overdraft-help

politicsstudent

I currently have an overdraft with HSBC, i have been informed my overdraft is up for review in August.

If HSBC, decide to take this overdraft away from me, would it be demanded that i pay back the money in total, instantly?

I have a £500 overdraft, and i am pretty much overdrawn by about 490 pounds, also, what would happen if i weren't to pay it back instantly? would i be charged?

thank you in anticipation

jonesMUFCforever

Most will give you a month's notice to repay.
All overdrafts by all banks are repayable on demand.

skyrider007

I assume from your user name that you are a student and have a student account with HSBC?

It really depends on which year you are in, £500 o/d sounds like what they give to a first year student. So basically you may be looking for an increase in O/D limit during your review in August

Just make sure you make a payment into your account at least once a month and you shouldn't have any problem. Should they decide to withdraw your o/d facility then you will be charged about 3% above Bank of England interest rate (this applies to student account).

jonesMUFCforever

He may also have more than one account and HSBC found out that Student loan is not going through that particular account?