Bank advice

[Central]

Ok

We pay £475 a month to our landlord via standing order. This month my partner who was off work as she was very ill lost a few days. We had enough cash to cover the rent just not until the day after and we was going to pay the rent straight into the landlords account.

I went to the bank today to get the remaining rent and the standing order had already been took out leaving us £386 overdrawn. Now I have £400 in my wallet and a statement showing £475 has been sent. The account is with Natwest and comes with a Solo card with no Overdraft

Will this money be returned to the bank or should we send the money in my wallet to my landlord in case it does not?

[Rob]

Do you have any overdraft arrangements with the bank. Chances are if your account shows the overdrawn amount they have autorised the payment, and it won't get refunded.

Can you not phone the bank to clarify?

[Central]

Originally Posted by Rob C

Do you have any overdraft arrangements with the bank. Chances are if your account shows the overdrawn amount they have autorised the payment, and it won't get refunded.

Can you not phone the bank to clarify?

No overdraft at all

Will get missus to ring bank as its hers

[Rob]

Be prepared for the extortionate your unathorised overdaft has cost you £### letter

The payment can be cancelled by the bank but you will not know for sure until the next working day!

So if the transfer was sent on a Friday you may find that on Monday the payment has been returned unpaid but this is unlikely!

Hold of till Monday if I was you, and if the transfer has not been cancelled and the funds returned to your account by then then the payment will have been authorised.

However you will get charged shed loads in fees so if I was you I would not stay overdrawn for long!

Originally Posted by Be*

Ok

We pay £475 a month to our landlord via standing order. This month my partner who was off work as she was very ill lost a few days. We had enough cash to cover the rent just not until the day after and we was going to pay the rent straight into the landlords account.

I went to the bank today to get the remaining rent and the standing order had already been took out leaving us £386 overdrawn. Now I have £400 in my wallet and a statement showing £475 has been sent. The account is with Natwest and comes with a Solo card with no Overdraft

Will this money be returned to the bank or should we send the money in my wallet to my landlord in case it does not?

Thats how the banks make their money I'm affraid, my neighbours son opened an Ebay account even though he was only 16, he'd got a Solo account with no overdraft just cash in and cash out, he went on ebay and bought a mobile phone, the transaction took him in an overdraft, the bank sent him a letter telling him about it then charged him £25, bear in mind he was only 16.

[Graham M]

Most of the time if you have gone overdrawn and it wasn't your fault an account manager can remove the charge, at least that's what I have found with Lloyds.

[kronas]

Originally Posted by Zeph

Most of the time if you have gone overdrawn and it wasn't your fault an account manager can remove the charge, at least that's what I have found with Lloyds.

it depends on the bank and person you talk to, i managed to talk my way out of only my second ever charge (previous 18p) this time £25, i mentioned that i had means to replace funds within a few days, she let me off, not without a dirty look though

its worth asking your bank, if you deal with someone regularly there and they seem nice then ask them, if not just speak to someone senior.

[Central]

The bank is still overdrawn. Nothing has been returned

[Julian]

Surely if you haven't applied for an overdraft you shouldn't be given one, since it is providing credit and requires an agreement to be set up.

Originally Posted by Nidge

Thats how the banks make their money I'm affraid, my neighbours son opened an Ebay account even though he was only 16, he'd got a Solo account with no overdraft just cash in and cash out, he went on ebay and bought a mobile phone, the transaction took him in an overdraft, the bank sent him a letter telling him about it then charged him £25, bear in mind he was only 16.

Same thing happened to my son. I went up to the Halifax with him and explained that he had not signed a credit agreement and that he was too young to do so anyway. They refunded all the charges without question.