Negative balance.

[PaulMacC]

I have about £35 in my bank account right now. Due to a delay in payments from my job I wont have my wage in until Friday. I have to pay around £50 in terms of membership fees and bills on the 1st July. They are doing through direct debit, will my account go negative and then when my wage gets put in it will just take £15 off it?

[Neversoft]

I don't know all the ins and outs but when I spent more than I had in my bank the bank paid the extra amount that I didn't have and then took the amount back from me when I next paid money in to my account. They then charged me £30 for what is called an unplanned overdraft. Thankfully Abbey will remove it if its your first time if you call them and ask, so I got away without paying for it. Each banks have their own ways of doing things though, so you may not be so lucky. If I were you I would borrow some money off your parents or a friend and pay that into your bank so you have enough and then pay them back next week, as going overdrawn is not worth the hassle. Banks won't let you get away with going into the negative without getting some extra money from you, even if it is just for a day or even a few minutes for that matter.

[::Art::]

1st of july is my bday.


Edited by Catzsy (Forum Super Moderator): Please stay on-topic.Thanks.

[Kieran]

Yes, you will go in to Overdraft (Will have OD on your statement) and then when you pay in your wages, it'll come back to a normal balance. Depending on what bank you're with, you may get a charge. I know HSBC give you a couple of days to get out of it before they charge you whereas Natwest just throw it at you.

It might be worth going to your bank and telling them the account is going to go OD because of a delayed wage and see if they will null any fees :)

[Robbie]

As you are under 18 you cannot be charged for going overdrawn. However, if you are paying by Direct Debit the DD will be refused if theres not enough in the account and the company may charge you.

[Kieran]

Is it by any chance O2 who is taking money from you? If it is, they don't mind if their DD's bounce. I used to have to do it all the time. :P

[-paul.]

Some banks will let you take out a certain amount over and not charge you. But this is dependant on age as well but £15 will probs occur about a £30 fine

[PaulMacC]

It is a gym membership. I have transferred £40 over from PayPal but that will take 2-3 days which at the latest is July 2nd :(

[Kieran]

Chances are, they DD won't come out if you don't have the funds.

[PaulMacC]

Will the DD be done when I do have the funds?

[Kieran]

Well whenever I've done it with O2, they just ask me to pay by card for that bill.