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Has anyone had their overdraft removed?
lynxptc
Posts: 280 Forumite
It says in my account terms and conditions that overdrafts are "repayable on demand", does this mean the bank can remove it whenever they want? Has this happened to anyone before?
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Comments
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Happened to me, once. We had an Abbey account that we just used to save for holidays, and when we went one year we took an extra £100 because that account had a £200 overdraft.
We then forgot about it and weren't saving for another holiday and a year later we got a letter saying because we hadn't paid any money into the account they were removing the facility and we had to pay back the £100 immediately (well, before such-and-such a date, anyway).
We just transferred the £100 and shut the account.0 -
Very common. Overdrafts are always repayable on demand. I you need certainty, you need a loan.lynxptc wrote:It says in my account terms and conditions that overdrafts are "repayable on demand", does this mean the bank can remove it whenever they want? Has this happened to anyone before?
However, if you conduct your account well, it is vey unusual for banks to call in the facility.
Ray0
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