Hey there! Sign in to join this conversationNew here? Join for free
x Turn on thread page Beta
    • Thread Starter
    Offline

    21
    ReputationRep:
    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
    • Very Important Poster
    Online

    19
    Very Important Poster
    (Original post by nmudz_009)
    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
    Yes it should be fine.
    • Thread Starter
    Offline

    21
    ReputationRep:
    (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?
    Offline

    19
    ReputationRep:
    (Original post by nmudz_009)
    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?
    You won't get charged and they won't disable your account if it's an arranged overdraft
    • Thread Starter
    Offline

    21
    ReputationRep:
    (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
    • Very Important Poster
    Online

    19
    Very Important Poster
    (Original post by nmudz_009)
    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?
    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.
    • Very Important Poster
    Online

    19
    Very Important Poster
    (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?
    • Thread Starter
    Offline

    21
    ReputationRep:
    (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)
    • Very Important Poster
    Online

    19
    Very Important Poster
    (Original post by nmudz_009)
    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)
    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.
    Offline

    17
    ReputationRep:
    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.
    Offline

    19
    ReputationRep:
    (Original post by nmudz_009)
    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)
    You don't have an overdraft limit unless you arranged it with your bank.
    • Very Important Poster
    Online

    19
    Very Important Poster
    (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.
    • Thread Starter
    Offline

    21
    ReputationRep:
    (Original post by 999tigger)
    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.
    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?
    • PS Reviewer
    Offline

    20
    ReputationRep:
    PS Reviewer
    (Original post by nmudz_009)
    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?
    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.
    • Very Important Poster
    Online

    19
    Very Important Poster
    (Original post by nmudz_009)
    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?

    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.
    Offline

    17
    ReputationRep:
    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.
    • Thread Starter
    Offline

    21
    ReputationRep:
    (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
    • Thread Starter
    Offline

    21
    ReputationRep:
    (Original post by Sternumator)
    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.
    Did they end up charging you overdraft fees/interest?
    • Very Important Poster
    Online

    19
    Very Important Poster
    (Original post by nmudz_009)
    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
    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
    Offline

    17
    ReputationRep:
    (Original post by nmudz_009)
    Did they end up charging you overdraft fees/interest?
    No. Luckily I did manage to scrape the money together but 2.5k at a weeks notice wasn't very nice of them.
 
 
 
Reply
Submit reply
Turn on thread page Beta
TSR Support Team

We have a brilliant team of more than 60 Support Team members looking after discussions on The Student Room, helping to make it a fun, safe and useful place to hang out.

This forum is supported by:
Updated: January 28, 2017
Poll
Do you agree with the proposed ban on plastic straws and cotton buds?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.