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Will I be charged for having an overdraft?

Some charges may apply and will depend upon the circumstances of your overdraft, for example if it is an unarranged or arranged overdraft.

In some cases there might be debit interest charged, which is when interest is charged on your account for the time you were overdrawn.

You can become overdrawn when your balance goes into a negative amount or if you exceed your arranged overdraft limit.

To help you avoid / reduce charges, if you have registered your mobile phone number with us, we will automatically send an overdraft text alert to notify you when you are about to enter, or when you have entered into an unarranged overdraft. The alerts will also be sent when you don’t have enough funds in your account to make all of your scheduled payments that Business Day. This will give you the opportunity to pay in sufficient funds to bring your account balance back to either a positive balance, or within your arranged overdraft limit.

If you haven't already, you can register your mobile phone number using our mobile app. Log in, choose 'My settings and details' from the main menu, at the bottom of the screen select 'Update number or email' and then update your details. We will ask you to verify the change by using your fingerprint, passnumber or Face ID. Please allow 1 Business Day for your phone number to be updated.

You can also register your mobile phone number in online banking. Once you have logged in, go to ‘Profile’ and select ‘Change your contact details’. You’ll need to enter your password, 6-digit security code and a verification code we will send to you by text message or email. It's important that you never tell anyone your verification code. When changing your contact details, we will send a verification code to the contact details we currently have for you, not your updated details. Please allow 1 Business Day for your phone number to be updated.

Alternatively, you can call us on +44(0)3457 212 212 (Call Charges). Lines are open 8am to 8pm, 7 days a week. Call us from the UK and abroad. Find out more about the Overdraft Alerts Service.

Read more about our overdraft options

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Related Articles

  • How often will I receive overdraft text alerts?

    You will receive an overdraft text alert either before you go into or when you enter into an unarranged overdraft. The alerts will also be sent when you don’t have enough funds in your account to make all of your scheduled payments that working day.
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  • Can I opt back into receiving overdraft text alerts if I have opted out?

    : Yes, you can opt back into receiving overdraft text alerts at any time.
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  • Are overdraft text alerts secure?

    Yes, they are secure. The text message will come through with the name ‘Co-optiveBk’ as the sender and we’ll only include the last four digits of your account number
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