Benefits of a first direct overdraft
No overdraft interest charges on the first £250 of your arranged overdraft (subject to status)
You'll only be charged interest on any arranged balance if you're overdrawn by more than £250.
£10 buffer to help avoid unarranged overdraft fees
If you exceed your overdraft limit by £10 or less, you won't be charged a fee.
Don’t worry we won’t use text speak – and definitely no emoji's.
From 17 November 2019, we’ve introduced new arranged overdraft text alerts. If you haven’t opted out of these alerts, we’ll text to let you know if you’re using or are about to use your overdraft. We’ll also let you know the following day if you’ll be charged overdraft interest.
In addition, we’ll also send you text alerts if your account balance goes over its arranged overdraft limit (an ‘unarranged’ overdraft).
The text alerts are sent to give you time to pay money (not a cheque) into your account before the end of the day - by 11.45pm. We hope this will help you avoid having to pay overdraft interest.
You can choose to opt out of receiving these alerts at any time by sending a secure message via Online Banking or calling us on 03 456 100 100.
How your available balance is displayed from 24 November 2019
Your ‘available’ balance includes the amount of cleared funds in your account (if any). It excludes pending payments such as Direct Debits. It also doesn’t include your arranged overdraft limit (if you have one).
Your ‘available’ balance might also include cheques, it’s important to note cheques take two working days to clear as long as it is deposited by the cut off time. The funds will appear in your account by 23:59 the working day after but is often earlier.
If a cheque to your account was returned by the end of the second working day, first direct would then debit the amount from your account. You will be responsible for the repayment of any overdrawn balance and arranged overdraft set up fees that result. See our Account Terms and Conditions for more information.
Here’s an example of how the new ‘available’ balance will look from 24 November, compared to how it looked before.