Bank Account

spiral12

Hello,
I need a advice about possibly closing account.
i have had current account with halifax for almost 20 years and have been generally in good credit with them.
Presently I have an overdraft facility of £650. They charge ridiculous charges for getting overdrawn. i dont have a habit of going overdrawn and it has happened last month. i can't afford to pay those charges as I am not employed and only have my benefits paid in there.
BASICALLY, i need to know what will happen with the overdraft if I decide to close this account?


Many thanks
spiral12

LSEdwards

You won't be able to close the account unless you clear the overdraft unfortunately. If you only went slightly into the red and it was an accident, you could try speaking to them to see if they will waive any of the charges (a bit of a long shot I'm afraid). Alternatively, write them a letter and set out the circumstances and see what they say.

blueberrypie

spiral12 wrote: »

BASICALLY, i need to know what will happen with the overdraft if I decide to close this account?

You'll have to clear the overdraft before they will close the account.

If you stop using the account, the chances are they will ask for immediate repayment of the overdraft (which they are entitled to do, as overdrafts are always repayable on demand).

I'd suggest you look at alternative methods of raising the funds to pay off the overdraft. The Debt-Free Wannabe board might give you some ideas.