Speedo Vs First Direct

[speedo101]

Hi there

I have just trawled through my statements and found all my charges but just before I send off my first letter could I just ask whether I can claim both OVERDRAFT FEE and EXCESS OVERDRAFT FEE as they seem to always appear together, some months I have both some months just the overdraft fee and some months none at all.

 

Thanks Speedo

[imw7659]

Yes -claim for them both but you cant ask for the interest that they have charged you.

[monkey_uk]

Hi Speedo - Let me explain these charges...

 

Say you have a £0 overdraft limit.

 

You have £5 in your acount and a DD goes out for £10. FD honour this DD, thus taking your account to -£5

 

This would incur an "overdraft fee" (fair enough, FD might not charge for just being £5 over, but ignore the figures)

 

A few days later, another DD goes out, for £10.

 

This takes your balance to -£15. This will incur an excess overdraft fee.

 

So, the overdraft fee is charged when you first go into an unauthorised overdraft. The excess overdraft fee is when you go even further overdrawn.

 

HTH's.

[monkey_uk]

Oh, and yes, you can claim them both!

[speedo101]

Hi there

 

Thanks for the replies - every bank seems to use slightly different terminology in an effort to pass these penalties off as legitimate charges:rolleyes:

 

Thanks Speedo

[vick*]

I'm busy putting my claim together and am charging for both. But I thought I could charge interest too....

 

*slightly confused*

[Martimag]

Me too - I've just submitted my claim to First Direct for 2 accounts and am charging for interest too (have mentioned it in brackets after quoting the amount before interest)...thought I would have nothing to lose mentioning the interest to them!