Free Overdrafts

neil150

Over draft Control???,do you mean reducing it,i talked to the woman in my branch and she says if i reduce my overdraft or get rid of it, i may not get it again.

Overdrafts were confusing to me, i thought the amount of overdraft they give you, was in a sence like a loan,IE i owed the bank the full amount of what they said i could have, but learnt different later when full explained.

But still doesnt alter the fact i will be paying a charge every month, because the OD limit has been dropped from £100 free to just £10 free before charges of £6.and my money paid in is always going to be not enough to stay within the ten pounds.

Never mind just have to wait and see what charges i wil be getting in the future.

Thnx anyway:o

innovate

Having an agreed overdraft does not mean you have to run up an overdraft balance, i.e. use the overdraft.


Having the agreed limit sitting there, to use if a major unexpected expense hits you, is fine.

But to "live in" your overdraft regularly is extremely silly, particularly as you get older. Any bank can call in an overdraft any time they like, and they will do so if they think you may be getting into financial difficulties.

neil150

Hi
thnx for that info, i am actually using my overdraft to live on, but in the past i have tried not to use it all and thus staying within the £100 buffer which is now reduced to £10.

So as my income is a max of £280 going in per month,£140 per fortnight, i will always have to use it mainly for 1 dd to virgin, and if i dont pay them by dd an extra £5 is charged by them,1 dd to wirral council towards my council tax bill, which has just been introduced for unemployed people,1 dd for scott power,then 2 stand orders paying other creditors.

And if i cancel them DDs i in cure extra charges.

Thnx:o

System

Overdraft Control is a free addon from NatWest.

They basically refuse any payments that would take you over your overdraft limit without charge from the bank and issue you with a debit card that checks for funds.

neil150 wrote: »

Over draft Control???,do you mean reducing it,i talked to the woman in my branch and she says if i reduce my overdraft or get rid of it, i may not get it again.

Overdrafts were confusing to me, i thought the amount of overdraft they give you, was in a sence like a loan,IE i owed the bank the full amount of what they said i could have, but learnt different later when full explained.

But still doesnt alter the fact i will be paying a charge every month, because the OD limit has been dropped from £100 free to just £10 free before charges of £6.and my money paid in is always going to be not enough to stay within the ten pounds.

Never mind just have to wait and see what charges i wil be getting in the future.

Thnx anyway:o