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Nationwide Flexaccount Overdraft Review
milanbaros
Posts: 58 Forumite
I arranged a £500 overdraft with my Nationwide Flexaccount 5 months ago. Since then I haven't used my card as much and have only been paying in just over £500 per month. Reading the T&C (shown below) it states they will review my overdraft after 6 months. Despite the fact I have been paying in less, I rarely use the overdraft but it has come in handy on occasion.
Has anybody had a similar experience to mine and had their overdraft limit reduced, or is it only in extreme circumstances? Any help would be appreciated, as I fear I'm going to have a very useful source of cheap cash cut off.
What does "agreed overdraft limit" mean?
This is the agreed overdraft amount currently available for you to use on your FlexAccount. This amount is reviewed every 6 months and can be reduced or removed if the performance of your account has deteriorated since the overdraft was set on the account. If the account continues with the same level of funding and within the agreed limit, the agreed overdraft limit will usually be renewed with no inconvenience to you.
Has anybody had a similar experience to mine and had their overdraft limit reduced, or is it only in extreme circumstances? Any help would be appreciated, as I fear I'm going to have a very useful source of cheap cash cut off.
What does "agreed overdraft limit" mean?
This is the agreed overdraft amount currently available for you to use on your FlexAccount. This amount is reviewed every 6 months and can be reduced or removed if the performance of your account has deteriorated since the overdraft was set on the account. If the account continues with the same level of funding and within the agreed limit, the agreed overdraft limit will usually be renewed with no inconvenience to you.
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