I'm fortunate enough not to have, or need, a bank overdraft but it's obvious why many other households will have or need one now. Unemployment, furlough scheme about to end, laying off of staff and reduced hours are affecting millions of people across the country due to COVID. So I was absolutely astonished, and disgusted, to receive a letter from my bank today to advise that
as from 5th August 2020, Interest Rates for an arranged, or unarranged overdraft will increase from 18.9% to 35.9%.
To almost double the interest rate at this particular time is disgraceful and directly affects those who, mainly due to no fault of their own, are already struggling to make ends meet. I've been with my bank for 50 years but am seriously considering leaving in protest. Has anyone else's bank done this?
Parents-in-Law. What do/did you call them?