Nationwide Flex Account Overdraft

giorgio992

Hi,

I opened a nationwide flex account with a blue debit card and chequebook in January 2013. At the time I was not offered an overdraft on the account.

How long does it take for the account to be reviewed and an overdraft facility offered? I've paid in my salary, about £1500 p/m every month and have my direct debits/ standing orders going out monthly too. I've also never been overdrawn so I can't see them not offering me one.

Does anyone have any experience? I can't seem to find any information on the Nationwide website and the branch just say I'm not eligible at the moment.

simax

Leave it a good 6-8 months.

mycvattached

I had similar issue, had this account for years but haven't used it. Recently (2-3 months ago) upgraded to felxplus and wanted some overdraft. Officially they say that overdraft facility is reviewed every 6 months however you can try to do what i did.

Go to online banking, click on your account and then click on the overdraft options (option on the left). You will see an available limit (probably 0 in your case) and empty new limit box. Type into new limit box let say £1000, agree to conditions and press request change. On the next screen you will see the maximum amount which you can request. May be £100, may be £250 depending on your file. Just type this amount and you should get an overdraft. I started form zero 2-3 months ago and lifted it to £100, £250 and now have £400. I think it makes sense to try it once a month.

Alternatively it is probably easier to apply for a new nationwide account and to request an overdraft straightaway. You are likely to get a greater amount. I applied for flexdirect and got £750 on initial application.

Hope it helps.

Voyager2002

mycvattached wrote: »

I had similar issue, had this account for years but haven't used it. Recently (2-3 months ago) upgraded to felxplus and wanted some overdraft. Officially they say that overdraft facility is reviewed every 6 months however you can try to do what i did.

Go to online banking, click on your account and then click on the overdraft options (option on the left). You will see an available limit (probably 0 in your case) and empty new limit box. Type into new limit box let say £1000, agree to conditions and press request change. On the next screen you will see the maximum amount which you can request. May be £100, may be £250 depending on your file. Just type this amount and you should get an overdraft. I started form zero 2-3 months ago and lifted it to £100, £250 and now have £400. I think it makes sense to try it once a month.

Alternatively it is probably easier to apply for a new nationwide account and to request an overdraft straightaway. You are likely to get a greater amount. I applied for flexdirect and got £750 on initial application.

Hope it helps.

I suggest that you apply for a modest overdraft limit in the first instance, and gradually increase it to the level you need.

Note that the Flex Direct charges for overdrafts differently than the Flex, and might work out costing you more.

MrSilk

FlexDirect offers a 12 month fee free overdraft

Milarky

As mycvattached says, you have a 'reserve' limit at any one time which you can check under the 'overdraft options'. You can convert this reserve amount into an agreed overdraft (as it's pre-approved) and then wait one month (more or less exactly IME) before the 'reserve' increases. But only by taking the reserve will it increase again. If you leave it it does not change.

giorgio992

Thanks for all the replies. So is the reserve limit the maximum overdraft I would be able to request then?

mycvattached

giorgio992 wrote: »

Thanks for all the replies. So is the reserve limit the maximum overdraft I would be able to request then?

Yes, at this point. It will increase every month or so.