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

Can you not ask them for an overdraft? I kept my overdraft limit from my student account (without the fee/interest free bit) and now only the first £100 is free, anything over I get charged like £6 + interest for.
 
diamount said:
Yeah, those plans are on hold for the moment. Anyway, Barclays seems to have a fair system in place and will charge you £8 each calendar month, but there has to be a negative to be staying in the red for a period of time.
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Yeah they got their backsides handed to them for excessive charges, so it all had to change. Think yourself lucky.

As little as a couple of years ago Barclays would hit you with a £25 fee per transaction that was returned unpaid due to lack of funds!

Regarding being in the red, it definitely effects things - even if you are in an agreed overdraft.

I lived with an agreed overdraft for years and used it every month. Even though I did not exceed my limit, I could never ever get a loan from Barclays. In 10 years I applied for around 5 loans and got rejected every time.

Fast forward to the start of this year where we put my wife onto the account and managed it properly, and within 6 months of not entering into that agreed overdraft, Barclays would give me a loan as a sole applicant for £25,000, whereas previously they wouldn't even give me £2,000!!

The financial planner person at our branch of Barclays said it was because I was no longer entering into my overdraft.

But as others have said, the best thing you can do is go and speak to your bank. Often they are decent people and can help you if it is a one off and you need assistance. It helps to go in person.
 
Get an arranged overdraft! They will charge the nuts off you if you don't have one and your overdrawn.

My Halifax account (Ultimate Reward) has a no charge planned overdraft limit of £300, i'm not sure if the same applies for Barclay's though.
 
my bank, every transaction that i go over the over draft they would charge me £25. When i was always living on the line a few year ago i found out its works out cheaper if you go over the line once with a £100 rather than 3 or 4 transaction that add up to £100 because they charge per transaction over the limit. Once i even went over put some money in and then went over again and they charged me £50 for going over my limit twice. I now live in over draft but over draft is cheap compared to some other types of debt. The thing is you will never get any interest from the bank if you live in over draft.
 
Burnsy2023 said:
You'll get bugger all on a current account anyway.
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That's not true, I am getting more interest on 3 of my current accounts than any of my savings acs / ISA's

Lloyds pay 4% on balances of £5,000
TSB pay 5% on balances up to £2,000
Nationwide pay 3% on balances up tp £2,500
Santandar pay 3% on balances up to £20,000

Bounce the same wages through all those accounts and you can get more interest on your savings ;)
 
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