Help, can they do this?

Question

About 1 month ago i went overdrawn on my Lloyds tsb card by £10. I have a under19's account and i'm 16 years old. Can they charge me overdraft?? Also please don't have a go at me about anything. Thanks in advance x.

Answer 1

When I was a student of 19 I went overdrawn for a few days. I haven't done so again for the past 40 years. Good learning experience!

Answer 2

Yes banks can and do charge you for going over your limit, why don't you ask your bank for an agreed overdraft

Answer 3

Yes, if it's part of the Terms and Conditions of the account, the bank can charge an overdraughts penalty.  Best be careful in the future about overdraughts.

Answer 4

Sadly banks can do whatever they have said they will do in the contract you signed with them.

If that states that they will charge you overdraft fees and interest, then they will do it.

They will send you a new terms & conditions letter at regular intervals (which, like the rest of us, you will file straight in the bin).  It explains in there what they will do, when and how much.

Answer 5

No joke, I was overdrawn and the bloody bank charged me £30 for each days I was under = £ 35 for each standing order they tried to pay out then they say, sorry, not enough money on your account.

They had to pay £29 and charged me £35 overdraft interest + £30 that day so now, I owe £94 ! isn't that discusting ?

Answer 6

Thats a cracking comment - please dont have a go at me!

Why would anyone have a go at you!

When you opened your account did you get any letters or information about the account you were opening?

If so, look it up and you will find out what happens when you overdraw.

You dont say they have charged you an overdraft fee only if they can.

If they have - then its probably right!  Overdrafts that are not arranged are subject to fees.  If you think you are going to overdraw regularly - arrange for say a £30 overdraft facility - and then anything you spend within that £30 overdraft will not be charged - anything over it will be.

Just phone your bank if you are still unsure and they will explain their charges to you.