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July 1, 2010    

Santander puts £50 monthly penalty on unauthorised overdrafts

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by David Masters
Santander puts £50 monthly penalty on unauthorised overdrafts

Santander has announced plans to charge customers up to £50 per month for using their unauthorised overdraft.

The £5 per day charge, capped at a maximum of £50 in any one month, will apply to new current accounts opened from December.

Customers who use their authorised overdraft will be charged 50p per day, up to a maximum of £5 per month.

The fees replace interest charges on overdrafts.

Santander said the new fee structure is “simple to understand, and transparent”.

Existing Santander customers can opt to switch to the new account when it launches in December.

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