Overdraft

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  Former Member Posts: 1,876,323 The Mix Honorary Guru

  January 2013

  I think it depends, like I have an unplanned overdraft. I don't tend to go overdrawn, but when it has happened, I have just transferred money to my account, to pay the money back. I don't think it it's overdrawn a lot to be honest, I think the longer you wait to pay the money back the more you pay, but I don't know if that is completely true. Here is some info on overdrafts for you

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  Former Member Posts: 1,876,323 The Mix Honorary Guru

  January 2013

  The best thing would to be to pay some money into your account asap and let the bank know what's happened. Depending on who you bank with, if it's the first time you've gone overdrawn, they'll likely waive any fees you would have normally incurred as a 'goodwill gesture'. Don't try to use the account again until money's been paid in.
  
  I've worked for a few banks in recent years and the bank charges and overdraft system was similar and shocking with all of them - they really do look for the smallest slip up to whack on bank charges. Some of the time it's unclear to even the staff and managers why customers have incurred charges. I'm not saying that to scare you, just to hopefully help you and other people not get charged in the future. I didn't know any of this before my job and a lot of it seems dodgy. The top 'mistakes' customers make and pay for:
  
  Thinking a card will automatically be declined if the money isn't in the account - It most likely won't be, especially if you're just a few pence or pounds short.
  
  Not having enough money in an account to cover payments at the start of the day, but knowing wages are going in later on, so they won't get charged for going overdrawn - A lot of banks still insist sufficient money is in your account the day before payments are due to be taken out. This can look confusing on bank statements and some online banking, because it doesn't show account activity in 'real time' and credits (payments in) tend to show up before debits (payments out).

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  Former Member Posts: 1,876,323 The Mix Honorary Guru

  March 2013

  I just got a letter saying I have an overdraft now of £2. But I know for a fact that can't be true as I had £5 in bank before I got paid on saturday then I had £110. and I spent £70 and I've checked my balance and I have £3 in the bank again, I don't know whats happening but I don't get paid till the 23rd now...ahhhh..

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  Former Member Posts: 1,876,323 The Mix Honorary Guru

  March 2013

  Phone up your bank, or go into your bank and explain the situation, they'll be able to sort anything out and claim back any money that's been taken out unnecessarily.

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