overdraft

sky88

Just a quick question on overdrafts which i recently put on my account. 

i recently went into my overdraft for the first time. its an overdraft of 600. i took 100 of the overdraft but i have not put funds into my account which will see this go to positive figures. i know 100 of this will pay the overdraft back. but im wondering because i paid this back does the overdraft go back to 600 or is it 500 for the month of january. then when Februaryy hits it goes back to 600.

Bank of Ireland: Nicola

sky88 wrote: »

Just a quick question on overdrafts which i recently put on my account. 

i recently went into my overdraft for the first time. its an overdraft of 600. i took 100 of the overdraft but i have not put funds into my account which will see this go to positive figures. i know 100 of this will pay the overdraft back. but im wondering because i paid this back does the overdraft go back to 600 or is it 500 for the month of january. then when Februaryy hits it goes back to 600.

Hi sky88, thanks for getting in touch.

Once you have an overdraft facility on your account, you can overdraw up to that agreed limit. For example, if your overdraft limit is €600 and you use €100 of this, then you’ll have €500 remaining to use on your overdraft facility.


If you were to make a lodgement to your account of say for example €200, then €100 of this would be paid off the overdrawn balance and you’d have a credit balance of €100 in your account.

You can still overdraw up to the agreed limit while the overdraft is in place. We've some more information on overdrafts here.

I hope this helps, please let me know if you need anything else, thanks.
Nicola