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Waiting time to get overdraft?

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  • 01-09-2009 12:08am
    #1
    pog it
    Registered Users Posts: 2,912 ✭✭✭


    Hey does anyone know how long it would take for a new bank to give you an overdraft after you first set up a new current account with them? Say if you were asking for an OD of 500-1000?


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    It depends, you'd need to have a regular income and make sure the account is operating well. I'd ideally like to see 6 months of good account operation before a first overdraft, however if you've had your account elsewhere before moving to your current bank, if you give them statements on your old account they could take those into consideration. Best bet is ring your branch and see do they think it's worth applying.


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    #3
    pog it
    Registered Users Posts: 2,912 ✭✭✭pog it


    Thanks for reply Toots. I already have an overdraft with my own bank, but I thought I'd be better off having a couple of current accounts with an overdraft on each, (I'm not talking massive money :)) - just enough for a safety net and to then have no need at all for a credit card. I'm just going to open another account now, and apply then after a couple of months.


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