help - new interest suddenly being charged on overdraft

suzejf

I've had a look in some of the threads but can't see anything related to my query.

I've had a current account with Natwest for years, believe it was called current plus. I'm not sure how it came about, think it was the bank's initiative - but I've had an interest free overdraft facility at a limit of £1000 roughly for a few years. I've never really had to use it as I'm rarely overdrawn. However, I changed my account to a student/graduate one, still with Natwest (they persuaded me, not sure if there was much advantage in that) when I studied for a postgrad degree. Now a couple of years later, I'm getting computer generated letters, saying because I've 'graduated', my account is being changed to a current plus. However it seems as if I'm being treated as if I were a first time student/graduate being converted to a current plus, even though I was a current plus-er before. And apparently my OD limit will stay the same but I will now be charged interest.

Obviously I want to complain as effectively my account is being downgraded from what it was before. I assume I was given an interest free overdraft limit because I was a long standing customer and seldom overdrawn. What sympathy will the bank have if I complain about this and say I'm considering banking elsewhere?

Any advice please...

elamozzarella

Regardless of if you changed your currentplus to a graduate or closed the currentplus and opened a student/grad NW are just following standard procedure for end of the graduate term. I'm surprised the o/d's not been tiered down every June. At the end of the grad term the idea is you have zero or a small o/d which is then charged at normal rate. If they haven't tiered it down to help you pay it off then perhaps you could complain? But even so, these are the T&C's you'll have agreed to, old currentplus or no old currentplus.

If you're actually in the overdraft then switch to someone doing 0% (Alliance and Leicester comes to mind) and then hash it out with NW if you really want to. Personally I'd just switch. They might be sympathetic, but they might not. A&L will also pay you £100 for your new custom.

paulmcerlean

You'd be lucky to get a £1000 interest free overdraft from any bank.