Starting to get fed up with Nationwide

leaphaze

I've just received my January statement and been charged interest again. Checking the statement, I haven't gone overdrawn and there's no indication as to why I've been charged and what for. Through their secure messaging system I've now been told that during January my current account was overdrawn but within the agreed authorised overdraft limit. The rest of message was standard cut&paste stuff.

I know it's only pennies, but I think Nationwide needs to think about how its customers may be confused and upset by this, rather than acting like a scammer based in Nigeria. :mad:

rb10

Interest will generally be charged in arrears - were you overdrawn at all on your November or December statements?

dalesrider

leaphaze wrote: »

I know it's only pennies, but I think Nationwide needs to think about how its customers may be confused and upset by this, rather than acting like a scammer based in Nigeria. :mad:

So you are upset and confused :cool: because they have charged you interest when YOU have going into your overdraft????

Unless they state its interest free, then its a fair charge.

Can't see where the confusion is there.

Hominu

I went overdrawn with Nationwide and they charged me £35 for an unarranged overdraft. I asked them if they would refund the charge over the phone and they refused, so I sent them a secure message asking the same question and they agreed. Two months later I get an interest payment for 8p. They said they were also going to refund that, but I just couldn't be bothered to contact them for a refund of 8p.

daveyjp

If you go oerdrawn you will pay interest.

You say you have checked statements, but this doesn't give you an accurate picture as debit card payments are reserved immediately so your available balance reduces.

Your actual balance doesn't change for a few days during which time there may have been a credit to your account, which gives the impression you may never have been overdrawn.

In essence in most cases using a debit card is no different to withdrawing cash from a cash machine, insufficient funds means interest will be charged.

leaphaze

rb10 wrote: »

Interest will generally be charged in arrears - were you overdrawn at all on your November or December statements?

Sorry, to clarify, the interest hasn't given taken yet, just given notice that it will be, but no details on why and no proof on the statement of have been overdrawn.

lolavix

Have you paid in a cheque that possibly hadn't cleared when you drew funds against it?

leaphaze

dalesrider wrote: »

So you are upset and confused :cool: because they have charged you interest when YOU have going into your overdraft????

Unless they state its interest free, then its a fair charge.

Can't see where the confusion is there.

Thanks for your reply, but suggest you re-read my post. If you re-read my post you'll see I state I HAVEN'T gone overdrawn. I guess you'd also feel confused and angry if you received a statement showing no overdrawn transactions but notice of a charge for going overdrawn on the very same statement.

If I had gone overdrawn, then I agree it would have been a fair charge. But this is not so in this case.

lippy1923

There's obviously a reason you are being charged. They are not allowed to charge you for the fun of it!
Try going back through your last months statement and see where you may have gone overdrawn. If you have as Nationwide say (even if its agreed) unless they specify its interest free, then there will be a charge.

If you're still unsure I suggest popping into a local branch so a member of staff can highlight the overdrawn transaction.

leaphaze

daveyjp wrote: »

If you go oerdrawn you will pay interest.

You say you have checked statements, but this doesn't give you an accurate picture as debit card payments are reserved immediately so your available balance reduces.

Your actual balance doesn't change for a few days during which time there may have been a credit to your account, which gives the impression you may never have been overdrawn.

In essence in most cases using a debit card is no different to withdrawing cash from a cash machine, insufficient funds means interest will be charged.

Yes, you're right, but I hardly ever using my debit card and didn't do so during the period.

dalesrider

leaphaze wrote: »

Thanks for your reply, but suggest you re-read my post. If you re-read my post you'll see I state I HAVEN'T gone overdrawn..

From your OP...

Through their secure messaging system I've now been told that during January my current account was overdrawn but within the agreed authorised overdraft limit.

Just what do you consider overdrawn?

To the bank that, is as soon as you go into a debit position. Even though you may still be within your O/D limit.
You will be charged interest or a daily fee (depends on bank)

So to avoid any interest charges you have to stay above £0.00.