Bank account which doesn't allow O/D

gorses

Hi all,

Does anyone know of any bank accounts which don't allow you to go overdrawn? You know, like in the old days before all these computer systems made everything that much harder to do. I've had a good look around and they certainly aren't advertised, if they even exist any more.

Cheers,
Gorses

sexyshark

all banks do them they tend to be called cash accounts

i have one with halifax - easycash
natwest - basic account
llyods bank - cash account

gorses

Don't know about the others but halifax easycash will pay a direct debit and charge you when you don't have the money.

sexyshark wrote: »

all banks do them they tend to be called cash accounts

i have one with halifax - easycash
natwest - basic account
llyods bank - cash account

HappyMJ

A basic bank account without a cheque book. It won't prevent you going overdrawn but it will make it more difficult as every transaction needs to be authorized. A direct debit could still be approved without the funds in place and you'll still get a fee. So my advice...don't set up any direct debits against the account.....and don't set up any recurring authorizations such as magazine subscriptions.

Archi_Bald

Don't confuse "no ODs allowed" with "will never get charged". Read the detailed charges document that comes with each account. You can get away with no charges but you have to still manage your available balance.

gorses

Just found this relating to USA...

http://www.nolo.com/legal-encyclopedia/atm-debit-card-overdraft-protection-should-you-opt-in.html

Looks like we've been stitched up. Again.

Archi_Bald

Stitched up how?

sexyshark

gorses wrote: »

Don't know about the others but halifax easycash will pay a direct debit and charge you when you don't have the money.

I do but most banks charge for a failed direct debit I just make sure the money is in there

shortcrust

gorses wrote: »

Hi all,

Does anyone know of any bank accounts which don't allow you to go overdrawn? You know, like in the old days before all these computer systems made everything that much harder to do. I've had a good look around and they certainly aren't advertised, if they even exist any more.

Cheers,
Gorses

What old days are you thinking of? You could go massively overdrawn with a chequebook and card and there wasn't much the bank could do about it.

gorses

Looks like in the States you have to opt-in to getting stung for going O/D.

I'm still looking for a suitable first account for my 17 year old son to learn how to manage his meagre income without getting his hands burnt.

gorses

Oh yes, forgot about the guarantee card. Was thinking about the bounced cheque. Sure the banks never charged for them?

shortcrust wrote: »

What old days are you thinking of? You could go massively overdrawn with a chequebook and card and there wasn't much the bank could do about it.