When I was younger, and needed a bit of extra money from the bank, short term, this short term loan was called an overdraft, and the charge that I paid to set it up was called an Overdraft set up fee, and the extra money I paid in interest for using the facility was called Overdraft Interest.
It seems that things changed while I was away, and these names became something else, as I have just been advised by my bank that these old names are coming back 😉
We’re changing how we talk about overdrafts
To make it easier to understand the way we talk about overdrafts, some banks and building societies are going to use the same wording.
Arrangement Fees will be called Overdraft Set Up Fees, Return Fees will be called Unpaid Transaction Fees and Debit Interest and references to interest you pay for an overdraft will be called Overdraft Interest.
We’ll also clarify when we are referring to credit interest.
It all becomes again what it once was…
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