Strange Message on barclays online banking when applying for a OD ?

gettingthere28

Just opened a account with Barclays and being nosy in Internet banking, when trying to apply for a Overdraft I get this message (Same Message for a Loan):

"Unfortunately, we cannot currently process any overdraft applications for you online because we need to know more about your regular income and expenditure.

You may also need to provide documentation to confirm the source and frequency of your income. Please see the supporting material for a list of the type of documents required."

I thought it would just be based upon my credit search when I opened the account ?, or do they need to see how I run my account first ?.

Or do Barclays do like Lloyds and get a monthly CRA feed so in a few months I will be able to apply automatically ?.

Cash_Flow

gettingthere28 wrote: »

Just opened a account with Barclays and being nosy in Internet banking, when trying to apply for a Overdraft I get this message (Same Message for a Loan):

"Unfortunately, we cannot currently process any overdraft applications for you online because we need to know more about your regular income and expenditure.

You may also need to provide documentation to confirm the source and frequency of your income. Please see the supporting material for a list of the type of documents required."

I thought it would just be based upon my credit search when I opened the account ?, or do they need to see how I run my account first ?.

Or do Barclays do like Lloyds and get a monthly CRA feed so in a few months I will be able to apply automatically ?.

Was you offered any O/D facility when you opened the account?

chanz4

This normaly comes up if you have high credit card debts, and not normal amount going in to your accounts

gettingthere28

Cash_Flow wrote: »

Was you offered any O/D facility when you opened the account?

Did not ask for one when I opened it.

gettingthere28

chanz4 wrote: »

This normaly comes up if you have high credit card debts, and not normal amount going in to your accounts

Dont owe anything on the cards, have two with £4,200 limit on each, but nothing going into the Barclays account yet.

stclair

gettingthere28 wrote: »

Dont owe anything on the cards, have two with £4,200 limit on each, but nothing going into the Barclays account yet.

They will want to see 3-6 months account activity before they are likely to offer you an overdraft,

callum9999

I really don't understand why it's "strange" for a bank to want to know about your income and outgoings before deciding whether to loan you a load of money...

innovate

They will see on the CRA files that there is already £8,400 credit available, so it's pretty logical that they will want to assess their risk before they consider granting further credit. In the light of the available credit, there is also a good chance that they will not approve an overdraft for several months, if ever.

gettingthere28 wrote: »

Dont owe anything on the cards, have two with £4,200 limit on each, but nothing going into the Barclays account yet.