overdraft question

[galway_blow_in]

i have a 12 k overdraft facility which ive used once in about twelve years , i dont intend to close the facility as you never know what the future holds but something ive been wondering

if a time comes when you need to use an overdraft facility , how onerous is the interest rate , obviously if you only went into the red for a few weeks , it would not be a disaster but is it charged based on how much you go over or the duration ?

 

[Gordon Gekko]

The rates are high (typically 12-15% per annum). It's simply time apportioned on a per-day basis, so a few days here and there aren't fatal.