I've had a current account with BOI for about 8 years now. This is my main account where my salary is paid into each week and where the direct debits occur i.e. car loan, credit union, savings account, phone bill, SSIA, car insurance and then my own personnal needs etc. Because of this the account is nearly always in overdraft. I think I've had it in the plus about 3 times this year and then it goes back into overdraft. The most it has been in overdraft is about €700 but generally my balance is always between €200 - €300 OD (after the wages and debits occur).
However I've never once been charged for this and its been going on for a couple of years now. Why is this? Because I'm using the banks money I would've thought they would jump at the chance to charge me!
One final question, would my fortnightly SSIA payments that come out of this particular account be considered as borrowed funds? I realise your not allowed use borrowed money for your SSIA account.
However I've never once been charged for this and its been going on for a couple of years now. Why is this? Because I'm using the banks money I would've thought they would jump at the chance to charge me!
One final question, would my fortnightly SSIA payments that come out of this particular account be considered as borrowed funds? I realise your not allowed use borrowed money for your SSIA account.