O/d interest rates

nelly55

Member
Location
Yorkshire
No just rang them the lady said it’s 6.20 %plus base until May then 10.85% she said it’s the same for all o/d .Total bloody rip off as a Rate was 2%.So do they want rid of O/ds ,rid of smallO/d s or what.Anyone had a letter from another bank doing the same.Told her it was a joke seeing as the tax payer bailed them out.
 

nelly55

Member
Location
Yorkshire
No agri manager seems I’m not big enough ,this needs reporting to Boris it’s one hell of a hike.So secured small lending is matching credit card interest nearly.Yes letter states 10.85% for unauthorised but that’s not what was said to me .
 

SteveHants

Member
Livestock Farmer
No agri manager seems I’m not big enough ,this needs reporting to Boris it’s one hell of a hike.So secured small lending is matching credit card interest nearly.Yes letter states 10.85% for unauthorised but that’s not what was said to me .

Reporting to Boris? :ROFLMAO:
Boris has made it clear in many speeches that he wants less regulation on banking not more.
 
No just rang them the lady said it’s 6.20 %plus base until May then 10.85% she said it’s the same for all o/d .Total bloody rip off as a Rate was 2%.So do they want rid of O/ds ,rid of smallO/d s or what.Anyone had a letter from another bank doing the same.Told her it was a joke seeing as the tax payer bailed them out.
Personal banking or business???
 

Goweresque

Member
Location
North Wilts
Its probably related to the changes in OD rates for domestic banking customers. Instead of having negotiated rates with people who arrange overdrafts, and a system of fees for those who use an unauthorised OD (ie £30 to send you a letter saying you've gone into the red, and daily fees while you are overdrawn) now everyone will pay the same OD rate, authorised or not. Which is great for people who were constantly dipping into the red and getting letters all the time, they'll be quids in. Whereas people who actually arranged their OD will now pay more.

https://www.bbc.co.uk/news/business-51329091
 

Exfarmer

Member
Location
Bury St Edmunds
Its all about sheltering those people who use unauthorised overdrafts. They were paying penalty rates , but it has been decreed that this is unfair to them.
so the pain of there poor housekeeping is to be felt by all. The reason being , these people are very likely to completely fail to repay, which is why they get penalty rates.
the only way round is to negotiate a loan to cover the complete borrowing requirement, amd kerp it in your current account.
 

Salt'n'Pepper

Member
Mixed Farmer
Location
Scotland
Meeting our banker on Thursday(Clydesdale Bank)-anyone with recent experience of their attitude or rates going forward?
Have up until now been fair/reasonable to work with.
 

Werzle

Member
Location
Midlands
Its all about sheltering those people who use unauthorised overdrafts. They were paying penalty rates , but it has been decreed that this is unfair to them.
so the pain of there poor housekeeping is to be felt by all. The reason being , these people are very likely to completely fail to repay, which is why they get penalty rates.
the only way round is to negotiate a loan to cover the complete borrowing requirement, amd kerp it in your current account.
Seems to me all its going to do is stifle growth. I do think banks are pushing for people to take out long term loans rather than use overdrafts which is a pain for folks dipping in and out of overdrafts for short periods. Alot of low risk farmers havent got a dedicated manager anymore and end up with whoever answers the phone in a business manager call centre, these business managers have a very limited understanding of agriculture and farming seasons.
 

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Red Tractor drops launch of green farming scheme amid anger from farmers

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As reported in Independent


quote: “Red Tractor has confirmed it is dropping plans to launch its green farming assurance standard in April“

read the TFF thread here: https://thefarmingforum.co.uk/index.php?threads/gfc-was-to-go-ahead-now-not-going-ahead.405234/
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