B(W)ankers

[captain_caveman]

This a public service announcement for all those with a current account with the bank of scotland

Comments

[_sideshow]

Can't you open an account with a similar overdraft at a different bank?

[hubcap_reloaded]

He'd need to pay the bank off first, though, right? If he's in the red, he can't just jump ship - he'll need to put a pay cheque in and then move over. If he's been treating the overdraft as a given, then that's possibly hundreds of pounds which will vanish overnight.

George Q

[_sideshow]

Don't see why, you can have multiple bank accounts with multiple overdrafts. Just open up an account with a rival bank with the same limit, then take money out of it and use it to close your other one. Banks want customers, and you're switching from a competitor.

[hubcap_reloaded]

IIRC, Aaron hasn't just got an overdraft but still has the same bank account and overdraft capability as when he was a student - and has fought more than one attempt by the bank to close said account, because if they did he'd pretty much get nothing in return except losing cash.

It may be that moving banks isn't practical because setting up a brand new overdraft of the same ilk when you're a mid-twenties worker doesn't come as easy as when you're an 18 year old student. Not that it wouldn't be a good idea to enquire nonetheless, but depending on the size of the overdraft it might not be viable in the long term.

George Q

[biggingerdave]

so, effectively, they are charging you £30/month (£350/year) for an overdraft. Most people with overdrafts are not really in the position to find that cash to clear it, otherwise they would, presumably. What a bunch of dicks.

Contrast this with their billboards advertising £5 if you pay your wages into their bank, which is pretty insulting really.

Is it worth complaining to the banking regulator about this?

[lordofthemoon]

There's a piece about this on this week's Moneybox on Radio 4, and they implied at the end that it's possible to switch bank accounts even with an overdraft: http://www.bbc.co.uk/programmes/b00ncf8k