Accidentally reduced overdraft..I now have no money left!!

digisweep

Hey people.

So I'm a student and recently applied to extend my overdraft, or at least I thought I did.

I bank with RBS and currently had an overdraft of £700 and I wanted to extend it to £950 to pay for a deposit for a house next year. Only, I entered £250 as my new limit and according to the RBS website, they stated that:

"The new limit will replace any existing limit, if applicable. If the figure entered is less than your current limit, your overdraft facility will be reduced."

So now I have an overdraft of £250, but I have obviously gone into an unarranged overdraft facility, due to my own stupidity.

Is there anyway I can rectify this with them? I'm in class at the moment, but I would like to gather some advice before I make the call.

Thank you

Digisweep

InsideInsurance

Speak to them on the phone ASAP and just admit you made a booboo and ask for them to correct it

TheEffect

digisweep wrote: »

Hey people.

So I'm a student and recently applied to extend my overdraft, or at least I thought I did.

I bank with RBS and currently had an overdraft of £700 and I wanted to extend it to £950 to pay for a deposit for a house next year. Only, I entered £250 as my new limit and according to the RBS website, they stated that:

"The new limit will replace any existing limit, if applicable. If the figure entered is less than your current limit, your overdraft facility will be reduced."

So now I have an overdraft of £250, but I have obviously gone into an unarranged overdraft facility, due to my own stupidity.

Is there anyway I can rectify this with them? I'm in class at the moment, but I would like to gather some advice before I make the call.

Thank you

Digisweep

Natwest (who use the exact same system as RBS I believe) does not allow customers with student accounts to change their overdraft online, so not quite sure how you managed to change it online?

Also, it shouldn't let you decrease your overdraft to less than what you are overdrawn by...

Lalami1990

I know this thread is old but I'd really like to know what the outcome was. I've ran into the same issue myself with Natwest (also with a Student account). I don't think I'll sleep tonight

shortcrust

Lalami1990 wrote: »

I know this thread is old but I'd really like to know what the outcome was. I've ran into the same issue myself with Natwest (also with a Student account). I don't think I'll sleep tonight

It looks like the person who originally posted hasn't been back to the site since 2013 so I doubt we'll ever know. My guess is that they'll change it back if you ring them and explain what's happened, but it's important to ring them asap.

DCFC79

Yes phone them lalami, you won't get a reply from the OP.