Overdrafts?

Hey everyone. Quick question. Can you buy things online if it goes into your overdraft, or will you get a "your payment has been declined" message. I know contactless overdraft payments work in shops but I want to buy something online (this is on an HSBC debit card)

THANK YOU FOR YOUR HELP!

My overdraft limit is £500
I've got good credit
No debt

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Reply 1

999tigger

Original post by nmudz_009

Yes it should be fine.

Reply 2

nmudz_009

Original post by 999tigger

Yes it should be fine.

Hey, thank you for your reply. I've got a couple of follow up questions - which I need help with since I'm out the country and i've no credit to ask the bank myself. Any help would be greatly appreciated

1) How many weeks before they disable your account for being in overdraft, as in a negative account balance, for too long?

2) After how long do you get charged for being in overdraft?

Reply 3

cherryred90s

Original post by nmudz_009

You won't get charged and they won't disable your account if it's an arranged overdraft

Reply 4

nmudz_009

Original post by cherryred90s

You won't get charged and they won't disable your account if it's an arranged overdraft

It isn't prearranged it was just spur of the moment

Reply 5

999tigger

Original post by nmudz_009

They will not disable the account as long as it remains an authorused o/d, but they will keep adding any charges.

Student o/d are often free, so that means you can borrow the money and they wont charge you, but ofc will expect it back at some point. If its not a student o/d then they may charge you on a daily basis, but you cna google the bank and its o/d terms.

Reply 6

999tigger

Original post by nmudz_009

It isn't prearranged it was just spur of the moment

How do you know you have a £500 o/d then?

Reply 7

nmudz_009

Original post by 999tigger

How do you know you have a £500 o/d then?

I am 478 pounds into overdraft

I thought everybody has an overdraft limit based on how many times they've overspent or whether they have any debt- I thought they dont have to plan it or anything

Either way, I never formally agreed that 500 is my limit. Im just assuming I it is because if It was less I wouldnt have been allowed to get to -478 in the first place

(maybe i know nothing about banking)

Reply 8

999tigger

Original post by nmudz_009

You didnt say you were already overdrawn. If you have a £500 o/d, then you only have £22 left of that facility. If you increase the o/d over the limit then you will go into unauthorised o/d and incur a penalty charge and interest rate which are alwats very high and you should avoid going into that.

Reply 9

ddrrzzeerr

Best to try to increase your overdraft rather than going over your limit. Some banks will let you go over it, others won't. Do you have online banking? For many banks you can apply online and get an immediate decision.

Reply 10

cherryred90s

Original post by nmudz_009

You don't have an overdraft limit unless you arranged it with your bank.

Reply 11

999tigger

Original post by cherryred90s

You don't have an overdraft limit unless you arranged it with your bank.

Some o/d are already in place when you open an account. Graduate accounts are normally like that.

Reply 12

nmudz_009

Original post by 999tigger

Sorryyy I didnt mention I'm already overdrawn

On a side note...it does say there are no charges due on my account and that I am within my ''agreed overdraft'' limit, tho I cant for the life of me remember when I agreed to anything! lol

so does this mean I wont get charged and my account wont get shut down?

Reply 13

Juno

Original post by nmudz_009

From the information here, anything anybody does say would be pure speculation. It's impossible to say whether your overdraft is interest free, or if it even exists.

If you can log into internet banking, the info should be there - or phone them and ask. But don't just assume it's free. Sometimes, banks can take a month or so to charge you any fees.

Reply 14

999tigger

Original post by nmudz_009

Are you an undergraduate and a uk national with a graduate account?
Which bank are you with?

The easiest way is to ask them or chck your online account.

Reply 15

ddrrzzeerr

Its worth bearing in mind that banks can unilaterally reduce your overdraft at any time. It happened to me once. I had a large overdraft and because my income went down, they halved my overdraft. It was annoying because when your income has fallen, you are not in the best position to pay off an overdraft at short notice. I would think that you would be alright with only £500 but that is speculation.

Reply 16

nmudz_009

Original post by 999tigger

Are you an undergraduate and a uk national with a graduate account?
Which bank are you with?

The easiest way is to ask them or chck your online account.

I'm new to internat banking, All I know so far is where to find my bank statement. where does it say what sort of bank account I have? Or if I've got any charges or interest thats coming

I will get back up to zero again by March 12th. That's 52 days after first going over

I am a UK national, undergraduate studying abroad. I bank with HSBC

(edited 7 years ago)

Reply 17

nmudz_009

Original post by Sternumator

Did they end up charging you overdraft fees/interest?

Reply 18

999tigger

Original post by nmudz_009

Honestly just contact the bank either phone them ot you can use live chat.
http://www.hsbc.co.uk/1/2/contact-and-support#

or look at your account online