How to.... **Banking**?

Question

How do i go about getting an overdraft on my bank card, and what things will prevent me from having one??

Answer 1

Speak to your bank. Tell them you would like an overdraft facility and why. They will ask you how much you want. When you tell them one of three things will happen:

a) They will tell you that it's OK and give you a date from when it will be available.

b) They will suggest a lower figure to start with. This can be increased at a later date if required.

c) They will laugh so much that they wet themselves and they'll call all their colleagues over to share the joke.

If it's a or b you have no problem. If it's c it could be because you never pay any money into your account. You regularly spend more than you earn and already have an un-arranged overdraft. You have borrowed a lot of money already. You have maxed out all your credit cards and you are only paying back the minimum monthly payment. You may have a bad credit score for some other reason.

Good Luck.

Answer 2

To get an overdraft is to spend money you don't have in your account.  The way to avoid this is to not spend what you don't have.

Answer 3

Well that guy is wrong. You can go negative with your bank card. That is what overdraft does! Basically an overdraft is where the bank pays your debts for a fee. It is really meant for checks so they don't bounce, but many people use it for debit cards. In general overdraft or overdraft protection is where the bank pays your checks and transactions so they do not go against your credit.

To avoid worrying about fees you can cancel your overdraft, but then make 100% sure you do not have a bad check. This will stop your card from overdrawing your account, but your checks will still bounce.

Otherwise just don't spend money you don't have. Always keep track of your balance. When in doubt do not buy anything or call your bank for your balance.

Answer 4

You can overdraft with a check but you can not overdraft with a bank card.  You bank card is instant so if you have no money it will decline it.  Your bank will always pay bank card transactions before any checks on your account.

Answer 5

The best thing is to keep a written register of all your transactions. That way you know how much you have and you can deduct from that everytime you make a purchase. If you are using just online banking or the automated phone system to check your balance then you are actually getting a false balance. Those systems can't deduct anything that has not been presented to your account. Examples are checks, auto debits and gas station purchases. Gas stations are the worst. They take anywhere from two to four business days to show up. The best bet is to write down everything. Also remember to write down any bank fees you may get charged. Like using a non-bank atm or something like that. If you need any more detailed help send me an e-mail.