Halifax account holder? Watch out for the 182,500% interest!!

Just found out that Halifax is bringing in new interest charges from 6th December.

Apparently, they are charging £1 a day on overdrafts up to £2,500; £2 a day on overdrafts over £2,500, and £5 a day on unauthorised overdrafts - irrespective of the amount owed, it appears from the literature we've seen.

So, while the taxpayer coughed up billions out of our tax revenues for the greedy bankers, be very careful with Halifax.

Let's say you mistakenly go overdrawn by one single penny.

Halifax will charge you £1 per day from December.

That's £31 per month.

£31.00 over £0.01 = 3,100%

multiply that over a year

£365 over 0.01 = 36,500%

And if it's an unauthorised mistaken single solitary penny, it could cost you £5 a day.

Same proposition.

365 days in a year. 365*£5= £1,825

One penny could cost you almost two grand!!

£1,825/0.01 = 182,500%

We're happy to be corrected if our maths is wrong.

In the meantime, be extremely careful if you have an account with the Halifax... where one penny could cost as much as £1,825.

Talk about a load of greedy bankers...