Current Accounts, Overdrafts and Debt!

moneysavingallday

If a punter lives above his or her means and is permanently up to their OD limit, who's fault is it when the bank decides to cancel the OD limit and demand the money back? Is the bank at fault for not indulging the punter's spendaholic lifestyle? If not, why are people often whining about the bank recalling their OD?

ShelfStacker_3

Because as with many things, banks are damned if they do and damned if they don't.

Many people would do well to familiarise themselves with the terms and conditions they agreed to - if they all knew it was repayable on demand, we might have fewer people using overdrafts as long-term loans.