So I currently hold a student account with HSBC which "offers you an automatic overdraft of at least £500 free of overdraft interest at account opening". My guess is that they've given me a £500 overdraft for free which I don't have to pay back?
I thought this as when I first set up the account, I had around £50 in my bank, but under the available tab it showed I had £550. So they've essentially given me 500 to spend if needs be? I may be horrendously wrong here, which is why I'm worrying so much.
Getting to the real issue, as of now I'm around -£180 in my bank, but under the available tab I've got a whopping £3.57. Does this mean that the £3.57 is all I have to spend? What about the -£180?
If anyone could give me some clearance on this, it would be much appreciated!