Has your overdraft been cancelled?

huish123

My overdraft was cancelled one day before all my direct debits went out, and I was charged £38 for every one that failed. I am now in the red more than when I was when I had an active overdraft. And guess what? still no overdraft. I can't believe that we the public, (who now own most of the banks,) are so powerless, to these corporations.

But its not just banks....oh no! my credit card company decided to adjust my credit limit, you guessed it! one day before the interest was due to be paid on the account, they charged me £12 for going over my so called arranged credit limit. Which I did'nt even know about until I got my credit card bill the following month.

My case for reclaiming bank charges has been on hold for a long time, like so many people out their, but looking at the recent so called! admin charges that I have received, I think I could be putting in another claim when the first set of fees are finally refunded.

Boy oh Boy! the day that the banks finally get the news they don't want...i.e pay back all the money you have stole from peoples accounts, will be a day in history, just to show them that they are not above the law like they seem to think they are, and I think it should be declared an official Bank holiday, after all when they do work, (which in my local branch is 10:30am to 2:30pm, so not alot) they work there hardest to get people into serious debt.

A Very disgruntled and broke Natwest customer.

And looking down this forum, I would like to ask the person that seems to support the banks, im guessing a banker, if we do not agree with the terms of a contract, one would assume that all financial institutions are the same, then where do we put our money????? Hmmmm? Under our pillows. Face it banks terms and conditions are there for one reason and one reason alone, and thats to make banks more money from the little guy, Yeah! the ones that now own your awe inspiring banks.

Punkygoth

Cerisa wrote: »

the other side to this is that I have a £1600 graduate over draft. I went into it more than usual this year because I was on benefits and was consistently screwed by the benefits agency, to the extent that my part time job - taken to improve my skills and stop me sliding into a deep depression - was put down as a full time job. On the basis of me earning £20 a week they stopped all my benefits, and then it took talking to SIX different people to get them re started. Rather than argue with them about it - their procedures are ridiculously complicated - I opted to just restart my benefits, so now they are demanding £165 from me, because they overpaid my housing benefit. I now have a job. However my rent is £320 a month and y transport is £80 a month. Last month i would have been ok, only we got our winter gas and electric bill, which was £360. And you need to remember that the reason everyone thinks of it as a cheap and easy form of credit is that the banks encouraged them to. As a student, I had store cards, credit cards, extended overdrafts all pushed on me, luckily I used this site and was savvy enough to skip it all, except for the overdraft, which I NEEDED.

This sanctimonious !!!!!!!! really annoys me. Unless you've experienced that hideous feeling where you cannot afford food then you can't judge. :mad:

I completely agree. A friend of mine who despite living in real difficulty, has always managed to not exceed his overdarft limit, has now been told he has 30 days to pay back £3000

Janey213

My daughter is on a European funded exchange programme in Spain aimed at increasing understanding bewtween the young people of European nations. She arranged a £750 overdraft to see her through the three months and even went into the Nationwide to tell them she would be in Spain. Suddenly, without warning, her overdraft was withdrawn. They knew she was in Spain yet still sent her a letter to her UK address. 20 years old, an ambassador for her country, she was stranded abroad with no access to funds in order to buy food. What is more, they immediately slapped on charges and demanded that her overdraft be repaid. Not very bright. An email to the chief executive resulted in a phone call an hour later and the situation was resolved. It could have had a tragic outcome and I am just grateful that my daughter wasn't put in too much danger. She had to borrow money just to phone me and phone the bank! Ten out of ten to the Nationwide for sorting it out so quickly. Nought out ten for being so shortsighted as to do it in the first place.

dogscenturion

I had a £300 overdraft with abbey national. I got a letter stating that one month later the overdraft would be withdrawn, so i rang and asked to repay it over the coming months but they wanted £65 per month, that is too much for me to repay, i am disabled and that is alot from my money each month. I kept getting letters and phone calls i went the the CAB and they sent a letter along with financial statemant. This went on for 6 months and at the end of every month interest went on. I rang them whenever i received a letter, but was told this would happen, but eventually they would sell it on the a debt collecting agency. I asked to arrange some sort of payament scheme, but the amount that i could afford wasnt enough. So 2 weeks ago a letter from the debt collector arrived and now i owe them £500. My credit rating with suffer even though i dont use credit.
I am disgusted with Abbey National, they could have prevented all this.

7sefton

My smile debit card was declined in 2 retailers. I visited a Co-op branch where the advisor put me through to someone on the phone. They told me my overdraft had been cancelled, even though I had had no email/secure message/letter/phone call to tell me so (although it did happen on my review date). To be honest, I'm not sure the advisor knew what he was talking about because first of all he said it was my fault for not calling them to 'renew it on my review date', then he suggested it was a mistake and he would rectify it straight away. Sure enough, my overdraft was reinstated that day. Strange!

JOELEY05

I had my overdraft cancelled by HBOS without notice a few weeks before christmas. When I contacted their call centre I was told there was nothing they could do to help. It was only £500 and was paid back but its not really the point, people rely on their overdraft especially at this time and have plans to pay it back. I know how i felt and i was able to keep my head above water but for people that are struggling its very unfair. And for people who say its our faults for spending "Free Money" we all cant afford to have £10,000 overdrafts. Owing that much I wouldnt be able to sleep at night for worrying!!!

twhitehead

Not sure if there is another thread about this, if so SORRY.
But I was recently on holiday (in UK) and tried to use my Capital One credit card (limit £7000, amount owing £30 approx) in a Sainsburies (bill about £7). I was told the card was invalid. Luckily my wife had a separate (Co-op) card and she used that to pay. When we got home I found a letter from Cap one on the mat saying my card was being replaced (no reason) and the card in my possession would be canceled three days from the date of posting. That happened while I was away from home. I never found out what had happened, long waits on a 0845 until I gave up.

dosiz

I had a current account with Halifax with an overdraft of £2500. We didn't use it and did nothing to negatively affect our credit rating.

Then applied to upgrade our account to the recent Reward a/c but

Instead of upgrading it they opened a new a/c
and so we transferred across

Then got a letter saying the transfer process had finished and they were removing our overdraft altogether - the letter gave us 7 days to pay any outstanding balance (which there wasn't any, thank goodness) but it arrived 9 days after being sent

I then tried to apply to get the overdraft back -they offerred us £100 (which wouldn't cover the credit card bill if it came in the day before my salary, for example)
They told me we will have to wait 3 months for them to assess regular payments in etc

I wrote to complain and they've just rung today and offerred £25 goodwill payment as they can't do anything about it - just have to reapply in 3 months

Hope I don't need it between now and then, heh?!!

RWM38

Like Happy Camper (posting higher up the page) I also wonder if the withdrawing (or reducing) of overdraft facilities is prompted by the customer trying to reclaim bank charges. I have put in a claim for bank charges to be refunded, and since then Lloyds TSB have twice reduced my overdraft facility without prior notice (causing me to exceed the new limit and then they charge me for this), and they have also taken money from one account to pay off another account (they call this "setting off", I call it theft!!!!!!). It seems to me that those of us who assert our right to a refund of charges are then being deliberately targeted and penalised by the banks (or maybe it is just Lloyds????).

prettykitten

Yes, the Cooperative did this to me. I'd been struggling and one month paid over £300 in charges. I live on one income, in the care industry, and it's hard. I've always worked. Had no warning, no letters EVER,before or since, just checked on-line banking and they had taken away overdraft leaving me with about £58.00 for all bills, mortgage etc!! I know it's not free money. I know that because of how much they charge! It's customers like me who keep the banks in profit not you so smug people who don't have to use your overdrafts.You have no right to condemn people that way.