Thanks Lauren, very useful information. So how come banks allow unauthorised overdrafts? In my humble opinion, and to protect me as the customer from getting into debt, I think the transaction should be declined if I try to spend what I don't have.
@adolphfan22362 жыл бұрын
Very helpful thanks
@Moneytothemasses2 жыл бұрын
Glad it was helpful!
@user-nm7ju9hu4w7 ай бұрын
If we pending to pay for interest what happen for the fix overdraft
@ricolasbest6861 Жыл бұрын
Should I apply for an overdraft only just in case I go over, and not actually use it? How does this overdraft among look on the credit report? Would it be a loan (even if I don't use it) or revolving credit account?
@Moneytothemasses Жыл бұрын
Hi, Having an arranged overdraft in case you go overdrawn is sensible as the penalties for an unarranged overdraft can be more severe. In terms of how an overdraft is viewed, potential lenders can see if you have an arranged overdraft in place, what your limit is and how much of your overdraft you are using. As such, an arranged overdraft is unlikely to have a major impact on your credit rating, so long as you manage your account and overdraft well, in fact, a well-managed arranged overdraft can actually help build your credit score.
@maiasuga Жыл бұрын
I've been banking since 2022 and I am confused of the concept of overdraft...how can you spend more money than what you have in your bank account? example; I want to buy something that is £50 but I only have £40 in my account. Has it got something to do with current balance/available balance? thanks
@gabrielakec7399 ай бұрын
A to Capitalize
@alancorrea9161 Жыл бұрын
Never accept or authorize an overdraft because basically its a trap !!!