Guest MattP Posted 9 May 2014 Posted 9 May 2014 If you want to avoid your overdrafts charges it's a pretty good idea to pick one of these up. (although you also won't recieve interest if you are in the black) Very good idea for anyone who lives out of their overdraft. http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10789509/Lloyds-drops-overdraft-fee-on-Islamic-accounts.html While many will have to pay up to £80 a month if they go into the red, Muslims were told they would escape the charges. The document said: “We are removing the monthly overdraft management fee of £6 from our Islamic Account, Islamic Student Account and Islamic Graduate Account. So, if you use an unplanned overdraft on these accounts, there won’t be any charges.â€A Lloyds spokesman said Islamic accounts were intended for customers who cannot receive or pay interest under sharia, but were available to anyone, regardless of their faith.
James. Posted 9 May 2014 Posted 9 May 2014 Does that mean I can open one, use the overdraft and then leave it dormant, free money in other words? I'm guessing there's some catch like having to pay in X amount per month but even then it is still free money.
Guest MattP Posted 9 May 2014 Posted 9 May 2014 Does that mean I can open one, use the overdraft and then leave it dormant, free money in other words? I'm guessing there's some catch like having to pay in X amount per month but even then it is still free money. I would imagine like any other overdraft you would have to have a regular income coming into the account otherwise they would then contact you asking to repay it. If I was a pensioner though I'd be jumping at this, see how much you can get, spunk it up the wall, shove the pension in it every week to keep it going and just die owing it.
James. Posted 9 May 2014 Posted 9 May 2014 I would imagine like any other overdraft you would have to have a regular income coming into the account otherwise they would then contact you asking to repay it. If I was a pensioner though I'd be jumping at this, see how much you can get, spunk it up the wall, shove the pension in it every week to keep it going and just die owing it. Rincewind has always had a thing against bankers. I guess this is payback time.
Guest MattP Posted 9 May 2014 Posted 9 May 2014 Rincewind has always had a thing against bankers. I guess this is payback time. I'd be amazed if he doesn't already have one.
Alf Bentley Posted 9 May 2014 Posted 9 May 2014 Rincewind has always had a thing against bankers. I guess this is payback time. I'd be amazed if he doesn't already have one. He's just been in touch from the Lake District. He's already been flashing his interest-free Islamic debit card around up there. He downloaded a bit of porn, placed some bets on some dodgy site operating out of Leicester, and now he's down the boozer enjoying a pensioner's special supper of pork in cider, washed down by a few pints of T'Owd Tup and Ramsbottom ale. He's just received a text from his bank manager, though, summoning him to a sharia court hearing on his return. He's a bit worried about that - reckons he might get deported to Saudi for beheading.
Dr The Singh Posted 9 May 2014 Posted 9 May 2014 He's just been in touch from the Lake District. He's already been flashing his interest-free Islamic debit card around up there. He downloaded a bit of porn, placed some bets on some dodgy site operating out of Leicester, and now he's down the boozer enjoying a pensioner's special supper of pork in cider, washed down by a few pints of T'Owd Tup and Ramsbottom ale. He's just received a text from his bank manager, though, summoning him to a sharia court hearing on his return. He's a bit worried about that - reckons he might get deported to Saudi for beheading. Was White Dee with him???? Her ass defo needs Sharia Lawing!!
Alf Bentley Posted 9 May 2014 Posted 9 May 2014 Was White Dee with him???? Her ass defo needs Sharia Lawing!! She's already out in Saudi, Doctor. They've been having a few problems out there with women wanting to drive and work. So, when they heard that White Dee just stayed at home looking after her kids and didn't go out and do any work, she got priority immigration status. She's just become the fourth wife of the billionaire Sheikh Ra-t'il Anrol.
Dr The Singh Posted 9 May 2014 Posted 9 May 2014 She's already out in Saudi, Doctor. They've been having a few problems lately with women wanting to drive and work. So, when they heard that White Dee just stayed at home looking after her kids and didn't go out and do any work, she got priority immigration status. She's just become the fourth wife of the billionaire Sheikh Ra-t'il Anrol. So daft, it could be true!!
Rincewind Posted 9 May 2014 Posted 9 May 2014 Rincewind has always had a thing against bankers. I guess this is payback time. I am not agaist bankers just those that fiddle.
cambridgefox Posted 9 May 2014 Posted 9 May 2014 Unplanned overdraft? In my day if you didn't comply with the rules eg paying interest on the loan,you wouldn't get one.Mind you I didn't have one Muslim refuse to pay or accept interest in 10 years.
Nalis Posted 10 May 2014 Posted 10 May 2014 Wonder if they would monitor transactions, eg, debit cards payments in bars, betting websites , etc..
Rincewind Posted 10 May 2014 Posted 10 May 2014 Is your use of debit card monitored? I don't think Muslims drink or gamble enough to make it worthwhile. The few extreme ones would not have the resources to monitor the moderate ones.
The Doctor Posted 10 May 2014 Posted 10 May 2014 Does that mean I can open one, use the overdraft and then leave it dormant, free money in other words? I'm guessing there's some catch like having to pay in X amount per month but even then it is still free money. I would imagine it would be akin to Student Accounts - you get the free overdraft, but you have to be paying your main source of income into it.
Rincewind Posted 10 May 2014 Posted 10 May 2014 You do not receive interest either so if left in for long periods you would not gain anything. not all banks charge for the overdraft. Only if you go over by a large amount for a long period. Mine has been reduced since retiring because my income has been reduced but I do not use it. The account they are offering is available to all. There would be conditions which may not be to the liking of non muslims. It would be best to read the small print before rushing out to open an account.
Guest MattP Posted 10 May 2014 Posted 10 May 2014 No need for the small print Ken its pretty simple. If you live out of an overdraft this is the account for you.
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