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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
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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
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