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Overdrafts
Khall1
Posts: 1 Newbie
Is it right for me to get bank charges on my overdraft? I have a £50 overdraft limit and I've had to letters to say I need to pay £86 in charges. I checked my statement and I was over my £50 by £27 and I got charged £86. Is this right?
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Comments
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who long where you over your overdraft limit for? but yes it is correct to get charged for going over limt, amount seems like it was for a while though0
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How long is a piece of string?Is it right for me to get bank charges on my overdraft? I have a £50 overdraft limit and I've had to letters to say I need to pay £86 in charges. I checked my statement and I was over my £50 by £27 and I got charged £86. Is this right?
Agreed overdraft can be free at some banks, but not free at most.
Going over the agreed limit is never free.
How much it costs depends on your bank's published fees and charges and on the time you are overdrawn.0 -
Is it right for me to get bank charges on my overdraft? I have a £50 overdraft limit and I've had to letters to say I need to pay £86 in charges. I checked my statement and I was over my £50 by £27 and I got charged £86. Is this right?
Guessing Lloyds, TSB or Bank of Scotland with those charges.DEBT FREE!
Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
Debt free by Xmas 2015: £1250/£1250 (100.00%)0 -
I would say the OP could have been charged £1 for being under £50 then £5 a day for 16 days to make the overall charge £86 for the month.
Alternatively there are other combinations of charges but without knowing the bank its hard to work out.I’m a Forum Ambassador and I support the Forum Team on the Banking & Borrowing, and Reduce Debt & Boost Income boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySaving Expert.Save 12k in 2023 #58 Total (£4500.00) £2500.00/£5000 = 50.00%Sealed Pot Challenge ~17 #24 Total (£55.00) £0.00/£500 = 0.00%Xmas 2023 £1 a Day #13 Total (£85.00) £344.00/£365 = 94.24%Virtual Sealed Pot #1 Total (£500) £550.00/£500 = 110.00%£2 Savers Club 2023 #17 Total (£25.00) £45/£300 = 15.00%The 365 1p Challenge 2023 #7 Total £656.19/£667.95 = 98.23%Total £4095.19/£7332.95 = 55.84%0 -
Looks like £6 usage fee and £10 unplanned fees for a maximum 8 days a month.DEBT FREE!
Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
Debt free by Xmas 2015: £1250/£1250 (100.00%)0
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