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Re: Bank Charges
Your (unused) overdraft facility would not keep any cats fat. It's just like a note on your account to say that it has been agreed that you are allowed to go overdrawn by £X. Unless you do overdraw the account you will not pay anything.
It would however provide a safety net for any possible future occasion where you or your wife miscalculate again by 6p. The interest charged on an overdraft of 6p would be negligable.
You quite clearly do need the overdraft to cover such eventualities or you wouldn't have had the problem in the first place.
All you are doing by refusing to accept the available facility is cutting off your own nose to spite your face.
It's not a suggestion that you keep your account in a permanently negative state, just a safeguard against any possible future bouncing cheques.
We've got a Nationwide account with an overdraft facility of £300 but the account remains in the black. It doesn't cost anything when it's in the black but if we had a technical hitch and the goings in were delayed and didn't go in until after the comings out had come out the facility would kick into action and nothing would bounce.
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