HSBC and First Direct are the same !!!!!!!s.

MoneySaverLog

meer53 wrote: »

An overdraft is a CREDIT facility, it's money which is there for you to use if you need it. You said that when you use a credit card you use the banks money. Whose money do you think the overdraft is then ? Yours ?

I guess what the OP mean't was that he is not using credit if he does not actually use the overdraft. It's there as a back up, obviously if he decides to use the OD portion on his account then he is using a line of credit.

The same I suppose could be said for a credit card, you could have one for emergency and mostly not use it, you owe the credit card nothing but have the credit facility there just in case. When you come to use it then you are using their credit.

I have a £500 overdraft limit, enough for me with another bank. I never use it, but it is there incase I have to. If I use it I get charged, if I don't I'm not.