unrequested over draft

keelyremey

i'm unsure where to start with this....
i have had an account with my bank for 7 years now and have never asked for any other services or products from them, all i have is a personal account, so basically the bare essentials but recently without my permission they have given me an overdraft of £600, all i want to know is what can i do about this?

king100

Dont use the overdraft, check what apr it is. Keep it in reserve.

Alternatively you ask them to cancel it.

keelyremey

The problem is though as i didn't know about the overdraft i have often gone overdrawn from the obvious, of paying bills. so i have been charged for this from the apr, which has left me losing more money than i knew about. i know i should be more aware with my money, but i just don't. i know i'm partially to blame because of me not always checking my account. but i feel the bank are wrong to give me an overdraft without my consent or at least inform me of this. i'm afraid if i do say anything they are likely to close my account as people who are claming bank charges back are having theirs closed. mine is a similar case. but with an agreed overdraft that i didn't agree to in person or writing. i'm confused where i stand with this

novagirl

Just ask your bank to cancel the overdraft if you don't want it. You may have been charged to use the overdraft but at least you didn't get abank charge for going overdrawn in the first place.

noh

I don't understand your problem. The bank have saved you money by giving you an authorised overdraft. Without it you would have been paying penalty fees and unauthorised overdraft fees.

Nigel

Beate

I agree. An autorised overdraft can be a good thing and certainly better and cheaper than the unauthorised overdraft you have been using before. If you use it (which you seem to do), you only pay the interest but no charges on top, and if you don't use it, you have it just in case something goes wrong. A lot of people desperately try to get an overdraft and are turned down, so be grateful.

yellowmonkey

Have an overdraft myself. Do not use it but i know it is there in case of emergencies. Handy thing to have if used wisely.

bengal-stripe

keelyremey wrote: »

as i didn't know about the overdraft i have often gone overdrawn from the obvious, of paying bills. so i have been charged for this from the apr, which has left me losing more money than i knew about.

Had the overdraft not been in place, your excursions outside of available funds would have cost you much, much more. To be precise, between £ 25.00 - 38.00 for every time for any payment that will make you overdrawn, or has the potential to make you overdrawn.

As you, obviously, are not in control of your finances, the amount of penalty charges would have been horrendous. In you case, when you dig into the overdraft it will only cost you interest. At 16% APR, being £ 500.00 overdrawn, will cost you about 22 pence per day.

If I were you, I would thank my guardian angel, for having put the overdraft into place.

BTW: You're not a troll by any chance?