Interest and od charge
Discussion
Depends on your bank.
Some will offer a small free overdraft (£50 for example).
Then if you have a planned overdraft limit, some banks will charge you a fee for using that overdraft plus interest on the amount you use. If you go over your overdraft limit then you'll usually be charged an extra fee for this.
I know the above is true of Lloyds anyway.
Some will offer a small free overdraft (£50 for example).
Then if you have a planned overdraft limit, some banks will charge you a fee for using that overdraft plus interest on the amount you use. If you go over your overdraft limit then you'll usually be charged an extra fee for this.
I know the above is true of Lloyds anyway.
Will be stated in your Terms and Conditions, if not, then no basis to levy a charge. Ask your Bank for a Copy.
I think everyone accepts that paying interest and sometimes a fee to borrow money is reasonable, and Banks still much less expensive than Pay Day brigade but they must tell you the charges in advance.
I think everyone accepts that paying interest and sometimes a fee to borrow money is reasonable, and Banks still much less expensive than Pay Day brigade but they must tell you the charges in advance.
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