Naive overdraft question
Naive overdraft question
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Discussion

Chris_H

Original Poster:

1,065 posts

295 months

Saturday 24th September 2011
quotequote all
I'm trading my car in and pick the new one up on Monday. I have transferred funds from a savings account to my current account, but of course they won't be in the current account on Monday. I have a £5K overdraft limit and I have to pay £3.7K on Monday. I'm assuming that this will be OK to use my debit card and the OD will cover it? I've never used an OD before so not sure if I need to clear the transaction with the bank first?

Ungarsee

372 posts

236 months

Saturday 24th September 2011
quotequote all
Yep, fine to use and no need to pre warn bank. Assuming this is a larger than normal payment by debit card there's a good chance your payment will get referred for further security checks which just means answering a few normal security questions and job done

Chris_H

Original Poster:

1,065 posts

295 months

Sunday 25th September 2011
quotequote all
Thanks for that. I did call Barclays, but the Indian gentleman I spoke to advised me that I should take out a Barclayloan as the OD would cost me 18.8% APR. I'd already told him I only wanted it for about two days so the charge will be about £3. He was no help whatsoever!

Chris_H

Original Poster:

1,065 posts

295 months

Sunday 25th September 2011
quotequote all
I think it'll be OK as I bought my last car by debit card for £39K without issue a couple of years ago.