It seems to me that sometimes banks are run in a unfair and slightly exploitative manner. I can find no justification for a bank to charge me £35 on the grounds that I had insufficient money in my account, it seems to me that the bank should possibly stop my transfers if there isn't enough. Instead they let me go over my agreed overdraft by the most ridiculously small amount and as a result they get to earn more than a 1000% of what I have gone over by.
Now it is my understanding that this isn't legal as such. Thousands of claims are made against banks and their unfair charges. If I was to send someone to the shop with precisely £1 to get a 2 litre bottle of coke and they used some of their own money as £1 wasn't enough they wouldn't charge a bogus administration fee.
As a student I can't afford to pay this charge so instead I will happily tell the bank to close my account as it has no use to me any more. Arrange to pay my overdraft back and I will take my financial management elsewhere (currently mafia money holders would be a safer and less hypocritical way to store cash).
As I find banking a tedious and troubling job I think that I shlould next time maybe charge them administration fees as I have had to wait to pay phone bills and other such utilities and couldn't because they were taking a stupid amount of time sending me a new bank card.
A clear message for those who are considering overdrafts. Get the most you can out of it, read the fine print and don't be conned into believeing it is your fault you've gone over.
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