You should see what some banks are starting to do over here in the UK now This is the first to do this the rest will follow because it means more $$$ for the banks when people do go over drawn
Last month, the bank we now own a huge chunk of, repaid us by writing to its 10 million customers telling them that it was about to make their charges much simpler. With great fanfare it announced it would slash its unauthorised overdraft charges from £35 per transaction to a £5 a day. If you spend beyond your limit you will be better off which is good news.
However, for many other customers, who stick within their overdraft limits, it's a different story. For most customers, the Halfiax has chosen to ditch free overdrafts and replace all its interest charges with a flat fee. If you're within your limit and borrowing up to £2,500 it will cost £1 a day. If your overdraft is more than that it doubles to £2 a day.
Halifax says it's making things simple and conceptually it is, the problem is for some people it's simply going to cost a fortune. Imagine you slip £10 overdrawn without realising it until 20 days later when you get your statement, that'll mean you pay £20 on a £10 overdraft. In fact, for someone £10 overdrawn, £1 a day is equivalent to 36,500% interest per year.
These changes happen on 6 December, and many of the Halifax's customers will pay more.
The full story here
http://www.bbc.co.uk/blogs/watchdog/...0/halifax.html