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Friday, July 25, 2008

LLoyds TSB Bank Charges Student £800 For 8p Debt

Lloyds TSB Bank have run up bank charges of £800 ($1,600) on a debt of just 8 pence (£0.08p or $0.16) on a student's bank current account.

20 year-old Laura Gibson, an A Level student from Cheltenham, UK, said that Lloyds TSB had run up the £800 charges which started off when her account went 8 pence into the red. The original charges for the overdraft were £60, but then further charges were imposed month after month until they stood at £800. "The whole episode has been a nightmare" said Miss Gibson. "The way I've been treated is disgraceful".

The unemployed student is now working part-time in an effort to pay off the overdraft, which was run up by Lloyds TSB Bank, and which represents bank charges averaging £166 per month for an overdraft which originally started out as £0.08.

Lloyds TSB Bank insisted, in Metro, that the overdraft related to another matter which was stretched over a longer period. When we tried to contact them there was nobody available to comment on the matter, but the personal finance website MoneyNet said that Lloyds TSB Bank charges were amongst the highest and that the bank were the worst offenders among the banks for penalising overdrawn customers.

To ensure that you pay no interest at all on any of your credit cards see the free service offered today at the Credit Card Balance Transfers site. The UK equivalent site is Credit Card Balance Transfers .

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