Under 18 overdraft

jackhowson

I'll try to briefly explain my situation: I'm 17, bank with (a current account) Nationwide and (savings acct) NatWest.

For buying stuff on the internet and shops, I have to use my NatWest account Visa as Nationwide won't give me a debit card. So - I simply transfer what money I need from Nationwide to NatWest and then purchase - meaning the balance on my NatWest account is normally £0.

I bought train tickets the other day for £120 - so paid the money from Nationwide to NatWest, paid the company, and presumed it had been taken out, and forgot about it. Train tickets arrived, and have been used now.

Looked at my internet banking today, and it said I still have £120 in the account, and forgetting why, withdrew it from the account, because I needed the money. Half an hour later, I saw the balance on the NatWest savings account had dropped to -£120.

Correct me if I'm wrong, but isn't it impossible for someone my age to get an overdraft? Anyway, I called up NatWest and the woman said they weren't allowed to speak to under 18s - I'd have to go into the branch.


Just wondered where I stand on this one, if anyone has any advice?


Jack

opinions4u

There are situations where these accounts can go overdrawn. You've just discovered one!

Legally, they can't enforce the debt against you.

Morally, you owe the money and should pay it back.

If you'd been over 18 they'd be hammering you for some rather hefty bank charges right now, so I suggest you learn a lesson from this that saves you from problems in the future. Banks make a lot of money out of people who "forgot about it" or "presumed". Get a lot closer to your money and you'll be better off for it.

jackhowson

Thank you!

cockneysean

They can ask you to pay back the money but I don't think that they can legally enforce it.

Also, they cannot levy any charges against you for it. You should really pay it back though. Any money that gets paid into the account will be taken towards the overdrawn amount.