Sentences with phrase «unarranged overdraft»

FURTHER ACCOUNT In the Bank Charges Test Case — OFT v Abbey National and others [2008] All ER (D) 349 (Apr)(see NLJ 9 May 2008, p 668)-- Mr Justice Andrew Smith on 22 May 2008 granted the banks permission to appeal his ruling that current terms and conditions for unarranged overdraft charges were susceptible to assessment as to fairness under the Consumer Credit Regulations 1999 (SI 1999/1956).

In June 2016, the consumer group, found borrowing cash on an unarranged overdraft can be up to 12.5 times more expensive than if you were to take out a payday loan.

So taking out a payday loan could be a lot cheaper than an unarranged overdraft.

While the policy varies between financial institutions, most cheque or savings accounts allow unarranged overdrafts to take place.

Not exact matches

Charges for unarranged bank overdrafts could be banned, under an option being considered by the Financial Conduct Authority (FCA).

An unarranged or accidental overdraft is when you take out more money than you have in your account, so you end up with a negative balance.