nationwide overdraft charges

kayteigh

Hi I would just like to find out if anyone knows how they go about charging you when being overdrawn? This is the first overdraft I've ever had and its of £100, I had a letter saying I would be charged £4.47 but it doesnt say when does anyone know if it means that much daily or monthly? Many thanks

Gromitt

Assuming an arranged overdraft, that'll be the interest, charged monthly. There might be other fees for staying in your overdraft. If its unauthorised, I'd expect another £25 or so on top.

jpb77

http://www.nationwide.co.uk/current_account/rates.htm - info below from the charges tab...

Examples of charges

Overdraft interest

Overdraft rate - applied to all overdrawn balances (Note 3) 18.90% EAR

We give 28 days' notice before we take these charges

Other account charges

Charge for an unpaid item (excluding cheques) when you do not have enough cleared funds (Note 1) £15 each time
Charge for an unpaid cheque when you do not have enough cleared funds (Note 2) £15 each time
Charge for a paid item (excluding cheques) when you do not have enough cleared funds (Note 1) £15 each time
Charge for a paid cheque when you do not have enough cleared funds (Note 2) £15 each time
Unarranged Overdraft Charge (Note 2) £20 each month
We give 28 days' notice before we take these charges
There is an upper limit of £95 on the amount of overdraft charges you can be charged in each statement month. The limit only applies to charges as a result of using an unarranged overdraft and doesn't include any interest charged on your overdrawn balance or charges for other services.
Charge for specialist services
Stopped cheques (Note 2) £10 for each cheque
Copies of cheques (Note 2) £5 for each cheque
A copy of one paper statement (Note 2) £5
Copies of two or more paper statements (Note 2) £10
UK electronic transfers - CHAPS (Note 1) £25 each time
Electronic transfer to an overseas account - SWIFT (Note 1) £25 each time
Counter Draft (Note 2) £10 each time
Charge for replacing lost, stolen or damaged cards (Note 2) - customers over 18 are entitled to two free replacements per 12 month period. Customers under 18 will not be charged. £10 per card
We take these charges when you make the request
Foreign transaction charges
Commission charge for non-sterling transactions (Note 1) - includes card payments and cash withdrawals 2% of the transaction amount
Non-UK cash withdrawal charge (Note 1) - cash card+ cannot be used to withdraw cash overseas £1 per withdrawal
We take these charges on the day the transaction appears on your account

Dirk_Gently_2

kayteigh wrote: »

Hi I would just like to find out if anyone knows how they go about charging you when being overdrawn? This is the first overdraft I've ever had and its of £100, I had a letter saying I would be charged £4.47 but it doesnt say when does anyone know if it means that much daily or monthly? Many thanks

Youy only get charged the intereest if you use the overdraft - there's no charge for having the overdraft facility setup and not using it. That £4.47 is a calculated figure based on using the whole overdraft for a complete month - use some of it for less time and the actual charge will be less, of course,

If you are going to get any charges such as this from Nationwide, they'll be shown on the final page of your statement, and are typically applied 28 days after the date of that statement - but it certainly does tell you.

kayteigh

Thanks for all your replies so that would mean ill be charged £4.47 a month for using the overdraft as it is an arranged one

Dirk_Gently_2

That's the maximum you'll be charged - if you use ALL of the overdraft for ALL of the month.

Just don't go over it, because that's where BIG charges come in.

kayteigh

Ok thanks for your help