Grrr.. Nationwide!

nh

davidcampbell wrote:

of course it does. unless you know of a source that gives out a thousand pounds for nothing?


if you arent using the account regularly then you arent proving you can support a £1000 overdraft

would you give £1000 to someone who you didnt know if they could afford to pay it back?DC

I am not asking for £1000 for nothing, if I used the overdraft I would pay the interest on it. Does it cost them money to keep the facility open for me? We owe them £150,000 on our mortgage, and never miss a payment, so they know we are responsible borrowers. Credit cards companies lend me thousands all the time and they don't want to see my bank account activity.

I wouldn't mind if they said they'd take it down to £100, it is just the buffer zone in case I miscalculate my spending against what is in the account. That is what I think is unfair.

I told them when I opened the account that I wasn't going to be paying my wage in and that I only wanted the account for holiday spending and that didn't seem to be a problem. I wasn't told that I would have to pay money in regularly to keep the overdraft active.

C',mon, guys, surely I am not being too unreasonable here!

nh

And another thing... the 0870 number was on the letter I received... I don't have access to internet at home so couldn't look on the site.

And the Natwest account I have, I don't pay my wage into that either but they haven't taken my overdraft off me.

newfoundglory

Pay some money in, and I would have thought the overdraft will start going up again... ? Or call your branch and see what they can do.

nh

newfoundglory wrote:

Pay some money in, and I would have thought the overdraft will start going up again... ? Or call your branch and see what they can do.

Yeah, I think I'll start paying £100 a month in, then taking it out straight away, see what happens!

They said I had to go into the branch, but it is seven miles away.. Grr!

Walletwatch

nh wrote:

I am not asking for £1000 for nothing, if I used the overdraft I would pay the interest on it. Does it cost them money to keep the facility open for me? We owe them £150,000 on our mortgage, and never miss a payment, so they know we are responsible borrowers. Credit cards companies lend me thousands all the time and they don't want to see my bank account activity.

It does cost them to keep the facility open for you. It is an opportunity lost in terms of not being able to provide the facility to someone else who'll use it more regularly, and earn interest income for the bank. You see, banks can lend out a limited amount, which is calculated as a multiple of the deposits that it holds in its current accounts, deposits, etc. This limit is then split into what they can lend to retail and corporate customers and the credit card holders, depending on business focus areas, and strategic initiatives of the bank. One of the avenues where this credit is deployed in the retail banking sector is in the form of overdrafts on current accounts. Now, if the bank has deployed some credit, which is not being utilised to the Bank's satisfaction, it obviously has the right to withdraw it and redeploy it elsewhere, where it'd expect the utilisation to be higher.

Admittedly, this is not a huge opportunity loss to the Bank, losing out interest on deployment of a £1000 overdraft, but when you look at it in terms of volumes, I guess it'd amount to quite a bit. Also, as somebody else points out, these decisions are not taken account by account - somebody will probably pull out a report of customers holding unused overdraft limits over a period of time, and marking them for cancellation of facilities.

nh wrote:

I wouldn't mind if they said they'd take it down to £100, it is just the buffer zone in case I miscalculate my spending against what is in the account. That is what I think is unfair.

This again, I believe varies from Bank to Bank, and some banks may provide this as a unique selling proposition to make their retail accounts business attractive. That again would be totally a business decision.

davidcampbell

nh wrote:

I am not asking for £1000 for nothing, if I used the overdraft I would pay the interest on it.

I wouldn't mind if they said they'd take it down to £100, it is just the buffer zone in case I miscalculate my spending against what is in the account. That is what I think is unfair.

QUOTE]



the point i was trying to make is you cant prove that you can afford a £1000 overdraft unless you shows them some funds coming in.

you havent mentioned til now that you only want £100. this shouldnt be a problem if you use the account from time to time but £1000 without using the account is wishful thinking.



DC

cloud_dog

Either use https://www.saynoto0870.co.uk and find an alternative number or ring the 0800 number and when they tell you this is for new customers ask to be transferred; if they say you have to ring 0845 / 0870 then tell them this is unacceptable and that you wish to be transferred (usually works for me).

cloud_dog

MyUserNamesTaken

The 0800 number used for new accounts actually puts you through to the Nationwide switchboard. (I know, as I used it yesterday to find out what's happening with my Flexaccount application). My suggestion is to use the 0800 to call them, rather than the 0845/0870 number. Besides, they are quite capable of transferring you if you get the wrong dept.


0800 302010 is the number.

Tadger

Nationwide have gone down in my estimation...

Be careful when ringing up to activate a card from them. I rang to activate a new CC and was given the hard sell to take out their card protection plan. No matter what reason I gave he wouldn't take no for an answer and kept trying to persuade me. In the end he claimed he couldn't hear me and kept asking me to repeat myself - eventually the line went dead.

I rang back up to make sure my card had been activated - and it turns out the guy had marked on my account that I HAD ACCEPTED the protection plan even though I never once said yes. I made sure that it was noted that I def didn't want the product.

also....


While my ex-wife was on holiday someone used her details/cloned card to spend approx 3000 on ladbrokes.com and even stupidly ordered some home shopping, satellite TV subscription and (even funnier!) payed a court fine !!.

Despite the fact that the policed got involved and the fact that she could prove she wasn't in the country at the time, nationwide insisted on her extending her overdraft to cover the spend until it 'could be proven' that she wasn't at fault.

The weird thing is that when she asked why they let her account go over £3500 overdrawn, despite the fact that she hardly ever used the £1000 overdraft, they said it was becuase she was 'such a good customer' !!!