Are my bank getting even?

Pound

I have a student/graduate account with an interest free overdraft on it. With me not using the overdraft I put it in an ISA for a few years. I haven't used the account for anything else and I've made every effort to avoid paying it off early.

My interest free overdraft is being reduced on the 10th July and the only effort my bank has made to tell me this is to send me a message on Internet banking that I very rarely use. They also sent me a letter I received on the 5th July to tell me, but considering that 2 working days is needed to transfer money and banks are closed on weekends this effectively only gave me 1 day notice to clear my overdraft and avoid interest and charges. I also had a phone call from my bank to tell me my overdraft was being reduced in January, not July as advised in writing.

I have to wonder if my bank knew I was stoozing and thought they'd make it difficult or even confusing for me to pay my overdraft off in time so I get stung with charges and get back a bit of that money they lost on me. Afterall, as soon as my interest-free overdraft is gone it will be the last they see of me.

lisyloo

I have to wonder if my bank knew I was stoozing and thought they'd make it difficult or even confusing for me to pay my overdraft off in time so I get stung with charges and get back a bit of that money they lost on me.

I think it's highly unlikely that they have put that much effort into monitoring your individual account. Sorry, but you're not that important in the scheme of things.

More likely it's a policy change or it's standard practice after X years with that particular student account.

Pound

lisyloo wrote:

I think it's highly unlikely that they have put that much effort into monitoring your individual account. Sorry, but you're not that important in the scheme of things.

More likely it's a policy change or it's standard practice after X years with that particular student account.

I'm sure you're right. But still, the way they acted almost landed me with some nasty bank charges. You have to wonder what sort of motive is behind a policy that gives you 1 day to pay off an overdraft.

PoorDave

Pound wrote:

I'm sure you're right. But still, the way they acted almost landed me with some nasty bank charges. You have to wonder what sort of motive is behind a policy that gives you 1 day to pay off an overdraft.

Their incompetance, most likely