Any Grace Period with Overdrawn Accounts

CannotFindHelp

So my account has gone overdrawn, which is fair enough, but it was due to an Internal Transfer that was put into the Account by mistake and then taken out the following day - I had taken the money out the minute I saw it in my account and didn't expect the payee (my Council) to realise their mistake. Truth be told, I needed the cash.

Anyway, I have £50 going into the account from a family member today, but my account is £52 overdrawn, so I'm expecting the funds to be swallowed up - which isn't great. Is there a chance that I might have until the end of the day to withdraw the £50 (once it goes in, due to be paid at 4.30pm) before my overdrawn balance takes it the following morning? I bank, in this case, with Nationwide.

I have had situations where I've had my account overdrawn before, but there was maybe 0.93p credit or something in the account, and my ATM balance has reflected that although I'm overdrawn I still have 93p credit - having said that, I never tested the theory and tried to spend the small amount on a bar of chocolate or something.

Is there a chance that when this money goes into my account, from anyone's previous or similar experience, I will be able to take out the £50 before the next morning and avoid it being swallowed by my overdraft?

Goldiegirl

So you saw money in your account which you knew shouldn't be there, but you took it out anyway.

As a result, your account goes overdrawn, by £52.00. When the £50 from your family member goes in, the account will be £2 overderawn. All your banks systems will show this immediately, so unless you have an authoriseed overdraft you won't be able to withdraw any funds.

I think you'll just need to look at it that you were about to get access to the family members £50.00 a few days early, and if it ever happens again and you see money in your account that you know isn't yours, report it, don't just take it.

CannotFindHelp

Goldiegirl wrote: »

if it ever happens again and you see money in your account that you know isn't yours, report it, don't just take it.

It's amazing how fast people are on this site to judge you and make sure to take the moral high ground with you

dr_adidas01

CannotFindHelp wrote: »

It's amazing how fast people are on this site to judge you and make sure to take the moral high ground with you

I would say there not judging you there telling you what you should have done both morally and legally.

You knew the money wasn't yours but you took it anyway, so you suffered the consequences of this action. You should have left the money where it was as you knew it wasn't yours. What made you think that taking the money wouldn't have consequences?

If my reply is also classed as being judgmental by you then so be it, if you can't take the answers people give then you shouldn't ask the question!!!

meer53

CannotFindHelp wrote: »

It's amazing how fast people are on this site to judge you and make sure to take the moral high ground with you

What sort of replies did you expect ?

You admit to taking money which you knew wasn't yours, exactly what did you think would happen ?

People on here will judge you, because the majority of people would never have done what you did, then post a ridiculous question.

Why not do the most obvious thing and ask the family member to give you the cash instead of paying it in your account ?

Hominu

CannotFindHelp wrote: »

Is there a chance that when this money goes into my account, from anyone's previous or similar experience, I will be able to take out the £50 before the next morning and avoid it being swallowed by my overdraft?

Unless you have an arranged overdraft, its guaranteed that the £50 will still leave you with a debit balance and not allow ATM withdrawals. Furthermore, unless you fund your account, you will get further fees each month due to unauthorised overdraft fees.

So, for taking money you were not entitled to may cost you between £25 - £35 + interest. More if you don't leave enough funds in there for the charges when they are applied. It would have been cheaper to use a payday loan service such as Wonga!

Goldiegirl

OP, so did you think taking the money out in the first place was acceptable behaviour?

CannotFindHelp

Goldiegirl wrote: »

OP, so did you think taking the money out in the first place was acceptable behaviour?

No I don't but I needed the money and was glad that they made a mistake at that time

I'm !!!!ed they've taken their money back, sure it's their money so they should have taken it back, I just wondered whether I'd get a grace period for some extra money coming into my account because I'm not in the best of finances right now

And the family member lives in another country so couldn't physically give me the money and it was too unsafe to mail but maybe in future I'll consider Western Union

I'm not perfect but I work hard for long hours and come out with little money because life is costing me so much. I'm looking for another job but it's not easy to find one - I spent five years in college working hard for distinctions and to be top of my class and it all seems to have been for nothing now because I'm five years out of college and stuck in a job that's going nowhere and with little money making me jump at the chance

I can't even think of a situation when I had £50 in my bank account spare, that I could save and didn't have to spend on something....such is life....

Never got a college loan either and paid my own way through college at the expense of my own hard work, no bursaries and no helping hand. Glad I did it. If I had the money I'd consider putting myself through again and getting another degree - but right now I can't afford to live week by week nevermind go back to college

pmduk

OP, I don't see how you can whine about the answers you've received, I feel they're very restrained in the circumstances.

Gromitt

Like said about, if you have an agreed overdraft with the bank then no worries, you can spend that.

If you don't have an agreed overdraft however, things are going to get worse, as in 28 days or do, charges are going to hit your account, and if you don't have sufficient funds to pay for them, they could incur more charges.

The £50 being sent to you will surely be swallowed up by the bank. Unless you have an agreed overdraft, no chance of using it.