Overdrafts

[Misc]

Hi.

I took out an overdraft with my bank (Abbey) a few months back & after all my bills etc i've been living in the overdraft for the past few months. I just put in a cheque & for the first time my bank is back to normal & it's taken £700 from the cheque. Does this mean i paid it off? Can i apply for another?

Thanks.

[slimjim04]

[Rookie]

An overdraft isn't just a loan, it's always there. You'll always have that £700 or whatever it is available to borrow, but you will pay monthly interest on whatever you've borrowed.

If you're a student, get a Halifax student bank account. £2750 overdraft, interest free while you're at uni.

[carvell]

An overdraft is always there, you can dip in and out of it whenever you want.
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Yamaha TDM 850

[Misc]

Thanks!

But when it says available balance the overdraft isn't showing but it's there right?

Also, why will i need to increase it? Can't find on Abbey anywhere about how much you're allowed.

Thanks for the help, banking confuses me.

[slimjim04]

[T1z3R]

contrary to the above posts its not always there unless abbey agree this with you.

im with lloyds and my missus is with abbey and both our accounts have to have the overdraft pre-arranged for a set period.

i have to renew mine every time it runs out which is currently set to 6 month intervals.

check with abbey to confirm this before you rely on and find out its not there
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duck my sick!

[Misc]

Yes, because mine just says what i have current & available, the £700 overdraft isn't showing. I'll try to find out.

Thanks.