Guess I'm guilty of not checking my statement as often as I should :(
Anyway I noticed a charge of 78p for payment protection cover for a balance just under 50 quid. I thought this odd as payment protection insurance typically is around 70 to 80p per 100 pounds, and so the premium charged on this occasion was over twice as much as what would normally be expected.
Anyway I rung up Halifax and the guy I spoke to didn't seem at all surprised at my query :) and explained that the insurance company in question rounds up the balance to the nearest hundred pounds - so for any balance under 100 quid the charge would be 78p. Similarly balances over 100 quid would be rounded up to the nearest hundred for purposes of calculating the premium.
I promptly cancelled the insurance - I always pay my balance in full anyway. Yes it is not a lot of money involved but it is the principle that matters, and extrapolated over a few hundred thousand accounts - it is surely a nice little earner for the insurance company concerned.
I guess I'm becoming a skinflint in my old age. LOL!