Repaying your overdraft
To repay your overdraft, you’ll need to make at least the minimum repayment on time.
The best and cheapest way to clear your balance is to pay it off in full as soon as possible.
Each monthly statement period, we'll send an overdraft statement to your app and Online Banking inbox. This will confirm how much you owe and when you need to pay.
To repay your overdraft, simply pay money into your Zempler Bank Account by Bank Transfer or cash deposit, no later than the date shown on your statement.
FAQs
Yes, each month we'll send your overdraft statement to your Online Banking and app inbox which will show:
- Your credit limit
- Your balance (on the statement date)
- The amount of interest charged, and the rate it was charged at
- The minimum payment due
- The payment due date
Need some help understanding your statement? See managing repayments.
If you can’t afford to make a repayment on time, call us right away on 0203 059 5784.
Our Credit Management Team are available Monday to Thursday from 8am to 8pm, Friday 8am to 6pm and Saturday 9am to 1pm.
If you would prefer independent, impartial, free and confidential help, you can also speak to any of these organisations:
Missing one or several payments can harm your credit score so it’s important to act right away if you’re worried about repayments.
Relying on short term credit products like an overdraft could be a sign that you’re spending more on interest than you need to.
If you have an overdraft and use it often, we may contact you about your overdraft being in repeat use. This is because your overdraft is meant to be a short-term financial safety net rather than a regular source of credit.
Changing your spending and/or borrowing patterns or choosing another borrowing option could be a cheaper option.
If you’re in repeat use, we recommend you get advice and consider how often you need to use your overdraft. Consider too, if getting or using a credit card or loan could save you money.
As a responsible bank, we want to help you stay in control of your finances.
The Financial Conduct Authority (FCA) has rules that require us to take action to help customers reduce the high avoidable costs often associated with repeated overdraft use.
If you’re in overdraft repeat use, we will:
- tell you that you’re in overdraft repeat use (usually by email)
- encourage you to call us so we can help support in any way we can
- direct you to independent and free services that can assist you if you prefer
We’ll send you reminders if we observe repeat overdraft usage. If we’re concerned that you may be in financial difficulty, we may also get in touch to discuss other options to help support you, such as a credit freeze.
If we believe that your overdraft repeat use may be causing you financial difficulties, we may need to temporarily suspend use of the overdraft while we discuss a way forward.
You can use our overdraft calculator to see the cost of using your overdraft in pounds and pence, which will help you compare the cost to other types of borrowing.
No. We don’t report your overdraft repeat use to the credit reference agencies, so there’s no direct record left on your credit file.
However, we do report your overdraft balance and credit limit to the credit reference agencies, so if you apply for credit in the future then other lenders will be able to see how much borrowing you’ve used and for how long.