Overdrafts - Don't Forget!

vizcacha

to 'renew' your overdraft if you have one and the date is due.

i.e.

My overdraft is arranged on a yearly basis and was due to 'run out' on the 21st of January and I just remembered in time that I needed to contact them to get it extended and check that it was still valid etc.

Banks, can, in theory, if they want to, put your overdraft back to 0 if you forget this as you don't technically'. have an overdraft agreement with them so it's worth remembering the date it is arranged and how long for etc so that you're covered.

this may happen automatically but it's worth checking as it's easy to forget that an overdraft is an agreement with specific dates - and if you're using it regularly it can really mess up your finances to have it go back to 0 :eek:

better to be safe than sorry

sgx.saint

Good tip.