Some UK banks are charging up to 800000% on overdrafts

[Kasz216]

kowenicki said:

Kasz216 said:

kowenicki said:
can we just clarify

In the UK:

Most banks have a free overdraft "buffer zone'

Authorised Over drafts are not at ridiculous interest rates

Credit Unions exist in the UK

Banking in the UK is free if you remain in credit, No banking fees. No ATM fees (unless you use one of those shitty ones you find in Motorway service stations). No debit card fees.

If you write a cheque that talks you overdrawn and the cheque is honoured then you only get charged by your own bank.

If you end up with an extortionate rate for going over your buffer zone.. tough.

That's what i had originally thought though your first repsonse for some reason made me think otherwise. 

What does the buffer tend to be?

varies, typically £100 I think.

So to rack up these interest charges someone has to spend like $130 american dollars over what they had in the bank.

In that case i'd have to say i'm on your side.

If your going to be THAT short you should be making arrangmenets elsewhere rather then being over 130 in the hole.