What are the consequences of leaving your bank account in the minus for a while?

diamount

diamount

diamount

Soldato
Joined
3 Sep 2008
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3,406
Hey mates,

So an unexpected bill came through leaving me short until my next payday in a month. I'm aware of the £8 that Barclays charges you, but what if you stay in the minus for that amount of time? WIll they close my account?
 
I'm assuming you don't have an agreed overdraft?

Best off going in and speaking to someone, I'm sure they can arrange an overdraft, which will have dramatically lower fees.

Surely though if payday isn't for a month and you're on overdrawn you're going to need some money to survive?
 
A managed overdraft costs about the same amount as a credit card plus a monthly fee of about £6. When I was a student I was over £1000 overdrawn on my fee free overdraft for 3 years without consequence.
 
If you don't have an arranged over draft then you'll get bank charges, if this doesn't happen to you often then your bank may decided to refund them, but it's upto them really
 
Unless it's only by a small amount. Most banks give you leeway ie can go overdrawn up to a tenner before they start slapping you with charges.
 
NexusK said:
Unless it's only by a small amount. Most banks give you leeway ie can go overdrawn up to a tenner before they start slapping you with charges.
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Which banks are these? I thought most banks automatically charged a fee on un-arranged overdrafts even if it was only by pennies
 
Banks are usually keen to charge at the first opportunity they get. In fact Santander recently charged me 43p "UNARRANGED OVERDRAFT INTEREST" even though my account balance didn't actually dip into the negative. In fact the charge took the balance from £1 to 57p. :confused:

Despite my obvious moral outrage at this, I haven't been able to drum up the motivation to spend time on the phone to them trying to get my 43p back. Plus the call will probably cost me more than that! :rolleyes:
 
Mr Badger said:
Banks are usually keen to charge at the first opportunity they get. In fact Santander recently charged me 43p "UNARRANGED OVERDRAFT INTEREST" even though my account balance didn't actually dip into the negative. In fact the charge took the balance from £1 to 57p. :confused:

Despite my obvious moral outrage at this, I haven't been able to drum up the motivation to spend time on the phone to them trying to get my 43p back. Plus the call will probably cost me more than that! :rolleyes:
Click to expand...

Why would they give you an overdraft charge if you never went into the negative?
 
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