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Making it impossible to go overdrawn? Can it be done? watch

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    Confession: I am a bit of an impulsive spender. Even with a clearly-worked out and perfectly ample budget, I have been known to dip my toes into the red on a frighteningly regular basis. Online shopping is the worst for this. Often, I don't even look at the amount of money that's in my account, because I don't want to be reminded that I don't have enough. Stupid, I know, but I want to do something about it.

    The thing is, I'm sure that my bank used to block my debit card from withdrawing cash or making payments whenever I didn't have enough money in it (I'm with HSBC). A couple of years ago, this stopped without warning and without me doing anything to initiate it - now I just go overdrawn, and can keep doing so without realising. I kind of want the old state of affairs back - can I do this? How? Will I need to switch banks?
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    (Original post by Geritak)
    Confession: I am a bit of an impulsive spender. Even with a clearly-worked out and perfectly ample budget, I have been known to dip my toes into the red on a frighteningly regular basis. Online shopping is the worst for this. Often, I don't even look at the amount of money that's in my account, because I don't want to be reminded that I don't have enough. Stupid, I know, but I want to do something about it.

    The thing is, I'm sure that my bank used to block my debit card from withdrawing cash or making payments whenever I didn't have enough money in it (I'm with HSBC). A couple of years ago, this stopped without warning and without me doing anything to initiate it - now I just go overdrawn, and can keep doing so without realising. I kind of want the old state of affairs back - can I do this? How? Will I need to switch banks?
    Why can't you just find a way to prevent access to online shopping sites, or find something else to do when you would normally browse and buy?
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    (Original post by Sammydemon)
    Why can't you just find a way to prevent access to online shopping sites, or find something else to do when you would normally browse and buy?
    I'm not saying that I wouldn't do that too, it's just that it seems silly to be able to go overdrawn in the first place, so if I can make it impossible, that would be a great help.
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    (Original post by Geritak)
    I'm not saying that I wouldn't do that too, it's just that it seems silly to be able to go overdrawn in the first place, so if I can make it impossible, that would be a great help.
    im sure you can ask if they can withdraw your overdraft
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    Go to your local branch and ask them to disable your overdraft.
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    I've had my debit card declined before when there haven't been enough funds in the account, so I know that my account doesn't have the facility to go overdrawn. But that's always been the case; I suggest you talk to your bank about it.
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    It depends on the account. I worked in the New to Bank department in Lloyds. There is a service you can get with them called a cash account. It's the same as a visa card take money out etc except there is no overdraft facility. These are usually given to people with low credit limit. You have to remember people going into their overdrafts is a way the banks make money. Even if you take away your overdraft you will go into an unplanned one, which has higher charges than a planned overdraft(which is what you will probably have currently).

    In conclusion ask if you can have their equivalent of a cash card. They should do one. Probably this one: http://www.hsbc.co.uk/1/2/current-ac...c-bank-account

    PM me if you have any other questions
    (Original post by Geritak)
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    (Original post by lyrical_lie)
    It depends on the account. I worked in the New to Bank department in Lloyds. There is a service you can get with them called a cash account. It's the same as a visa card take money out etc except there is no overdraft facility. These are usually given to people with low credit limit. You have to remember people going into their overdrafts is a way the banks make money. Even if you take away your overdraft you will go into an unplanned one, which has higher charges than a planned overdraft(which is what you will probably have currently).

    In conclusion ask if you can have their equivalent of a cash card. They should do one. Probably this one: http://www.hsbc.co.uk/1/2/current-ac...c-bank-account

    PM me if you have any other questions

    I don't actually have an agreed overdraft on my current account, so I've been going into 'unplanned' overdrafts. But there must be a buffer because they don't always charge me (although it's hefty when they do), and even if I don't have the money, transactions always go through.

    I've been looking into basic accounts, as they seem to be a bit closer to what I'm looking for. Am I right in thinking that if I went to an ATM or a till with £6.00 in my account, and tried to withdraw/spend a tenner, I physically wouldn't be able to? I don't mind the idea of charges for going over so much, as long as it's a case of "once it's gone, it's gone" for the money I do have.
 
 
 
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