Moving my bank account!

bubbs1987

Hi,

I have been so appalled with the service that I have received from NatWest that I have decided to move bank accounts. However, what I have decided to do is get my wages and direct debits paid out of my new account without closing my NatWest account, reason being that I am currently in my overdraft with NatWest.
If I do that and simply pay a small amount into my NatWest account each month until the overdraft is paid off would this be ok?

I'm slightly concerned that NatWest may see that my wages are no longer going into their account and as such freeze it & pass the balance of the overdraft onto a debt collectors agency which will obviously affect my credit rating.

does anyone know if this is likely to happen?

Bloomberg

bubbs1987 wrote: »

Hi,

I have been so appalled with the service that I have received from NatWest that I have decided to move bank accounts. However, what I have decided to do is get my wages and direct debits paid out of my new account without closing my NatWest account, reason being that I am currently in my overdraft with NatWest.
If I do that and simply pay a small amount into my NatWest account each month until the overdraft is paid off would this be ok?

I'm slightly concerned that NatWest may see that my wages are no longer going into their account and as such freeze it & pass the balance of the overdraft onto a debt collectors agency which will obviously affect my credit rating.


does anyone know if this is likely to happen?

Overdrafts are ordinarily repayable on demand which means that if Natwest noticed that your salary was no longer credited to the account they could theoretically ask for the outstanding amount to be repaid. You could wait until such time as your overdraft has been repaid or you could take a chance and implement your plan in the hope that they are happy with small regular credits to the account.



Whichever bank you choose there will be people with good and bad things to say about them. All the best.

John1993_2

bubbs1987 wrote: »

Hi,

I have been so appalled with the service that I have received from NatWest that I have decided to move bank accounts. However, what I have decided to do is get my wages and direct debits paid out of my new account without closing my NatWest account, reason being that I am currently in my overdraft with NatWest.
If I do that and simply pay a small amount into my NatWest account each month until the overdraft is paid off would this be ok?

I'm slightly concerned that NatWest may see that my wages are no longer going into their account and as such freeze it & pass the balance of the overdraft onto a debt collectors agency which will obviously affect my credit rating.

does anyone know if this is likely to happen?

They'll quite likely withdraw your overdraft, and require that it be repaid immediately.

Can I just check, please, this company that lent you money when you needed it, paid your direct debits for you, provided you with onlie banking, a debit card, etc, what is it that they've done which is bad enough to drive you away, yet not bad enough that you feel that you should pay them back and close the account entirely?

Archi_Bald

You could keep your money going into Natwest until you have paid off your OD, and only move your payments to your new account. The use faster payment to send yourself the money needed in the new bank account.

I would echo what Bloomberg said - whichever bank you choose there will be people with good and bad things to say about them. Also, a lot depends on how well you manage your account

scooby359

Sorry for being late to reply, but would your new bank not offer an equal overdraft which you could use to pay off the old one? You could just get rid of your old bank that way,

I know particularly Halifax do a 6 month free overdraft for customers switching to them, so not only could you use it to pay off the Natwest one, it might save you some money too.

brewerdave

scooby359 wrote: »

Sorry for being late to reply, but would your new bank not offer an equal overdraft which you could use to pay off the old one? You could just get rid of your old bank that way,

I know particularly Halifax do a 6 month free overdraft for customers switching to them, so not only could you use it to pay off the Natwest one, it might save you some money too.

...have to be very careful - I didn't require an overdraft when I started my bank move a few weeks ago - but the new bank told me that I didn't qualify for one anyway after credit checking!
Suspect its because my credit report shows that I have an overdraft facility of £3k on the old bank (which I don't use) plus credit cards so it has worked out affordability as if I'm keeping them all, so preventing OD on the new account.:)