How does bank overdraft work? (UK only)?

I'm 18, and have a bank account with Lloyds TSB. I have a VISA Debit Card (Not electron). I am 拢9 overdrawn.

How does it work though, I have no idea.

Do I get charged per week for being overdrawn? How much is the charge?

If I was 拢100 overdrawn, how much per week would they add on to that? And how long would I have to pay it back?

Thanks.

yes you do get charges as you are lending the money from the bank but i dont know how much as it differs, call into your bank to find out

also its wise not to have an overdraft as the banks will increase it more and more and you will use it more and more and you will be really out of money

They'd charge you the interest for the days you are overdrawn at their own interest rate.

They also put an unarranged overdraft charge on to your account which could be around 拢30. They'd ask for that, plus the added interest, and the overdraft itself, immediately. If you don't bring your account within the limit, another charge would go on the next month.

My advice is to ring the bank, if you can't pay the 拢9 - arrange a temporary overdraft, ask if they can waive the unarranged overdraft charge and do what you can to bring the account back into the black.

You get charged per day. Get yourself an authorised overdraft. Get on the phone to the bank NOW or you are going to be seriously in debt. NOW

You will also be charged between 20 & 40 拢's just for going overdrawn.

if you are overdrawn and the bank havent given you an overdraft limit you will be charged up to 拢38. see them and ask for a 拢100 overdraft which will be about 拢10 interest each month until you pay it off.

If you dont have an authorised overdraft it will cause you no end of grief. The correct suggestion from previous answer is to get in touch with the bank and say oops can I please make arrangements for an overdraft please as i dont want this to happen again.

The main reason you want to do this is the charges, some banks make a charge per transaction when you are overdrawn, so if you take another 拢10 they might charge you 拢35 in overdraft fees, so it's a really uncool place to be.

Get on to the bank now and sort an overdraft out, believe me its much more cost effective and easier than way around.