Santander overdraft

hanes

I have been given an overdraft of £1000 it seems I can put in multiples of £50 as I started with £500 and decided to place it to £1000 as this will help over the coming months with budgeting

it is actually a godsend that I have been allowed an o/d as before I was in the position to consider other methods financially

what I am worried about is I have had no information regarding this just the option to increase my overdraft as I see fit. I don't want to be suddenly hit with fees. as it stands I am £44 into it and expected to be another £200 by the end of the month.

could anyone tell me if its best to keep it or just use it for the month and tell them to decrease it?

As I understand it:

You are charged £25 daily for an unarranged overdraft
You are charged £1 daily for an arranged overdraft.

Due dateDescriptionCharges
24/04/2013DAILY ARRANGED OVERDRAFT FEE£1.00
24/04/2013DAILY UNARRANGED OVERDRAFT FEE£25.00
24/04/2013PAID ITEM FEEDIRECT DEBIT PAYMENT TO THE MANDATE NO 0004 £25.00
Can someone clarify this for me I think im being a bit dumb here but I have just got out of bed from the night shift!

thank you

bengal-stripe

hanes wrote: »

I don't want to be suddenly hit with fees. as it stands I am £44 into it and expected to be another £200 by the end of the month.

You are charged £1 daily for an arranged overdraft.

You are charged £1 daily (limited to 20 days per month) if you use the overdraft facility (you actually go overdrawn).

As it is now based on a flat daily fee (not a percentage of the overdrawn amount), it makes no difference whether you are overdrawn by £44 or £444.

hanes

Ok so I wont be charged more than £20 per month?

paulmcerlean

Correct! So long as you stay within the overdraft limit.

hanes

Thanks I was panicking for awhile there, still a bit steep really but I can manage with that charge for now. Hopefully I wont need it too much throughout the year.

thank you