Help!! My bank account says -500 in debt I DONT KNOW WHAT HAPPENED.
Right. So I had about £140 on my bank account.
I pay my uni accomodation fees by 'direct debit', so on a certain day each month, my monthly accomodation fee gets automatically taken from my bank account.
However since I only had £140 on my account, the transaction should've been unsuccessful cause I had insufficient funds and that's it. That's what happened last time I didn't have sufficient funds.
However now...
My bank account latest transactions says I had £140 on my account yesterday and today (when my accom fee gets automatically taken), I had £600 taken from my account and am now in about -524 debt.
So how does that work??
So now I don't even have money to eat. If I get someone to send me like £100, then does that mean that I will still be £424 in debt and not able to withdraw the £100 from an ATM? So I can only withdraw any money from my account after the -524 has been cleared???
I pay my uni accomodation fees by 'direct debit', so on a certain day each month, my monthly accomodation fee gets automatically taken from my bank account.
However since I only had £140 on my account, the transaction should've been unsuccessful cause I had insufficient funds and that's it. That's what happened last time I didn't have sufficient funds.
However now...
My bank account latest transactions says I had £140 on my account yesterday and today (when my accom fee gets automatically taken), I had £600 taken from my account and am now in about -524 debt.
So how does that work??
So now I don't even have money to eat. If I get someone to send me like £100, then does that mean that I will still be £424 in debt and not able to withdraw the £100 from an ATM? So I can only withdraw any money from my account after the -524 has been cleared???
Do you have an agreed overdraft? If not, why not?
If you do not have an overdraft then it is very likely that the payment will be returned with funds insufficient and you will go back to being £140 in credit. Get an overdraft asap.
If you do not have an overdraft then it is very likely that the payment will be returned with funds insufficient and you will go back to being £140 in credit. Get an overdraft asap.
If I recall correctly;
You can withdraw money up to your overdraft limit, the limit on a student account often being £1000 but not always. This would not be charged as you have an agreed overdraft limit, you will also be able to withdraw more for food and so forth up to the limit. You have to pay the debt back 1-3 years after graduation depending on the account and who you're with.
If your Student account has no overdraft limit than you will see similar effects too a Cashcard account which is stated below.
If you have a cashcard account with a £0 overdraft limit the money will only be taken out temporarily but refunded after a day or so and classified as an unsuccessful transaction. This may incur a charge.
If you have a current account with an overdraft limit under £524 then you will be in debt and have to pay a fee for the amount of time you're above your pre-agreed overdraft limit. You can withdraw more iirc but it will charge you and is inadvisable because the charges can add up significantly.
You can withdraw money up to your overdraft limit, the limit on a student account often being £1000 but not always. This would not be charged as you have an agreed overdraft limit, you will also be able to withdraw more for food and so forth up to the limit. You have to pay the debt back 1-3 years after graduation depending on the account and who you're with.
If your Student account has no overdraft limit than you will see similar effects too a Cashcard account which is stated below.
If you have a cashcard account with a £0 overdraft limit the money will only be taken out temporarily but refunded after a day or so and classified as an unsuccessful transaction. This may incur a charge.
If you have a current account with an overdraft limit under £524 then you will be in debt and have to pay a fee for the amount of time you're above your pre-agreed overdraft limit. You can withdraw more iirc but it will charge you and is inadvisable because the charges can add up significantly.
(edited 9 years ago)
Im still not entirely sure what an overdraft is, I've looked into it a bit but I think it's only for UK students??
I dont know if this matters but... what happened is
1. March direct debit was £330.
2. I had insufficient funds so nothing got taken from my account. 3.HOWEVER I paid this March £340 online to my uni like 2 days ago. 4.However two days ago my April direct debit was already set up by the time I sent my March payment, so the April direct debit added up to like £660 because of my March debt.
5. So even though I sent my March payment which was £330 two days ago, I still got £600 taken from my £140 bank balance today so that is how I am in -520 now.
6. So now I have like 900+ taken from my account even though.
This payment only got sent out today and I guess they haven't dealt with my the payment I sent either cause I sent it on Easter, doyou think they will sent it back?
Even if they do at some point, I still have no money left rn and if someone sends me money I cant withdraw it 
I dont know if this matters but... what happened is
1. March direct debit was £330.
2. I had insufficient funds so nothing got taken from my account. 3.HOWEVER I paid this March £340 online to my uni like 2 days ago. 4.However two days ago my April direct debit was already set up by the time I sent my March payment, so the April direct debit added up to like £660 because of my March debt.
5. So even though I sent my March payment which was £330 two days ago, I still got £600 taken from my £140 bank balance today so that is how I am in -520 now.
6. So now I have like 900+ taken from my account even though.
This payment only got sent out today and I guess they haven't dealt with my the payment I sent either cause I sent it on Easter, doyou think they will sent it back?
Even if they do at some point, I still have no money left rn and if someone sends me money I cant withdraw it Look up what an overdraft is; check if you have one. Problem solved
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Posted from TSR Mobile
Original post by So Instinct
If I recall correctly;
You can withdraw money up to your overdraft limit, the limit on a student account often being £1000 but not always. This would not be charged as you have an agreed overdraft limit, you will also be able to withdraw more for food and so forth up to the limit. You have to pay the debt back 1-3 years after graduation depending on the account and who you're with.
If your Student account has no overdraft limit than you will see similar effects too a Cashcard account which is stated below.
If you have a cashcard account with a £0 overdraft limit the money will only be taken out temporarily but refunded after a day or so and classified as an unsuccessful transaction. This may incur a charge.
If you have a current account with an overdraft limit under £524 then you will be in debt and have to pay a fee for the amount of time you're above your pre-agreed overdraft limit. You can withdraw more iirc but it will charge you and is inadvisable because the charges can add up significantly.
You can withdraw money up to your overdraft limit, the limit on a student account often being £1000 but not always. This would not be charged as you have an agreed overdraft limit, you will also be able to withdraw more for food and so forth up to the limit. You have to pay the debt back 1-3 years after graduation depending on the account and who you're with.
If your Student account has no overdraft limit than you will see similar effects too a Cashcard account which is stated below.
If you have a cashcard account with a £0 overdraft limit the money will only be taken out temporarily but refunded after a day or so and classified as an unsuccessful transaction. This may incur a charge.
If you have a current account with an overdraft limit under £524 then you will be in debt and have to pay a fee for the amount of time you're above your pre-agreed overdraft limit. You can withdraw more iirc but it will charge you and is inadvisable because the charges can add up significantly.
Yeah I just have the regular Barclays account, I guess. And no arranged overdraft. But ahhh that makes me feel better! Checking every minute if its been refunded...
And I just checked,according to the website I cannot apply for an overdraft 'Overdrafts are only available to UK resident students' I am an EU student.
(edited 9 years ago)
It sounds like you would benefit from having an arranged student overdraft. You might still be able to get £1000-£1500 if you look around, although I know it is more tricky for international students.
Are you not able to manage your finances a bit better to make sure that you have money for your rent in the bank though? It sounds incrediby irresponsible that you have *repeatedly* just left it and assumed everything would be okay just because they can't really take money from you if it's not there. You can't just decide to pay it online when you have a DD set up. They take a long time to be amended or cancelled, it isn't immediate (and the uni would have to authorise it.) I would be terrified if this happened even once! Also if this situation happens again and it goes into an unauthorised overdraft (which it likely would if you were working) then not only will it screw your credit rating, but you will be in trouble with fees and charges from the a bank.
Are you not able to manage your finances a bit better to make sure that you have money for your rent in the bank though? It sounds incrediby irresponsible that you have *repeatedly* just left it and assumed everything would be okay just because they can't really take money from you if it's not there. You can't just decide to pay it online when you have a DD set up. They take a long time to be amended or cancelled, it isn't immediate (and the uni would have to authorise it.) I would be terrified if this happened even once! Also if this situation happens again and it goes into an unauthorised overdraft (which it likely would if you were working) then not only will it screw your credit rating, but you will be in trouble with fees and charges from the a bank.
EU students do sometimes get overdrafts arranged, but you need to go through more application steps and it sometimes (I think, from memory) requires a parent to place a sum in trust against the potential overdraft figure, depending on circumstances. It would be worth asking at your bank about it - don't give up. 
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