I recently had to arrange an overdraft facility for my business account. To cut a long story short, a 2 month trial for a 12 month marketing campaign was so unresponsive I chose not to go ahead and not to start making the required monthly payments.
So understandably I wasn’t too pleased when the first payment was taken from my account! (This was not a cheap campaign but would have paid for itself if effective.)
It was coming up to the end of the month and other debtors were a bit late so as a precaution I approached the bank for a temporary overdraft.
It costs £150 to set up a short term overdraft the likes of which people may require in the event of an emergency.
To have a standard overdraft in place takes the same amount of time to set up and costs £25 per quarter and you can cancel it after a few months if you don’t need it.
My business manager was kind enough to point this out so you can imagine which option I chose.