Unused Overdraft

RustyBug

Hi,

I have a tiny overdraft on an account that I only use for saving. I never go into the overdraft.

Does having the overdraft in any way benefit me? If I cancel the overdraft will it benefit me? Or does it not really matter either way?

Tixy

Unlikely to matter either way. If it was a large figure it could have an impact but a small amount unlikely to help or hinder.

RustyBug

Thanks Tixy.

Decided to cancel it.

On a somewhat maybe related note. On the nationwide online banking site there is a button that says "Overdraft options" which I clicked and it instantly took me to a page saying I was not eligible for an overdraft at this time and told me to contact Experian. Did I just unknowingly apply for an overdraft and get rejected?

Tixy

I wouldn't have thought so, although I'd have expected another screen specifically saying about applying for an overdraft or to change your limit before they displayed a screen like that.

CLAPTON

RustyBug wrote: »

Hi,

I have a tiny overdraft on an account that I only use for saving. I never go into the overdraft.

Does having the overdraft in any way benefit me? If I cancel the overdraft will it benefit me? Or does it not really matter either way?

frankly, don't awaken the dead
if it isn't broken don't fix it
leave well alone