Has your overdraft been cancelled?

pedro43

Complaints to the financial ombudsman if they change your OD limit without giving you fair notice... should be atleast 28 days in writing!

Annasp

My £1,500 overdraft was removed without warning by the Cooperative Bank in October 2010, shortly after I had taken out a loan with them. This resulted in my mortgage not being paid, and charges of £30 by my bank, and another £30 by the mortgage provider. I was told that I could have another overdraft of £900, at a charge of £20, just as my loan payment was due out of my current account. I complained and the original overdraft of £1,500 was reinstated at another charge of £20. One £20 was refunded but I'm still £80 out of pocket. I complained a month ago but have heard nothing.

jyncks2001

Hi, I recently had an issue with Santander, slightly resolved but not totally as I do not know whether they are within their rights or not. I was paying off an overdraft at an agreed amount, never missed a payment, even paid in extra....but it seems that this was only agreed for 6 months, so in december they withdrew the overdraft, sent a letter stating that i needed to pay the overdraft within 14 days or else i would be in default, two days after this letter was dated, a default notice was sent, one day after this letter was dated, another default letter was sent.....all received over two weeks later, then finally another letter was dated two days after the last one saying that i had 28 days to pay. Needless to say I contacted the bank, was messed around sufficiently, tried to find out what was going on.....didnt, so made a formal complaint. I got a call the following day from the complaints dept saying they had looked into it and could do nothing. I went to my local branch, they were perplexed, got the run around and then made a formal complaint on my behalf. Cutting a long story short, they have now agreed to re-instate my overdraft and allow me to keep paying it off, but......they say that they are unable to reverse the default notices because the original agreement was only for 6 months! Incidentally, they still took a payment on the 7th month. Is this true....did i default because they withdrew the overdraft without telling me....citing that the agreement was only for 6 months and then the debt was passed to an external agency!!!! Without anyone contacting me. Un bloody believeable behaviour from the bank from the start, with bully boy tactics, unfortunately now i will find it difficult to get another bank account, due to the default notices. Any advice would be greatly appreciated.

Trumpet_Al

I have just had my overdraft facility cancelled with Barclays Bank, I have always needed the overdraft as my busines has been hit over the last couple of years thanks to the banking !!!! up!
I was not informed that the plug was being pulled and I am now waiting for a couple of suppliers to scream at me for sending out bounced cheques!
I did, however get a call about my overdraft and was told that I would be contacted about my financial difficulties, no call.

jediboyuk

Santander has a freephone number (so don't use their thieving 0844 800900 one!). Use 0800 0 566 066, OK?

From saynoto0870.com

Venusflytrap

I have had a £250 OD with Barclays for 4 years but not had the need to use it as I make sure I spend less than I earn each month (of course there could be the odd emergency for which I could dip into my savings).

Haven't checked recently if the OD is still there and won't miss it if it weren't!

I remember when I rang Barclays up to ask that the reserve of £500 (the amount by which you can exceed your OD and still have payments processed with a fee) be removed from my current account. The lady warned me that payments over my OD limit would not be paid w/out this reserve. I reminded her that payments/purchases over my monthly salary never get made!

sophia-abigail-mummy

Current account provider - Nationwide
Overdraft limit before change - £1500
Overdraft balance at time - £1400
New overdraft limit after change - £500
Whether this happened at an official overdraft review - no
Any charges - no
Whether you were notified - no they said they sent letter but none received

Just checked bank one day to see it gone phoned bank immediately and luckily enough only happened that day so no charges yet. Told bank could not pay it off and they agreed a reducing facility of £100 a month until cleared. 12 months later full balance cleared and so glad it happened as it gave me the kick up to bum to clear my debts now 61.62% there and debt free date dec 2011:T sometimes these things actually help! in a weird way.

Jessicker

Today my overdraft has gone from £1300 to £200, no letter.

dazzammm

• Current account provider - Natwest
• Overdraft limit before change - £5k
• Overdraft balance at time - £4.5k
• New overdraft limit after change £4.5k
• Whether this happened at an official overdraft review - no
• Any charges - not yet
• Whether you were notified - no

the balance went to £4.5k in the red, had a back dated WTC payment and a few days later the o/d was reduced. ill be on the phone first thing in the morning.

Reading some other posts ive got off lightly.

R.Deringer

Santander. OD went down from £500 to none with no given notice. Noticed that OD was removed when checked summary of transactions, there were three overdraft fees for £25 each. One phonecall to their support and got fees removed and OD restored.

After 5 years of not using OD had couple of rough months and bank decides to cut it's 'helping hand'. Each of reds was repaid at the end of month.

All this makes me think that whole OD deal is just to get more customers with no real intention of giving them 'emergency' resources to use.