Hi I dont understand banks.....

Sheep933

Im currently with natwest i have a £2000 overdraft which im constantly in i'm abit worried about this i have spoken to natwest on the phone they said i shouldnt worry because they dont just remove overdrafts i pay over 1000 into my account each month does this help matters?? anyway so i though i will open another current account have a bills account and spending account to try manage my money abit better but was refused? I also have a loan with natwest bare in mind i have always paid my overdraft interest never missed a payments likewise with the loan.

So i tried RBS to get a basic bank account and was also refused.

Does applying for credit mutiple times within a week hurt your rating?

What worries me if natwest do decide to call my overdraft in< i need a backup account to pay into i need my wages to pay for bills, food and support my family.

Any advice would be great thanks.

le_loup

Best thing to do would be to pay off your overdraft, then you will have no worries about them calling it in ... which they can do, without notice, on demand.

MPH80

Hi ... you do realise you effectively applied for bank accounts at the same bank twice?

RBS and Natwest are part of the same group and almost certainly share back end data about you and your account conduct - so if one refuses - it's a more likely chance the other will too.

I'd suggest talking to a 3rd party bank (Lloyds TSB, Co Op etc).

And since you're after a basic bank account - it's not credit you're applying for.

M.

Ben8282

I am curious as to why you are so concerned that NatWest will withdraw your overdraft facility when they have assured you that it is not their intention to do so.

The best way to make sure that this does happen (i.e. Natwest withdraw the overdraft facility) is to open an account with a different bank and start paying your money into that account instead of the NatWest account with the overdraft facility.

Of course, if applictions for basic bank accounts are being refused, one must wonder why. Are there additional factors here that we are not aware of?

Crixus00

as MPH80 says, natwest and RBS are under the same company so it seems pointless holding account at both!

Try the co-op, if they refuse a basic account then definitely check out your credit report to see if something is causing these rejections

blueberrypie

Ben8282 wrote: »

The best way to make sure that this does happen (i.e. Natwest withdraw the overdraft facility) is to open an account with a different bank and start paying your money into that account instead of the NatWest account with the overdraft facility.

If the OP stops paying money into the Natwest account, that makes it much more likely that Natwest *will* withdraw the overdraft.

Certainly it's a good idea to have a second account with another bank (and not one in the same group as Natwest), but the Natwest account should be funded regularly so that flags don't go up on that.

stclair

As other posters have said overdrafts repayable on demand and can be revoked at any time.

If you have any concerns regarding the amount of your overdraft etc. You could contact lending on 0238 022 6443 press option and 2 then option 3 and ask them about a possible reducing overdraft so it reduces by X amount every month until it gets to a suitable level.

However it may be advisable to open a new account outside the RBS group as a fail safe should your circumstances change dramatically.

Cash_Flow

Ben8282 wrote: »

I am curious as to why you are so concerned that NatWest will withdraw your overdraft facility when they have assured you that it is not their intention to do so.

The best way to make sure that this does happen (i.e. Natwest withdraw the overdraft facility) is to open an account with a different bank and start paying your money into that account instead of the NatWest account with the overdraft facility.

Of course, if applictions for basic bank accounts are being refused, one must wonder why. Are there additional factors here that we are not aware of?

Talk about sending someone down the wrong path:T

seriousDFW

Cash_Flow wrote: »

Talk about sending someone down the wrong path:T

Talk about everything being taken literally. I read this as the poster advising the OP not to do this.

callum9999

seriousDFW wrote: »

Talk about everything being taken literally. I read this as the poster advising the OP not to do this.

In all fairness, I read it as them advising the OP to do it - so did another poster and I'm sure other readers as well!

What they wrote was completely grammatically correct - but the double negative is easy to miss!

piglet39

blueberrypie wrote: »

If the OP stops paying money into the Natwest account, that makes it much more likely that Natwest *will* withdraw the overdraft.

Certainly it's a good idea to have a second account with another bank (and not one in the same group as Natwest), but the Natwest account should be funded regularly so that flags don't go up on that.

This is my feeling. OP can you 'mentally/subconsciously' deduct an amount from your salary - no matter how small - and then use the new sum as your budget for the month. For instance I get paid £1600 per month but mentally I have told myself I get £1350 and work to that amount each month therefore my OD balance is reducing by £250 each month. Obv this amount works for me but even £10 or £20 will see your OD reduce month on month.

For what it's worth (and everyone is different I know) I have lived permanently in my overdraft with Natwest for 3 or 4 years and never been contacted about it because the account is funded every month.

(By the way I know it's not very MSE 'cos the interest rate on my credit card is higher but I'm attacking both lol)

HTH

Piglet