We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Overdrafts ? how do they work
mrluke
Posts: 247 Forumite
Ive tried searching for a decent answer to this but no one is totally straight with a answer.
Just say i have an Overdraft limit of 2500
Just say i wanna borrow 1500 for around 5 days for something and will put it back in after.
Do i pay more than 1500 ? do i incur intrest charges if only borrowing for 5 days and is back in the account before the end of the month
This is an Overdraft limit i have on my account.
Many thanx
Luke
Just say i have an Overdraft limit of 2500
Just say i wanna borrow 1500 for around 5 days for something and will put it back in after.
Do i pay more than 1500 ? do i incur intrest charges if only borrowing for 5 days and is back in the account before the end of the month
This is an Overdraft limit i have on my account.
Many thanx
Luke
0
Comments
-
You need to look at the terms and conditions on your bank account, because they are all different. In a lot of cases you would pay daily interest on the amount you borrow.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.6K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards