Overdrafts - personal customers, not business

[Bronte]

What percentage of the banking population have overdrafts. Are they granted automatically by the banks. How long in general do people have overdrafts. Do banks have any limits as to how long one is allowed to have one or is it indefinite?

 

[44brendan]

The standard rule of thumb for approving an OD is maximum of 1 month salary. Not granted automatically at the moment but not a big deal for existing clients with a good track record or new clients with a regular verified income.
Hard to define what percentage of people have OD's.

 

[mark1]

You would have to apply for an overdraft facility, when you apply they will discuss how long you want it for etc, can't really remember if we discussed an amount , personally I have had one for a while for one weeks salary just to cover the likes of a direct debit being presented early.

 

[Macstuff]

I have one for 6k... I got it in 2007, it was granted origonally for 6 months and has been available to me since. The rate on it is 10.4%.

I recently applied for a short term loan to clear it and was offered a rate of almost 15% on that. It made no sence to take the loan, so now I am clearing the OD month by month.