Santander puts £50 monthly penalty on unauthorised overdrafts

| July 1, 2010
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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  1. alstar says:

    i have seen this on a few news/financial websites – all dated july 2010 – but still nothing on the santander website and their customer service know nothing about it

    is this new account still going to be offered? thanks