Can I transfer a part of an overdraft?

Archsweet

Hi all

I’ve been accepted for an Alliance& Leicester current account with a 0% overdraft rate – hurrah! Except, they’ve given me an O/D limit £1200 less than I need! They can’t match my current overdraft as I can’t show that I’ve been in credit recently. :-(

I still want to take advantage of not being charged for the bit of overdraft they have given me.

Can I transfer a bit of my overdraft to A&L? How? I can't get my head round it.

Sweet

kathfisch

Hi Archsweet
If you have a cheque book for the new account could you make out a cheque to yourself for the amount of overdraft you want to transfer (IYKWIM) and pay it into your old account. Then your new account would be in the red by that amount and the old one would be credited. Same could be done even quicker with a bank transfer online if you have the facility.

I might be wrong and if I am feel free to correct me anyone

Best of luck

Kath

Archsweet

Thanks! And then - hah! - when my pay and expenses come in, I will be in credit with my old account, can show it to A&L, and maybe then they'll match my old overdraft limit ....

I'm sure many on here will know what I mean when I say that trying to think about money can just switch off your usual logical brain. I'm so stressed about money (waiting for my ex to buy me out of the house, it's been 2 years!) that it's hard to think straight.

Thanks again.

-Sweet

kathfisch

Archsweet wrote:

Thanks! And then - hah! - when my pay and expenses come in, I will be in credit with my old account, can show it to A&L, and maybe then they'll match my old overdraft limit ....

Even better, hadn't thought of that! If the person you get on the phone is really smart (but hey, what are the chances ) they might realise you've just transferred the debt to them. But its always worth a try, can't lose anything!

I know what you mean, my brain gets twisted in knots sometimes when I'm trying to think logically about finances and transferring money etc. Luckily there are always soome people on here to help out

Best of luck
Kath