Does anyone know the maximum a bank can take in charges for 1 month? I'm with the halifax
2007-12-12 18:51:05 · 2 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
All charges except for agreed interest on a loan/overdraft are illegal fight them for it
2007-12-12 18:56:49 · answer #1 · answered by Anonymous · 0⤊ 0⤋
An interesting question ..
Now lest see - the average cheque book has 25 cheques in it .. and Banks typically charge about £50 per bounced cheque (£25 to bounce it and £25 to write you a letter telling you it's bounced) .. so if you write 1 a day and they all bounce that's at least 25 x £50 = £1,250 ...
Most Banks charge £25 to 'bounce' a direct debit .. so lets assume you have 10 direct debits, so that's another £250
Next we have the 'unauthorised overdraft' fee .. now as I recall that's usually only about £50 per month however they will charge you another £25 to write to you and tell you every month ... so that's £75 ...
Total charges so far are about £1575 ...
Finally there's the Interest on the actual overdraft .. most banks will let you go overdrawn by about £300 before 'stopping' your cheques & debits, so (after adding the charges) that's £1875 .. at 20% interest a year that's about £31 another month ...
So my best guess is :-
"about £1,600" ...
2007-12-14 12:35:10 · answer #2 · answered by Steve B 7 · 0⤊ 0⤋