Should I open a new account?

clang_uk

I had the same problem a few years ago with natwest, they kept the account open and I paid of £50 a month, they never asked for it back. But times have changed. I would be surprised if they asked for it all back. Do you have an agreed limit? It so, every time you get paid, you can phone them and reduce it. But I would stick my wages into the halifax and set up a S/O to pay off the overdraft and hope they don't notice and ask for the money back.

Visa electron used to be a problem about 10 years ago. Just like switch used to be. It's fine these days.

tbourner

The only reason I could see they would close the account is if you had erratic payments going in or were a relatively new customer.

If anything, open a new account and pay out of your current account into the new account for all your bills and stuff, so as soon as you get paid the money goes into account2 to cover important things like rent (fixed amounts).
You could even open a 3rd account to pay a set amount into after payday to cover all your costs for food etc. That way you won't overspend each month and you're left with the same amount each month in account1 to pay off the overdraft.

Drea

MrsE wrote: »

If you stop you're wages going in they are almost certainly going to close your OD.

But that would make no difference to me.... or am I missing something?

tbourner

Drea wrote: »

But that would make no difference to me.... or am I missing something?

It will become a debt they are chasing you for, rather than an agreed facility on your account that you can pay off at your leisure.

BigCraigJohn

Toe-Jam wrote: »

RBS is not part of the LLoyds group !

RBS is part of the RBS group (RBS Natwest and Ulsterbank)

I stand corrected.

All these damn merges confuse the hell out of me

Drea

Just spoke to Halifax, they have closed my basic account for not using it.

Fergie76

As long as you stay within your agreed OD, is the Bank likely to ask for you to repay, whilst they are earning interest on it? I can only see being a problem, if you constantly go over it.

If you can afford to, I would suggest that you reduce your OD a little each month £30-50 and get it down to a reasonable amount.