cahoot £250 interest-free O/D

Milarky

How is interest charged if you breach the £250 interest-free zone? I've taken it down to -£245 and left it there. So far I haven't been charged anything. But if I have a direct debit taken out of the account [still remaining within the O/D limit of £500] and I then top up the account the same morning to take it back above -£250 again, does this prevent any interest being charged as I would it expect it to?

I'm also hazy over how much interest would be charged in the event of going [say] 1 day outside the £250. Is it going to be 'per day' on the entire balance - or just on the balance outside of the IF zone? Or do they go back to the previous statement date and charge from then until the balance is reutrned to the credit or anything 'extreme' like that?

[Meanwhile I'll try and find out about this through cahoot themselves]

Thanks in advance

davidcampbell

8.3 We will charge you interest where the balance of your cahoot current account exceeds the interest free overdraft limit but remains within your overdraft limit.

not clear whether it means on the full balance or on just what exceeds the £250 limit though.

i suspect its charged on full balance.

DC

klondyke

Send them a secure message and ask them. They are usually relatively (not extremely!) prompt in answering.

loobs40

Don;t know the Maths, but when I go over the £250 occasionally, it seems to be a matter of pence that is charged to me

Daniel

I bank with cahoot and exceeded my interest free overdraft once. They charged interest, but only on the amount I went overdrawn above the initial £250.

As far as i am aware they only charge interest on a daily basis!

Dan