Overdraft Charges

Scott_Langshaw

Hi All

Im new to this site so please excuse any incorrect information.

I currently have a bank account with HSBC and it has a overdraft of £300 which i would like to increase to £500 but im abit sure of accepting it as it says this below before i click accept.

Does the below mean i will be charged £99 pounds for using the overdraft?

Total Charge for Credit
An indicative total charge for credit for this facility is £99.54. This figure is calculated upon the assumptions that you draw down the entire overdraft only once and repay it in one amount after 3 months. It includes interest and any applicable monthly fee.

Regards

Scott

sambucac

its an example;

if you use the whole overdraft and dont put any credits into the account for 3 months, then total charges including interest and usage fees would be £99.54

TheMoney

As above, same as when credit cards give you the same example every time, based on £1200 credit limit, pay x each month, total you pay is x. Best people to speak to are your bank, specifically around the charges e.g. is it calculated daily, what the APR is, and if there is any interest free amount.