It was interesting to note that the OFT in the UK lost their court case against the banks on overdraft charges.
What is the situation in Ireland? The reason I ask, is that I went into my bank about two weeks ago and asked what happens if my account goes to zero, will it stop paying out. I mentioned that I did not want an unauthorised overdraft. The answer was that they cannot watch it, it will still pay and that I will go into overdraft whether I want it or not. It means that I need to keep a reasonable float in my current account to prevent paying overdraft charges. I would personally prefer the account to stops paying out, so that I can transfer savings to correct the issue. Any comments on this.
What is the situation in Ireland? The reason I ask, is that I went into my bank about two weeks ago and asked what happens if my account goes to zero, will it stop paying out. I mentioned that I did not want an unauthorised overdraft. The answer was that they cannot watch it, it will still pay and that I will go into overdraft whether I want it or not. It means that I need to keep a reasonable float in my current account to prevent paying overdraft charges. I would personally prefer the account to stops paying out, so that I can transfer savings to correct the issue. Any comments on this.