I asked my bank to remove my overdraft facility, but they haven't done it.

the_day_of_night

Hey there,

I recently graduated from university, and today I finished paying a student overdraft that I had with my bank. I wasn't asked to pay it or anything, I just decided to pay it because I didn't like being in debt. Anyway, yesterday I went into my local branch, and explained the situation to the lady at the customer service desk. I explained that in April I decided to pay my overdraft, and that with the money from my job that I was to receive in the morning, my overdraft would be completely paid. And I asked her if it was possible, once my overdraft was paid, to have the facility removed from my account. The lady said well done on paying the overdraft, and explained that she would remove the facility when my pay went into my account, and send me a letter confirming that my overdraft facility had been removed.

Anyway, this morning I checked my account online. My pay had gone in, and my balance was £67, with £1567 in my account (including £1500 from my overdraft). I purchased bus journeys and electricity, which brought my balance down to £36. Then I went to work, and when I came home about an hour ago, I checked my account again, and the amount of money in my account is still £1536, which is to say, the facility hasn't been removed. Basically, I don't know what to do. I feel so relieved about having paid my overdraft, but I've begun to feel anxious about the money in my account. I deliberately left my debit card at home today because I'm frightened of it getting lost; I don't want to ruin all of the effort I put into getting out of debt. Maybe the lady was off sick today, or she had lots of other work, or she forgot, or is it possible that I misunderstood and what she meant was that she would just initiate the process of removing the facility today?

I don't want to be in a situation where I have to pester my bank to remove the facility. But, at the same time, I don't want to needlessly pester my bank about a delay which has a simple explanation. I guess what I'm asking is: why do you think this has happened; does it typically take more than a day for a bank to remove an overdraft facility in a situation like this; should I be concerned about my bank's behaviour; what should I do? If it comes down to it, I could close my account and open a new one with another bank, but that's something I want to avoid, since I would have to inform my employer and the Student Loans Company of my new details, and I haven't had any problems with my bank before.

Thanks in advance.

Lokolo

You most probably have the option to remove it online. Have you tried this?

hello2007

What bank is it?

the_day_of_night

Lokolo wrote: »

You most probably have the option to remove it online. Have you tried this?

I checked, but the option isn't there. Thanks anyway

the_day_of_night

hello2007 wrote: »

What bank is it?

It's Ulster Bank.

bigmike20vt_2

I wouldnt worry, no harm done yet it is not like you have been robbed and they have took it - at which point you would be mad at them!.

pop into the branch again and give them a friendly nudge,

you may want to keep a small overdraft tho as it sounds like you are cutting it to the bone.

Most accounts (all??) wont charge you if you do not use it, and better to have a couple of hundred in an emergency rather than have payments bounce, or the dreaded fees for going over your limit, which can rack up proper money in no time.

just my 2p.

PS congrats on being debt free - enjoy it, as soon as you get a mortgage you wont be in that position for some time

bengal-stripe

the_day_of_night wrote: »

.....she would remove the facility when my pay went into my account, and send me a letter confirming that my overdraft facility had been removed.

Anyway, this morning......My pay had gone in.....about an hour ago, I checked my account again, and......the facility hasn't been removed.

Wait for tonight's (or Monday morning's) account update. Even if the facility has been removed today, as you requested, it wouldn't show until the account got updated.

If your overdraft still shows next week, contact the bank again.

the_day_of_night

bigmike20vt wrote: »

I wouldnt worry, no harm done yet it is not like you have been robbed and they have took it - at which point you would be mad at them!.

pop into the branch again and give them a friendly nudge,

you may want to keep a small overdraft tho as it sounds like you are cutting it to the bone.

Most accounts (all??) wont charge you if you do not use it, and better to have a couple of hundred in an emergency rather than have payments bounce, or the dreaded fees for going over your limit, which can rack up proper money in no time.

just my 2p.

PS congrats on being debt free - enjoy it, as soon as you get a mortgage you wont be in that position for some time

Hey, thanks for the advice. I think it might be sensible to keep a small overdraft, yeah. Something that I have discovered since April is that I'm much better at saving money than I thought I was, and part of me believes that I'll be able to get by okay without an overdraft. But I'll definitely think about it. And I'll be sure to call into my branch again on Monday to find out what's happening.

Thanks again for the advice, and for the kind words.

the_day_of_night

bengal-stripe wrote: »

Wait for tonight's (or Monday morning's) account update. Even if the facility has been removed today, as you requested, it wouldn't show until the account got updated.

If your overdraft still shows next week, contact the bank again.

Of course - I didn't think of that! Thanks

pmduk

In the overall scale of things it is hardly a major problem. From your post, I suspect you're not likely to use it by accident. As other have said, just remind them.

Swans1912

the_day_of_night wrote: »

Hey, thanks for the advice. I think it might be sensible to keep a small overdraft, yeah. Something that I have discovered since April is that I'm much better at saving money than I thought I was, and part of me believes that I'll be able to get by okay without an overdraft. But I'll definitely think about it. And I'll be sure to call into my branch again on Monday to find out what's happening.

Thanks again for the advice, and for the kind words.

100% consider a small OD to avoid any nasty situations or getting caught out with some bad luck.