Overdraft charges

jay_1978

Hey guys. I am so glad for this site lol .... I was just wondering I have a agreed £50 overdraft with yorkshire bank. I have never dipped into it before but was just wondering If I draw £10 from my over draft today and my wage goes in tuesday, How much will I be charged ?

Cheers guys and I appreciate the help :beer:

Lokolo

Depends on the interest rate.

Typical is 20% so around 3p (I did 20% of £10. Divided by 365, * by 5 days)

jay_1978

so if i draw £10 out i'll only be charged the £10 I owe plus 3p ? ... Thats not bad really lol ..

Lokolo

jay_1978 wrote: »

so if i draw £10 out i'll only be charged the £10 I owe plus 3p ? ... Thats not bad really lol ..

Yes well

But if you are with Halifax its just a standard £1 per day.

jay_1978

You confuzzled my brain lol .... If i draw £10 pound out. I will pay back the 10 plus 3p .. so £10 3p or is there a daily rate aswell ? Yorkshire bank wnt answer phone .. Ive been trying for 2 hours .... TA for the help

Lokolo

jay_1978 wrote: »

You confuzzled my brain lol .... If i draw £10 pound out. I will pay back the 10 plus 3p .. so £10 3p or is there a daily rate aswell ? Yorkshire bank wnt answer phone .. Ive been trying for 2 hours .... TA for the help

OK your balance will go down to -£10. Each day you are -£10 you get charged 0.5p. This adds up into the computer until charging time. You will then get charged 3p assuming you go 5-6 days overdrawn. This will come at X time. If you stay in your overdraft by £10 you will go from -£10 to -£10.03 at somepoint.

You can stay in overdraft til whenever, but the interest will continue to be put on. It does not get put on each day but on a set period, usually a month later.

jay_1978

Okies ty ... I appreciate your guruness in this matter