clerk(s) then make a decision, in my case to pay (or not) the DD which put me in the red. This was a Friday 28 October. So, I assume, ch-ching £5 1-day overdraft fee. Come Sunday, ch-ching £5 overdraft fee. Come Monday, ch-ching £5 overdraft and come Tuesday 1 Sept, when I pay in £100 to cover it, ch-ching £5 overdraft fee.
Someone help me please, I'm confused as hell. This can't be right can it? The Overdraft Fee is shown on the back of the statements but I don't have an overdraft. Then I see in the print the fee covers --- Overdraft or unathorised Overdraft.
Hmm, no-one interested? Have I brought it on myself? What I'm having trouble reconciling is the bank - for a £25 fee - made a decision to pay my DD's without sufficient funds to cover them, presumably knowing that will incur £5 a day penalties. Presumably also knowing that even if they were courteous enough to send me a letter, it would not be delivered over the weekend. Presumably also knowing that even if I did discover this shortfall, the bank are not open on Sundays and the earliest I can pay is Monday. In fact, I'm 99% sure I did top up my account on Monday, it's just the statement doesn't show it in the account until Tuesday and I destroyed the paying slip.
Hi MrMT
Please don't take this the wrong way I am not having a go at you but at the end of the day it is up to us to make sure there is enough money in our bank accounts to cover DDs and any other payments we have authorised.
We all share your anger at the fees charged and the fact that they can charge you for Sundays and Bank holidays but you cannot put money in your account on those days.
I personally keep a bank reconcilliation sheet. I fill it in everyday so I know exactly how much money I have in the bank, what DDs are due out, Debit card payments etc I find it really usefull.
You normally have to pay into your bank before 3pm for it to show on your account the same day.
Wino, that's a fair post and I'm not offended in the least - I'm well aware of my faults, (to err is human) and it is this that's frustrating me along with the fact I struggle to pay my bills.
What would you advise a disorganised half-wit like me to do as I'll surely forget to make daily entries on home accounts sheets? Add to that I simply don't have enough money to go round?
I've just got a letter from my electric supplier advising me I'll have to either increase my monthly DD or pay a lump sum to cover my usage. So it looks like I'll have to stop using electric, telephone, internet etc. It's scaring the hell out of me when I read reports that energy prices are going to increase immensely in the near future.
It is probably a little easier for me to budget as I get paid monthly. I have a book that I fill in each month listing my Direct Debits and other bills so I just make sure all the money needed to cover the bills stays in the bank. Any excess money is moved to another account and that is what I live on. I never dip into the bill money (don't get me wrong I have in the past)
I don't plan meals I just go shopping and see what has been reduced or 2 for 1. We don't go out or buy clothes. I won't have lights on in the house unless you are in that room. Don't get me started about the central heating.
I have debts coming out of my ears and a few CCjs thrown in for good measure. We earn just enough to cover the bills but are left with approx £70 left each week for food and to run a car.
You have to be strict with yourself and be aware of what you are spending and wasteing on gas, electric etc. As was said in the 'good olde days' If you can't afford it - do without.
I have had a terrible time over the past few years but lesson learnt no more H.P. or loans and I will live within my means.
I micro-manage my money......I check online every day without fail, and have a similar set-up to wino, but I prefer a spreadsheet to a little notebook, but same difference. It allows you to plan your forthcoming expenditure, and see what you can and can't afford. I move money about to cover these bills on a daily basis, and it's a pain in the neck, but there's no other way of doing it.
And finally, I've pared my DD's down to the bare minimum to give me as much control of my money as possible.......like wino says, you have to be strict with yourself and know exactly what things cost.
For example, I've costed out how much each mile in the car is, and planned a weekly mileage that i can afford, rather than wonder where the money's going. It's a pain, but gives you a very virtuous feeling every time you make a saving
All advice offered here is my opinion only based on what I would do in a given situation. If you wish to act on it you do so at your own discretion
......................... ......................... ....
I have no legal expertise or qualification, and give advice on the basis of my own experience and nothing else.
I myself had had a couple of nasty experiences with "payment review" fees in A&L. Im still with them though, as I find that as long as you keep everything right, they're not that bad.
My charges are because I dont take time to sit down and work out my monthly incomings and outgoings, which in the past varied a lot. Its easier now i get paid the same and monthly. Its very easy though to loose track of your account and get a couple of charges slapped on and not know till the next statement. I used to get paid weekly by cheque - it was a real pain trying to factor in the clearing time sometimes!
Ive also been in the annoying situation where you get charged a payment review fee, which makes you overdrawn and you get charged for that too.
What I have found as very useful on my account is an overdraft facility. This facility, with my alliance & leicester account, is excellent; because you are charged when you use it. Sounds silly, but this means that you tend not to use it; so you dont build up a debt in overfraft but, if you do go OD, its still a lot less expensive that a "payment review" fee, and maybe an overdrawn fee as well!
I think its 50p a day, only when your using - doesnt cost a fortune but enough to make you try not to use it - great if a cheque clears a day later than you expect!
Of course, you may think this is a stupid idea, but it works for me
The banks realise that "to err is human". Unfortunately their favourite hymn is "money makes the world go round" and they all sing from the same hymnsheet. The term "review fees" is just another way of saying "punitive, unfair charges". Claim them back.
I suppose I should ask for an overdraft facility to avoid future charges.
Under what legal argument can I claim they are punitive unfair charges? I'm all for writing a letter but have no idea how to compose one.
Review Fee
comes in and I have no overdraft facility. This has happened last week where a paypal
.
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