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Overdraft malarky

Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
Right well im abit of a doofus when it comes to all things to do with banks.

Anyway so far i've done really well with my money and luckily with all the money i saved last year and my student loan i havent had to go into my overdraft. I've got a natwest student account with £1000 odd interest free overdraft.

Anyway seems like a dumb question buuuut do you go automatically into your overdraft when you take the money out the ATM or do you have to go into your branch to sort it out? One of my mates was telling me today that he had to go into his branch beforehand to tell the branch he was going into his overdraft and that they had to activate it ... confused me a little ...:confused:

Cheers :)

Comments

  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If you're not sure ask your bank.
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    If you have a student bank account with a overdraft facility, then usually you wont need to bother telling the bank, they will no your overdrawn once you take some money out.

    Your mate may have been talking about unauthorized overdrafts, which you should speak to the back about first.

    Either way as Kermit said, go in and speak with your bank.

    :thumb:
  • Former MemberFormer Member Posts: 1,876,324 The Mix Honorary Guru
    Natwest student account will just let you take the money out assuming you agreed to the full overdraft when you got the account (they tend to do this unless you persuade them not to.)

    You'll have to look closely at the ATM slip, at the end of the balance it either says CR or OD, if it's OD then you're overdrawn.
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