do nationwide charge for going overdrawn for 1 day

andykolo

Recently money has been tight and my partner and i have overspent on our joint flexaccount but has always transferred money from my flexaccount to the overdrawn account at what point do nationwide charge for being overdrawn as we appear not to have been charged yet is this because we transfer money that day or the next day and it may not be activated as overdrawn.

I'm at a lost to explain this so any help would be grateful

quietheart

I always find nationwide reasonable, why don't you phone them and grovel a bit. They'll probably set you up an overdraft facility just in case you need it again.

Barter

I was charged £15 for 1 day over; maybe I'll try the grovelling!

Milarky

andykolo wrote:

Recently money has been tight and my partner and i have overspent on our joint flexaccount but has always transferred money from my flexaccount to the overdrawn account at what point do nationwide charge for being overdrawn as we appear not to have been charged yet is this because we transfer money that day or the next day and it may not be activated as overdrawn.

I'm at a lost to explain this so any help would be grateful

andykolo,
They don't charge where your balance dips below zero but you top it up one same day [that's what your agreed overdraft facility is good for]

They may charge where you go overdrawn for one day but sometimes - where the overdrawn balance is small - you won't be charged interest if the amount would be rounded off to less than a penny!

In practice they can still charge interest by mistake - eg if you go overdrawn at the start of the day and top it up to zero the same day from another account. [I think their computer must need reprogramming] even though you have not been overdrawn for a full day.

Their rate is very reasonable where you do get charged - 7.75% or about 2p per day per £100

Barter,

I think you might have been charged for going 'over limit' - certainly not interest for 1 day. Just Ask Nationwide for an increased overdraft limit..

Barter

Thanks Milarky, it's a fairly new account; I just checked on-line & have no agreed overdraft limit, although it says one of £750 is reserved for me.

I think I'll speak to them in person at the branch & see if they'll be kind!

daveboy

It's always best to have some kind of safety net - just make sure you don't rely on the overdraft to pay for everyday things as it's still a debt even though it doesn't feel like one. I did this a while ago and it got difficult to get straight again.

chiny

Ha... I was clobbered recently for going £32 overdrawn for one day with 4p interest and £15 charge. I have been winding up the grovelling index and now Nationwide have started talking about relenting. £30 od would not have triggered the charge :-( OD facility now set up.

At least NW listen.

--
Chiny

Barter

Yes, NW listen - I phoned the branch & set up my agreed overdraft; they sent off a request to refund the £15 fee & this morning received a letter confirming this had been done (on this occasion!)

Thanks to all for the advice.