Overdraft Question...

Oldzskool

I've just received confirmation that my new Cashminder account has been opened successfully. As soon as I can I am going to have my salary paid into this account and then arrange all my Direct Debits to be paid from it.

Once I've done this I imagine my current bank will become pretty alarmed by my missing salary as they have already been trying to contact me about reducing my overdraft.

However unlike a credit card there is no minimum monthly payment I'm supposed to make, they just assume my salary will be paid in and then they charge me interest on the amount I owe, all pretty standard.

Do banks have any standard type clauses that prohibit me from moving my salary to another account or am I within my rights to do this? People on here have advised me to get my Cashminder operational as soon as possible.

Are there any repercussions I can I expect from my bank?

Woody76

Hi Oldzskool

As far as I am aware the bank cant stop you transfering your salary as I have done this reecntly and i also had an overdraft with bank that I was repaying slowly. Obviously your bank will contact you to try and arrange payment ours was very forceful but that has now been included in our BR
Im sure someone else will be along shortly to giver better advice or correct me if im wrong

Woody xx

debtinfo

no need for better advice woody is correct