Nationwide FlexAccount

clairecymru

I have recently opened a flex account to get a better rate on my mortgage. I was given a £1000 overdraft facility. However i am confused because this overdraft does not show in my available balance. Surely if i have £500 pound in my account it should say:

Balance £500
Available balance £1500

But both balance and available balance say £500, but on the top of my statement it does say agreed overdraft £1000.

Do i have an overdraft or not?

thatsean

Ring and ask them?

If it's on the statement I'd imagine so, but I see you point - I'd expect the balances to be represented in the manner you state. That said, i've no experience of N'wide maybe it's a qiurk of theirs?

YorkshireBoy

Overdrafts

Your overdraft limit is not included in the available or account balance.

http://www.nationwide.co.uk/search/DisplayArticle.aspx?article=1135

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le_loup

Different banks treat this differently. As has been said NW don't include it. Personally, I prefer that because there is no way I can then be misled into going overdrawn.

Lawpf2001

When I worked at Nationwide many customer questioned this. Nationwide do not show your overdraft as available balance. I think its mainly as they do not wish for people to think this is money they can spend and think nothing of. It allows for a clear distinction between your own funds and borrowed money.

I wish more banks did this.