What happens if I go over my overdraft limit?

What happens if I go over my overdraft limit?

David Malcolm (Student Finance Policy Officer) gives expert video advice on: How should I choose a bank account?; Should I increase my overdraft if I need more money? and more...

What happens when you go over your overdraft limit will depend on the bank and it's policies. Often an initial charge will be applied, plus interest on the amount by which you have gone over the overdraft limit, but it will depend on the bank, and you should check with them to see what consequences arise from you going over your overdraft limit. In some cases, you might be allowed to go over it by a small amount on a one-off, once a month or something like that, before any charges will be applied, but you should check that out, and you certainly shouldn't rely on it. If you're getting into financial difficulty, you should see a student adviser in your student union, university, or college.