Overdraft - HELP!

simeymcl

Hello all!

I am with the Abbey on their account for 16-18 year olds. A few weeks ago they gave me an overdraft of £100. I know that this means I can withdraw money that I don't have, but I can't find any information about paying the money back. The interest rate is 0%. Can anyone tell me about how and when I pay the money back if I become overdrawn?

Many thanks

grumbler

simeymcl wrote:

Can anyone tell me about how and when I pay the money back if I become overdrawn?

HOW? Just by putting money to your account: cash, cheque, bank transfer etc.
WHEN? As soon as your have money. Generally this can last for a long time, but:

'We can change your limit at any time, or the rate applying to your overdraft in accordance with Condition 5.4. We can also require you to repay your overdraft at any time. As long as you have not exceeded your overdraft limit, we will wherever possible give you at least 28 days' notice. ' (T&C)

chugalug

Are you 18 yet? I didnt think you could have an overdraft on these accounts as they are specifically for young people. If you are 18 the first poster is correct.

doelani

If you have to have been given a FREE £100.00 overdraft I would call Abbey and explain. You have to be 18 and whenthey realise this is a mistake it may be removed and you will then be in an unauthorised o/d and it will cost you a lot in charges

simeymcl

Yes, I am 18. They said they could give me an overdraft when I went in to ask about a cheque guarantee card, which they couldn't give me. This account covers me until I switch to the student account. Thanks for all your help!