NATWEST - new rules on overdraft interest?

JRP_2

I hope someone will be able to help me....

I've just read on the Natwest website that their student account overdraft isn't always interest free, depending on how far into it you are. Have I read this wrong or am I actually paying interest on an overdraft that was sold to me as 0% interest?

If I'm right about this is there somewhere more suitable to take my minus money(!)?
:money:

MrsManda

What precisely does it say? Do you have a link?
Student overdrafts are interest free but if you go into an unauthorised OD you will be charged interest. You also may be able to negiotate a higher OD than is usually available but be charged interest.
And Student ODs (as are all ODs) are payable on demand.

[Deleted User]

JRP you need to give more info.I have always had a NarWest student overdraft - and regardless of my limit (I have never gone over authorised limit) I have never had any charges.

whitfreak

While i cannot verify for the student account (i cannot find where it says that on there website). It is true for the graduate account.

Each year after graduating they've reduced my interest free overdraft, but kept my overdraft limit the same. But I have recieved a letter each year saying what those limits are and the interest free bit comes first. Awkwardly cashmachines and internet banking only ever seemed to show me my total overdraft limit.

Easy way to tell if your paying interest is just check you bank statements as it will be a monthly charge, or read everything they've sent you carefully. However, assuming it is still a student account and you havent arranged anything over the standard limits I'd be surprised if that is true.