question on overdraft charges

[Nomansland]

Hi,
I currently have an overdraft of 1750 euro's. It ususally gets cleared every 3 months, (however, sometimes not). Should one get charged interest on the overdraft if it is getting cleared every 3 months?

 

[ClubMan]

What to the terms & conditions of your account/overdraft agreement say about charges?

 

[bobboy]

Off course one get's charged interest. You are in effect borrowing the money from the bank while the account is in overdrawn status. But check with your bank for your specific details.

 

[CCOVICH]

Hi,
I currently have an overdraft of 1750 euro's. It ususally gets cleared every 3 months, (however, sometimes not). Should one get charged interest on the overdraft if it is getting cleared every 3 months?

In short, yes. Why do you think you wouldn't get charged interest when you have borrowed money?

If it is a fee free account, you may qualiify for a free overdraft (from both charges and interest), but few banks offer this as part of their 'fee free' banking, and I don't know of any that offer such a deal on overdrafts up to €1,750.