Hey, I've just set up a student bank account with HSBC and received a letter that covered the details of the overdraft facility.
I chose not to have a credit card for my account so I'm confused about the section titled 'Total Charge For Credit'.
The contents of that section are:
"An indication of the total charge for credit for this facility is £0. This figure is illustrative only and calculated upon the assumptions that you draw down the entire overdraft only once at the start of the facility and repay it in one amount after 3 months with no use of the account affecting the calculation. It includes overdraft interest and any applicable account fee."
Does this mean that I need to repay the money I use in my overdraft within 3 months of using it? Or can I use the overdraft and then repay it over my entire time at Uni without incurring any extra charge?