Overdraft Query

12bdebt3

I recently switched banks from Nationwide Building Society to Santander.

I had an overdraft with Nationwide. They said they were going to reduce the overdraft by nearly my entire months wage the day before payday, hense the switch.

Anyway Santander did a credit check on me and accepted my overdraft for the full amount I had with Nationwide.

My problem is, I currently have an overdraft with Nationwide for a fraction of the amount I had originally, £300. I have worked out my money until next year. I may possibly need some of that money in the Nationwide account.

I don't want to apply for any credit cards or anything like that. I am moving back with my parents in April and when I do I can pay everything off. My Santander overdraft is interest free for a year but my Nationwide one isn't I am just wondering is it sustianable to have 2 overdrafts at the same time? What problems are likely to occur? Would either of the banks check up on this and retract the overdraft?

Gromitt

If you keep on top of it (ie, don't miss payments) then theres no reason for them to do any checking. For them its just another line of credit (like having multiple credit cards).

Saying that though, Santander have one of the worst customer service records ever, so I wouldn't bet more than about 50p on that (Don't forget they can always retract it at any time for any reason)

ses6jwg

Gromitt wrote: »

If you keep on top of it (ie, don't miss payments) then theres no reason for them to do any checking. For them its just another line of credit (like having multiple credit cards).

Saying that though, Santander have one of the worst customer service records ever, so I wouldn't bet more than about 50p on that (Don't forget they can always retract it at any time for any reason)

I recently switched a customer from Natwest to us (Santander) and saved him over £500 per year in overdraft charges.

He is very happy.

Gromitt

I am happy for your customer. However you can't deny that Santander is regularly voted as 'poor' in the customer service department, and now we are getting stories such as "Is Savings in Satander safe?".

So personally, I wouldn't recommend them (with or without a barge pole), as stated previously.

First_Sea_Lord

Er Santander in my experience are awful and therefore take your comments with a large pinch of salt. Santander complaint wise are one of the worst in the UK so your claims are nothing to boast about

First_Sea_Lord

I'm chuckling away here. Honestly Santander are an absolutely GHASTLY bank in my opinion.

12bdebt3

Thanks for your advice. I just had a daunting feeling that overdrafts aren't treated, like you said, as another line of credit.

I agree that Santander have bad customer service, which I've already encountered being with them less than 3 weeks. I have to admit that in the actual branches they are helpful but over the phone and online I have low expectations.

Saying this though, they are perfect for what I need at the moment. When my interest free overdraft period runs out and I get myself sorted financially I can always switch to a different bank.

I just felt let down by Nationwide as I've had savings with them since I was born and opened my first current account with them when I was 16. Never missed payments for any of the several products I've had from them and they go and do that. I know they have the right to but still!

callum9999

Gromitt wrote: »

I am happy for your customer. However you can't deny that Santander is regularly voted as 'poor' in the customer service department, and now we are getting stories such as "Is Savings in Satander safe?".

So personally, I wouldn't recommend them (with or without a barge pole), as stated previously.

Yes saving in Santander is safe. This is EXACTLY the issue countless people bought up on the article discussion piece. If you actually read the article the answer is yes, and more so than many other UK banks (Santander UK is a UK bank, not Spanish).

Most banks are generally voted poor but I haven't had any major problems with any of them. Pretty sure other banks are also being rated worse than Santander at the moment as well. You were unlucky, you can be unlucky with any bank.