The Naked Greed of Banks

Banks still seem to be operating with their heads in the sand.

"A customer borrowing öa3100 for 28 days without the consent of Santander would repay öa3200, for example.

That is the equivalent annualised percentage rate, or APR, of 819,100%.

Comparisons between banks and so-called payday lenders showed that the annualised percentage rate charged for borrowing öa3100 over 28 days varied from 969% to 819,100%.....

No payday loan lender charged an APR of more than 5,000% but two banks - Santander and Lloyds TSB - charged an equivalent APR of more than 300,000%. 
Santander told the BBC: "It's is confusing to compare payday loans with overdrafts on current accounts because an unauthorised overdraft charge is for unauthorised use of a current account while a payday loan is an agreed loan facility."

Barclays would charge a customer using a personal reserve - a pre-agreed emergency borrowing facility - öa322 for every five consecutive working days they were in it. This means customers would pay öa388 on top of the öa3100 capital after 28 days - an equivalent APR of 366,000%."

Source BBC