Bank charges..unauthorised overdraft ? Did I authorise my bank to allow me unauthorised overdraft?

Question

Okay, ..I have other money in another account with same bank...er no did not sign to some fancy agreement duh...the way it works with swiping card and pin entry is they access your account if funds not available.tough..go away, transfer funds immediately, but these banks allow these debits to go through in my opinion so they can charge you the extortionate charges.

Answer 1

very good point ... you know you can now take your bank to court via the internet court and claim back up to 6 years of charges ... also a bank will charge you £10 each time you request a statement , however if you request all statements from last 6 years its still only £10 ! my son got over £2,000 back from his bank and they had to pay legal fees ... wanna know more anyone ? mail me

Answer 2

For one when you sign up for a checking account most banks will ask you if you like the overdraft protection. when you read the paper work did you ask any questions and on your debt card.
How much do you have and how much did you first set to the checking account. If you do run out of money then the bank will charge a overdraft fee but will pay for the checks that are still out. When you are out of money you do not keep spending it on things it don't work that way.
been there and learn the hard way. be sure in the future to read all of the small print and the whole contract from top to bottom and understand what you read and sign.

Answer 3

You have gone over the amount the bank lets you take out ie with direct debits or standing orders.
Unauthorised just means you do not have an agreement with the bank to owe them that much money back. You owe them more than than the agreed (authorised) amount so the amount is unauthorised & they will charge you a fortune for doing it.

Answer 4

It is your responsibility to check your balance before making transactions. If your bank has allowed you to go overdrawn or exceed your limit then you should thank your lucky stars really due to the fact that returned payments have a much higher charge applied. I work for a bank and its my pet hate when people ring up begging for money back which is charged due to their incompitence! you would not go into a shop and borrow a pair of shoes at no charge would you, so why should the bank give you money for free. They are not a charity. Sounds like you need to sort yourself out, use online banking to make sure your transfering money in time. P.s....a message to all those people who are now begging for money back from 6 years ago. Your own fault, you should not have gone into debt!

Answer 5

who do u bank with.

Some debit cards take time to 'earmark' the funds.

That means, that if you have £500.00 cleared in your account, and spent £250.00 in the shop. The balance would be £500.00 but the available to withdraw or use it £250.00. That means the £250.00 you spent is earmarked... so that you dont spend £250.00 more than what you have available.


Some banks will let you go overdrawn by debits in a shop if there are no cleared funds.

Lloyds do, but you have a £10.00 leaway. If you spend under £10.00 in a shop on your debit card and there is £0.00 in your account, you will not be hit with a fee, you may pay a few pence debit interest under £0.20.

HSBC and Natwest dont allow you to spend if the money is not there.

Answer 6

The bank has to let debits go through. At the time of sale, the bank basically guarantees the funds are available. It's your responsibility to manage your funds and not spend money already spent. The bank cannot guarantee merchants funds and then take it back.

Answer 7

You probably signed up for some kind of overdraft facility when you opened the account. You should be glad they've allowed it, as the alternative would have been bounced checks and returned debits, and those are really expensive.

Answer 8

Some transactions are done electronically, in which case authorisation is sought. Others, particularly small retailers, are done on a floor limit, so it is not checked under a certain amount. Have you done any transactions where you have had to sign rather than use a PIN?

Answer 9

You don't have when you go over the overdraft limit. You have definately signed an agreement to say that you will stay within your bounds for overdraft and hence if you don't then they will punish you by charges. SIMPLY.

Answer 10

generally, you do when you first sign up. they slip into all those applications that you will have an automatic overdraft. if you were issued a debit card you have it for sure.