Natwest Overdraft Increase! Please Help

eruka

I have a Natwest Student account with £1400 Overdraft at its limit!
I just Graduated This Year and have been told that my account will be changed to a Graduate Account. The Graduate account can have an Overdraft of £2000 but only if you ask for it to be increased. I was wandering how i can go about getting an increase.

I would ideally like to do it over the phone or online (Dont want to go in to local branch if possible).

Can someone please tell me which number i can call to get this done??

Also how long does it take to get activated once its done?

Thank You.

natweststaffmember

Simplest way is to go into the branch, if you have online banking you can do it online. If it is approved then it is overnight ie, approved on Wednesday and active on Thursday.

EDIT: unless that is done after 6:30pm which would be the cut off point for following day.

RayWolfe

eruka wrote: »

IThe Graduate account can have an Overdraft of £2000 but only if you ask for it to be increased. I was wandering how i can go about getting an increase.

Are you sure you want to do this?
2K is a lot of money, do you know how are you going to repay it if the bank asks for it back?

antuk

If you dont want to go into a branch, you can call the student service on 08453012789, they are open till 9pm (from what i was told)

eruka

RayWolfe wrote: »

Are you sure you want to do this?
2K is a lot of money, do you know how are you going to repay it if the bank asks for it back?

Thanks for the replies. Im currently looking for a job and would pay it back once i got one (Hopefully i will get a job soon!!!!)

I was wandering if i went into the branch, what is the liklihood id be refused an increase? or is it more automatic where you just go in and someone swipes your card and its all done?(This is what my friend said happened when he asked for an increase from 1250 to 1400 from year 1 to year 2 as a student).

antuk

I called up and the guy had to read out the credit blurb as he said it would require a credit check, i assume the same procedure would apply in branch...

natweststaffmember

No it isn't automatic and we have what is called Pre Assessment Limits so we more or less know straight away if we can increase the overdraft. In between years prior to graduation are tricky to be honest because some overdrafts go through and others don't. If you don;t use the overdraft over the summer it would almost certainly decline because part of the T&C's state it must be used as the main account.
I think you should be ok, eruka.

Rosiechops

natweststaffmember wrote: »

No it isn't automatic and we have what is called Pre Assessment Limits so we more or less know straight away if we can increase the overdraft. In between years prior to graduation are tricky to be honest because some overdrafts go through and others don't. If you don;t use the overdraft over the summer it would almost certainly decline because part of the T&C's state it must be used as the main account.
I think you should be ok, eruka.

I was recently a victim of a Phishing Scam. The Fraudster stole £4,500 from my account. Natwest gave me a £5,500 overdraft to accommodate this transaction without even checking with me first. Therefore the thief got away with all of my money plus a hefty overdraft. Shouldn't Natwest have bounced this transaction and contacted me to check it was actually me on line? I am now overdrawn and Natwest refuse to pay back the money as I responded to a Phishing email.

natweststaffmember

This isn't a student account kind of question but a fraud one. I would start a thread about this one Rosiechops(there is a lot of people not happy with me today--am I being cursed by a lot of posters or am I paranoid )
The overdraft would have been increased online and my understanding is that written confirmation would have been sent out. I sympathise with you but you need to report it to the police as theft. It would have been sent to a bank within the UK so a trail would be left for the police to go on.
I am afraid I do agree with the bank because you responded to a phishing email and when you log into online banking it does give warnings. Furthermore, you should have been more suspicious of emails from a bank, there has been a lot of stories in the paper. Most phishing emails have on the email "Do not reply to this"(it is a clue that it is not what it pretends to be. Your phishing filter should have picked it up as well.
Sorry to be harsh but I cannot fault the bank on this.

MABLE

eruka wrote: »

I have a Natwest Student account with £1400 Overdraft at its limit!
I just Graduated This Year and have been told that my account will be changed to a Graduate Account. The Graduate account can have an Overdraft of £2000 but only if you ask for it to be increased. I was wandering how i can go about getting an increase.

I would ideally like to do it over the phone or online (Dont want to go in to local branch if possible).

Can someone please tell me which number i can call to get this done??

Also how long does it take to get activated once its done?

Thank You.

Why on earth do you find it necessary to have an overdraft of £2000 facility.
It is not a gift and will need to be paid back.

Has the so called credit crunch not taught you anything. It is possibly the most expensive way to finance debt.

antuk

MABLE wrote: »

Why on earth do you find it necessary to have an overdraft of £2000 facility.
It is not a gift and will need to be paid back.

Has the so called credit crunch not taught you anything. It is possibly the most expensive way to finance debt.

The overdraft is free on a graduate account is interest free

£2000 for the 1st year
£1000 for the 2nd year
and £500 in the 3rd year

So its the best way to finance anything!!!