Unplunned Overdraft Increase

talos181

Just checked my bank account and my bank have increased my overdraft with authoursiation, are they allowed to do this.

noh

talos181 wrote: »

Just checked my bank account and my bank have increased my overdraft with authoursiation, are they allowed to do this.

Yes
If you are not happy with the new limit ask them to reduce it.

naijapower

thats correct. if you are happy ask them to reduce it.
by the way, who do you bank with

talos181

I'm ringing them this evening, I did not authourise the increase, they seem to have taken it upon themselves to increase it. i was happy with its current limit

thriftymomma

You can ask them not to autommatically increase the limit in future. Which bank was it?

talos181

Its LloydsTSB

withnell

The banks just can't win can they!

redrabbit29

withnell wrote: »

The banks just can't win can they!

If you're implying that the OP should be happy and welcoming of the overdraft increase then it's a personal choice.

Not everyone wants more credit - it's a dangerous concept, and I use credit cards as a way of budgeting so would not want my credit limit changed without being asked first.

jambosans

redrabbit29 wrote: »

If you're implying that the OP should be happy and welcoming of the overdraft increase then it's a personal choice.

Not everyone wants more credit - it's a dangerous concept, and I use credit cards as a way of budgeting so would not want my credit limit changed without being asked first.

It is a dangerous concept if you are ill-informed about borrowing, but anyone with a little common sense will realise having credit does not mean you have to use the credit.

Overdrafts have review dates, at which point the overdraft can either be: removed, decreased, increased, or maintained. So I would suggest it is less of a personal choice, but more the banks. You have agreed to have an overdraft, the bank sets the limit. I agree in good practice that the bank should write to you to advise of a change, but to an extent you are advised of a possible change via the review date.

Also I have a credit card that recently had the limit increased with a letter following to notify. You can set your limit as long as that is within the limit the bank are willing to lend you. If the bank decides to lend you more it is really your responsibility to have the limit decreased. I'm sure this is covered by air tight terms and conditions for both overdrafts and credit cards.

Ultimately like previous replies have said, it is not a big deal. Some people are never happy and want to be in absolute control of everything, the reality is when it comes to lending that's in lap of the Gods, or the banks. Sometimes I forget. :A

Rupert_Bear

talos181 wrote: »

Just checked my bank account and my bank have increased my overdraft with authoursiation, are they allowed to do this.

Whats that all about. You have said with authorisation although spelling a a bit suspect. Not really sure what the problem is.

never-in-doubt

EASTERNTHUNDERUK wrote: »

The op should stop banging on aboyt how unhappy they are, if they are sensible enough they wouldnt need to use it would they .Some people are never happy.

Enough is enough.

Time you went. Now you're being a pain.

Can everyone please start to report this fool to [EMAIL="abuse@moneysavingexpert.com"]!!!!!![/EMAIL]
as soon as this muppet posts a reply.

All he does is abuse other members and it is time he went home.