Are you overdrawn?

Former_MSE_Natasha

Poll started 13 February 2007: Are you overdrawn?

Are you overdrawn? How do you manage your current account? Is it a place to store cash or simply another way to borrow? Which of these is closest to your overdraft situation?

A. Never overdrawn
B. Rarely overdrawn
C. Overdrawn at some point most months
D. Overdrawn nearly half the time
E. Rarely in credit
F. Always overdrawn
G. Always more than £1,000 overdrawn

Vote here on click reply to discuss.

littlemissmoney

I'm always overdrawn but only because it's 0% and so it's in a high interest account. Does that count? I don't want to mess your poll up, but lots of MSEers are probably in the same situation.

Daft_Monkey

littlemissmoney wrote:

I'm always overdrawn but only because it's 0% and so it's in a high interest account. Does that count? I don't want to mess your poll up, but lots of MSEers are probably in the same situation.

Same here, but as far as the poll is concerned I've put down never.

MSE_Martin

If you are overdrawn only because you are actually stoozing the overdraft to make free cash - then put never.

If you are overdrawn as a debt facility then put whichever the option is -even if it's at 0%.

Let me let you into a secret. The reason for this poll stemmed from last weeks new bank accounts article. I decided to go with overdrafts ahead of 'in-credit' interest, as my view is less than 50% of people are 'never overdrawn'. So I thought I would test the theory - and let it help direct the priorities in the article

Martin

Coveredinbees!!!!

When I started my first current account back in the early 80's you could only get free banking (with Barclays) if you had a minimum of £100 in your account at all times. As I was only earning around £35 a week at the time, so I borrowed £100 off my parents and had to keep that £100 in my account at all times and pay them back. That set me for life and have only ever been OD a couple of times in my entire life and always keep a buffer in my Current account, although I do have a free facility if I need it.

Emmy

A = never overdrawn................. okay once by 11p and didn't get charged as I complained to the bank and they decided (thank you) not to charge me

JohnD76

I used to always be overdrawn by more than £1000, sometimes more that £11000 :eek: but that was whilst I was buying my property. I have now managed to get rid of my overdraft and have swapped from the Barclays account I had to a Coventry First account. Best thing I have ever done!

Barclays charged me £27 interest for the last calendar month whereas Coventry have paid me £8 credit interest

I now don't use an overdraft, though barclays do provide an interest free one of up to £1000, so I may transfer that £1000 into my Coventry account to get some more credit interest.... New to this money saving malarkey and really enjoying it :-)

irishwench69

A = Never overdrawn, don't have an overdraft anymore! (Asked for it to be removed as I don't need it, and have savings and a clear credit card for "emergencies")

IW x

dancingfairy

Sorry I put I'm always overdrawn by over £1000 as I'm stoozing the student loan!! (Isn't that what it's for if you have any left over ?) :rotfl:

jimsmum

A) never been overdrawn and never had a bank change!!!

daisy_may

:eek: Yes we're constantly over drawn, because one bank put forward a direct debit 4 months too soon - and the other bank paid it.... Resuult -over drawn!!bank charges!! letters and phone calls!! eventually bank " A" paid back 2 charges for us and bank "B" dropped 3 charges.. but the damage was already done. consequences ----overdrawn with no chance of getting back on our feet!:(