This week I have been unpleasantly surprised by a letter from the bank I have been using in Britain, HSBC, which indicated that I would be charged 25 quid for going overdraft about 25 pounds for 30 hours, because I forgot to transfer some money from my savings account to my current account during the weekend. Of course, I did not do this only this time, I have done about the same last February, which characterizes, according to the HSBC support person, being frequently overdraft. Strangely enough, I never had a definite definition for frequently, but the HSBC helper girl gladly informed me that twice in six months constitutes frequently.
Well, I actually do agree that some penalties are in order when someone goes overdraft, but clearly, a flat 25 pound fee is beyond any reasonable standards, since for the amount of money I have gone overdraft for, the penalty is much more than a loan shark would charge me for a 24 hour period.
Apparently, I am not the only disgruntled customer of the British banking system, as other people are bringing a test case against this type of theft, and the banks have lost in the first instance. Of course, the banks are appealing against this, but I am hopeful that this absurd charges will be outlawed.