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Unplanned overdraft? help plz

Lukas10333
Lukas10333 Posts: 3 Newbie
in Reclaim bank & credit card charges
Hello,

I have a basic account in Lloyds Bank. At one time I had my balance 3.50 lbs. The next day I looked account and I was there 1,050 lbs. Can you tell me why? This is the unplanned overdraft? Can I use those money? What happens next if I use this money? I have normal work on contract Can I take to bank back this money on my paiday?

Thank you very much

Comments

  • dunstonh
    dunstonh Posts: 118,435 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    At one time I had my balance 3.50 lbs. The next day I looked account and I was there 1,050 lbs. Can you tell me why
    lbs is weight. Not money.

    You have access to your statement. We do not. So, there is no way for us to tell why your balance has gone from £3.50 to £1050. Have you looked to see what credit was added to your account?
    This is the unplanned overdraft? Can I use those money?

    Overdrafts do not add to your money. If you were overdrawn, it would show a negative balance.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Lukas10333
    Lukas10333 Posts: 3 Newbie
    Sorry about this lbs. My mistake. I do not understand that. When we use the money I pay any fees?
  • Nasqueron
    Nasqueron Posts: 10,071 Forumite
    Tenth Anniversary 10,000 Posts Photogenic Name Dropper
    Ask your bank if they charge you for using the overdraft, we don't know

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • -taff
    -taff Posts: 15,014 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Are you saying your overdraft limit has increased to 1050?
    If you are, yes you can spend the money, and yes, you will be charged for it in interest payments.
    Non me fac calcitrare tuum culi
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