However, first direct will pay for any enquiry fees to your previous lender, money transmission fees and Land Registry fees. If you're re-mortgaging a property in Scotland or Northern Ireland. If you regularly use your overdraft then you're not alone. From next year, First Direct and M&S Bank customers will be charged 39.9% EAR on any overdraft over £250 (including unarranged overdrafts for First Direct customers). Hi, I currently have an overdraft on my current account with First Direct. 22 November 2006 at 12:31PM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts. First Direct and M&S Bank also raised overdraft fees to 39.9 per cent, while rates at Halifax and Lloyds are set to rise to the same figure at the start of April. Every bank and credit union has its own limit on the number of overdraft fees it will charge in one day. 66 posts. FIRST Direct has become the latest bank to announce a hike in overdraft fees to 39.9 per cent from March. M&S Bank. First Direct will retain its £250 interest free overdraft buffer. In addition to the arrangement fee and/or any booking fee you will need to pay for a professional valuation for both offset and Repayment Mortgages. 9 replies 1.2K views Beanz Forumite. HSBC and First Direct customers saved $135m (£85m) in overdraft charges after the bank started sending text messages to warn them they were about to … 22 November 2006 at 12:31PM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts. At the moment, First Direct current account customers pay 15.9% EAR on arranged overdrafts of over £250, or a £5 daily charge if they slip into their unarranged overdraft… RELATED ARTICLES Previous For First Direct, it has been revealed that no interest will be charged on the first £250 of an arranged overdraft but 39.9 percent EAR variable will be applied on anything above £250. First Direct Overdraft Charges. You can commonly expect banks to charge a maximum of 4 to 6 overdraft fees per day per account, though a few outliers do allow as many as 12 in one day. An M&S Bank spokesperson said: “From 14 March, the interest-free overdraft amount on the M&S Current Account will increase from £100 – £250 and going forward the interest rate charged on any overdraft … Earlier this week, parent bank HSBC revealed the new charge … For most people, first contact with an overdraft will likely have been at a relatively young age—perhaps even at university. Typically, banks do not charge the overdraft fee when you overdraw by less than $5. First Direct is also scrapping its £5 daily usage fee for unarranged overdrafts and reducing the maximum monthly cost for using one to £20. 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