Nat West Bank Charges

Tcs

My son has come to me with money problems, apparently he has spent over his overdraft limit and received a letter stating they are charging £30 daily interest charges, he is already in debt , i do want to help him but not sure if these charges are correct, it seems very high, he has asked me to go to the bank with him and i need to know how he stands and how best i could deal with this, any advice would be welcome.

natweststaffmember

Tcs wrote: »

My son has come to me with money problems, apparently he has spent over his overdraft limit and received a letter stating they are charging £30 daily interest charges, he is already in debt , i do want to help him but not sure if these charges are correct, it seems very high, he has asked me to go to the bank with him and i need to know how he stands and how best i could deal with this, any advice would be welcome.

Firstly, how old is your son?
What type of account does he have?
How many statements does he have so you can take a look?

Tcs

natweststaffmember wrote: »

Firstly, how old is your son?
What type of account does he have?
How many statements does he have so you can take a look?

He's 23 should know better, he doesnt live at home, i will try to collect his statements, he is now moving back with me so i can help him with finances, its a basic current account, as i personally have not been in this position and he has asked me to go with him to the bank tomorrow i wanted some advice on how to tackle this problem, i must just add my son has a reading and memory problems and was on special needs through his childhood, i know this is no excuse but do feel i need to step in and help as with the current charges that are being added daily his debt is becoming unmanageble.

willo65

Have you read the letter? Natwest don't have daily charges and to accrue £30 in interest per day he would have to be around £40000 overdrawn which I doubt he will be. The £30 charge normally relates to a direct debit which has been paid when their isn't enough funds in the account to cover it. If you cancel all D/D's and S/O's then pay by other means (Debit card/Cheque) then he won't get any £30 charges. He will egt a £28 charge for every month he is over his limit though.

Tcs

willo65 wrote: »

Have you read the letter? Natwest don't have daily charges and to accrue £30 in interest per day he would have to be around £40000 overdrawn which I doubt he will be. The £30 charge normally relates to a direct debit which has been paid when their isn't enough funds in the account to cover it. If you cancel all D/D's and S/O's then pay by other means (Debit card/Cheque) then he won't get any £30 charges. He will egt a £28 charge for every month he is over his limit though.

No i havent seen the letter yet, he phoned me , will read it tomorrow, thanks for advice, can sleep better tonight