Nationwide account

sjh101

I have a current account with nationwide which is for my own personal use. It has an overdraft of £250 for 1 year which is why I took it out. I recently received a letter from them saying they have reviewed my account and are taking away the £250 arranged overdraft facility as I am not paying enough in to keep it running.

The account was actually advertised as saying 'there is no minimum amount to pay in each month' and you don't have to pay a certain amount.

Is it worth ringing them?

How much do you usually have to pay to keep the overdraft facility?

rb10

The account will be advertised in that way, as there is not requirement to pay in money monthly.

However, the overdraft will always be 'subject to status', and advertised as such.

There's no set amount to pay in, as it depends on your individual circumstances (i.e. the rest of your credit report). I certainly wouldn't expect them to generally give overdrafts that are greater than the monthly turnover of the account.

grumbler

sjh101 wrote: »

...The account was actually advertised as saying 'there is no minimum amount to pay in each month' and you don't have to pay a certain amount.

This implies not being overdrawn permanently.

How much do you usually have to pay to keep the overdraft facility?

Generally, all overdrafts are intended for short-time borrowing.

dzug1

It's not clear which NW account you have - but it sounds like they have changed their offerings - my own NW account requires £750 a month the retain the benefits for example. If I don't I sooner or later lose the benefits

grumbler

dzug1 wrote: »

...my own NW account requires £750 a month the retain the benefits for example....

These benefits don't include the overdraft facility.

Dirk_Gently_2

sjh101 wrote: »

...
The account was actually advertised as saying 'there is no minimum amount to pay in each month' and you don't have to pay a certain amount.
...

There isn't. They're not trying to close the account, for which 'there is no minimum amount to pay in each month' - they're just taking away the additional privilege that costs them money.

CLAPTON

in general for both CCs and bank a/cs it's best to use them regularly so they look 'used'.

so for a current just transfer money in each month and the spend it : easy

for CCs just used them regularly and pay in full.