Whats your overdraft limit? and how much do you credit your account with?

bendix

olly300 wrote: »

No it's not. You can be quite dense sometimes.

The point of an overdraft is to prevent direct debits and the like bouncing due to your employer screwing up paying your wages. It's actually happened to me.

I have various bank accounts with various overdrafts ranging from £3000 - £10.

Well, I'm sure they're very useful for you. But me? No thanks.

I'll just make sure there is money in my account at the end of the month. It's pretty simple. It's called not spending all your income.

Contingency planning - it's a wonderful thing baby.

martinsgiftstogo

bendix wrote: »

Read my post again. I said personal overdrafts. Business overdrafts are an entirely different proposition, and I can see their value.

Personal overdrafts are no more than a bail-out option for poor personal financial mismanagement.

I run my own business but use my personal bank account and don't have a business account...so my overdraft would be a personal one but the business transactions would go through my accounts as such.

So the overdraft on my personal bank account is for my business

molerat

olly300 wrote: »

No it's not. You can be quite dense sometimes.

The point of an overdraft is to prevent direct debits and the like bouncing due to your employer screwing up paying your wages. It's actually happened to me.

I have various bank accounts with various overdrafts ranging from £3000 - £10.

I thought that was what the 6 months wages in reserve was for (rainy day money)