A very clever article in the Guardian yesterday, Divorce your bank for a zero per cent overdraft this Christmas. It is a suggestion that has global appeal as far as I’m concerned. Here’s what the writer says:
Bankers smugly say that people are more likely to get divorced than change their current account. Perhaps that explains why so many treat their customers badly, charging more than quadruple the rate of inflation for the average authorised overdraft, according to new figures from the Bank of England.
That means interest bills of 19.3 per cent compared to the Retail Prices Index (RPI) 4.5 per cent annual rate of increase. To add insult to injury, average interest paid by banks on current accounts in credit is just 0.19 per cent.
Divorce lawyers say Christmas is the time of year when most unhappy couples consider parting. Perhaps it would make more sense to leave an abusive banking relationship and find a more rewarding home for your cash – particularly when half of of Britons will start the New Year in debt and half of all current accounts pay no interest at all.
Now, I don’t know which U.S. banks are good marriage mates these days. But in Britain, Santander is supposedly good because they charge zero percent interest for overdrafts. Lloyds of London is bad because they charge 19%. It is a very clever article which you can find here. Read it for yourself and consider divorce not just your bank but anybody you do business with who is not showing you the love: credit card companies, gas companies, cell phone companies, lawyers, doctors, EVERYBODY. And make sure you do it with a smile on your face and “Merry Christmas” on your lips. Because these folks can just be way too abusive. Don’t you agree?