Overdrafts . Can anyone help? [overdraft facility] [natwest]
Q: Hi there, 977,503
I have no experience ever with my overdraft in the past. I have a standard current account with Natwest and I have an overdraft limit of ￡ 1500. Ive never asked for, but because I saved them for a while they obviously at one point gave me this facility.
With x-mas coming and spending are tight this year I seen my overdraft facility for the first time . 977,503 will
My question is a fee for its use, and if so, how much is the fee? 977,503 9775 03I know that sounds really stupid but Ive never been a facility for oferdraft so I literally have no idea. 977,503 help
Any on this matter would be appreciated!
A:http://www.natwest.com/personal/current-accounts/g6/rates-charges.ashx#charges
I have credit avaliable in my account (even though it is not mine) and i am useing a standard current account.
A:I totally agree. I dont want to live out of my overdraft. I just switching jobs and my payday isent going to be for an additional month unfortunatly.
Therefore i was thinking of using my overdraft to pay off my credit card in full so i dont pay intrest on it.
I looked at Natwest and it says;
Credit Zone Overdrafts up to and including ￡7,500, where interest is charged at the standard Credit Zone Overdraft rate ——- No fee
A:Seems like half the country permanently lives on their overdraft. Not to say that means it's okay.
You will be charged a certain % for using your authorised OD. Slipping into it is a danger sign though. It's a slippery slope. The more interest you pay and capital you borrow, the less money you have in future and it's hard not to get further and further into debt.
Have you got a budget? I'd stick as close to a no debt policy as possible. Credit/debt makes it too easy too overspend now and screw yourself in the future.
A:You will probably be charged interest if you use your overdraft.
Your bank will be able to tell you the rate you'll be charged.
If you can stay out of your overdraft it'll be better in the long run. I've got into terrible messes relying on mine. It's too tempting to use money that isn't actually yours.
However, if you have the means to pay it off quickly and it's just a very temporary dip into it don't worry too much.