Overdraft and salary

Reximus

OK apologies if this is a obvious question but:
I have an overdraft with HSBC, and I currently pay into it each month enough to cover the interest plus a few £s extra.

They have written to me today asking me to pay £550 a month into the account. I have all my payments and spending money set up with another bank, which is a system I find easier to manage. Is there anything to stop me paying £550 into the overdraft and then transferring the difference between what I'm paying now back into my current account? I can't afford to deposit this amount each month and not touch it.

I don't really want to be living in my overdraft as I like to have a clear picture of what I can and can not spend.

I've tried to ring HSBC tonight but after an hour on hold I gave up, any advice would be great - as I'm feeling a bit stressed out about this.

jonesMUFCforever

Firstly an overdraft is payable on demand.
They seem to have cottoned on to the fact you are not using them as your main bank and are nervous about their exposure to you.

You do need to speak to them - perhaps make time to go to a branch to speak to an account manager.
Perhaps a way to rid yourself of the overdraft would be to turn it to a loan payable say over 12 months.

Without any figures though it is impossible to advise further.

Thrugelmir

How much is your overdraft?

happy_bunny_2

You could pay the money and then withdraw it as you say. Some banks like to see regular money going in, one I had insisted on 10% of the OD going in each month. Could draw it out though