Is it fee free to have a Halifax overdraft?

K

Krew Bot

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I am considering opening a current account with Halifax, on the application form there is an option to avail of an overdraft up to €1500 with no arrangement fee. My question is does it cost anything to have an overdraft with Halifax if its never used during the year?

Say for instance if I have an overdraft limit of €1000 and I have a bank balance of €0 is it possible to withdraw money from the account with my atm card or use my laser card in a shop, or is an overdraft specifically to pay for direct debits and cheques when there is no money in the account?


Kevin
 
Doesn't the Halifax tariff of charges outline what charges and interest apply to authorised and unauthorised o/ds?

[broken link removed]
 

It does what it says on the tin.

Your €1500 OD allows you to draw funds up to the agreed limit. Whether this is used to pay bills by DD or Cheque, or to spend on goods and services is really up to you. Halifax also gives you a €50 Buffer OD at 0%, which means you can dip into your OD without attracting charges up to €50.

Also, bear in mind that you will pay interest at 9.5% for overdrawn amounts up to the agreed limit, 17.6% for amounts over your agreed limit.

BTW, you will find there is no Laser Card issued by Halifax. What you will get is their Visa Debit Card.

Don't forget that Halifax will pay you 10% Interest if you can manage to keep your account in credit (Max €2000), and fund the account by at least €1500 p/month (Salary?).
 
Thanks guys.

Clubman, in the link it says 'No Overdraft Arrangement Fee' so does this mean if I have an overdraft for a year and never use it I won't pay any charges?

I am going away for a month so if my current account balance drops to €0, will I be able to withdraw money from an atm machine at will up to the €1500? Not that I would but it would a handy feature to have, I guess.
 
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