RBS Bank Account - Would they charge interest?

brightgirl

I`m just wandering... if I have an account with lets say eg. £1000 overdraft facility and my balance is zero.... I withdraw £500.00 and the account balance goes to -£500.00 then I pay it back in the same day.

Would I be charged interest?:rotfl:

brightgirl

Anybody???????

Olipro

if you pay it back in at a cashier's desk then no, as it'll be credited immediately, if you use a machine then if it gets credited the following day, you'll incur interest.

if you use faster payments, again, no interest.

basically, so long as the funds show as going in on the exact same day as the withdrawal, you're alright.

mumslave

aye i know from experience, if you go overdrawn but pay it back same day, no interest.

brightgirl

Thats fine, Thanks for your help.

mcdaly

interest is calculated daily based on your balance at the close of business therefore if you get CLEARED funds back in the same day you would not be charged.

chambta

And as credits generally show before debits on any statement it won't even appear that you went overdrawn.