overdraft charge

Obijas

hi all if anyone can offer advise to my problem please do.
I have a Nationwide Flex Account which is a current account. My overdraft limit at christmas was £150 which I have never gone over. I was away from january until just recently. I have been catching up on correspondance and and found a letter stating from the start of March my overdraft limit is being reduced to £50 but as I didnt read this until recently I did not put the extra money in the account to cover this so now I have received 2 charges of going over my overdfaft limit totalling a min of £40.
I have phoned up Nationwide and explained my circumstances but their answer was the charges stand as they sent the relevant letter out to inform me of this.
I asked if they were allowed to do this and was assured yes but as I am refusing to pay the fees who is correct. I have now put enough funds into the account so i'm not over the limit.
I understand you can refuse credit card charge increases but am not sure of the rules on current accounts and overdrafts.
I look forward to any help thankyou

balmk

Unfortunately they are right - they sent you a communication which you have failed to read. You have appealed to them, but they have stated that the charges stand.

They are within their rights to reduce your overdraft - you need to make sure that you keep an eye on your finances.

YorkshireBoy

Obijas wrote: »

I have phoned up Nationwide and explained my circumstances...

The reason you were away, and couldn't use mail-forwarding?

I am refusing to pay the fees

I wouldn't do that if I was you, since that will damage your credit rating...and cost you even more money!

Far better to pay them (perhaps under duress), and then ask for them back later...subject to your 'circumstances' forming a valid reason...via formal complaint.

I have now put enough funds into the account so i'm not over the limit.

If you've some more charges pending, then put money in to cover these as well.

opinions4u

I am refusing to pay the fees

This is just about the worst decision you could take. It will trash your credit file.

My adivce, pay up asap but pursue a complaint to try to get it back later.

pmduk

An overdraft can be withdrawn totally at any time, if you refuse to pay any fees outstanding that would be their logical next step.

ses6jwg

its the banks money, not yours, read the terms and conditions, they can withdraw it at any time as long as they give you prior notice.

they have given you notice.

You can go down the road of a formal complaint and they might waive one charge if its your first offence and if they do I would take that with open arms.

The financial ombundsman would chuck your complaint straight in the bin.