Switch Service, no overdraft!

innovate

sundevil_rachael wrote: »

Maybe it happens a lot in your experience but I am unsure why the bank would do this when they are making money! If they did, such is life and I would move.

If you look back over the forum, you will see that it seems to happen quite regularly. Sometimes even together with a notification that the entire account is going to be closed.

If you can move account and are not dependent on the overdraft, why are you using it at all?

sundevil_rachael

innovate wrote: »

If you look back over the forum, you will see that it seems to happen quite regularly. Sometimes even together with a notification that the entire account is going to be closed.

If you can move account and are not dependent on the overdraft, why are you using it at all?

I have been lucky I guess.

Twice the same poster pointed out that my overdraft could be withdrawn, I merely replied in short that I would sort it then. I am not saying I don't need it but I am not going to explain what I would do in worse case scenario when it is not what I was asking in the first place that is all.

I am happy with Santander and my branch but they are ending free travel insurance which I use a lot, that is why I went shopping around that is all.

innovate

sundevil_rachael wrote: »

...they are ending free travel insurance which I use a lot, that is why I went shopping around that is all.

If that is your driving force, then why not just keep your Santander account, and open a Nationwide Flexaccount? All you have to do is shuttle £750 a month between the two accounts and you have your travel cover. Though you would need to wait 3 months before you are actually eligible. Which you would have to do regardless of whether you kept your Santander or not.

Alternatively, you could just buy travel insurance. There are some good deals about, check out the main MSE site.

sundevil_rachael

innovate wrote: »

If that is your driving force, then why not just keep your Santander account, and open a Nationwide Flexaccount? All you have to do is shuttle £750 a month between the two accounts and you have your travel cover. Though you would need to wait 3 months before you are actually eligible. Which you would have to do regardless of whether you kept your Santander or not.

Alternatively, you could just buy travel insurance. There are some good deals about, check out the main MSE site.

I've thought about it, it is £10 a month but I would get mobile phone cover, travel insurance, electrical appliances break down and break down cover. It is massive savings and means I don't need to renew with my breakdown and can cancel the mobile cover.

oh and they have free cash withdrawls abroad - I am convincing myself here already lol! I do already have the account, well awaiting the paperwork to sign so not got account number yet but it will save money even without the overdraft when I think about it:T:T

It is the Flexiplus account I applied for so no wait for cover, thanks for pointing out the obvious! :T

opinions4u

sundevil_rachael wrote: »

Not for a while, I probably should! I live in a part of Scotland which expresses it's flat numbers non post office standard which not only causes headaches with companies but also in getting my credit report which I can never get online and always have to get through the post.

With hindsight I have moved in the last six months, not yet on the voters roll and just changed mobile phone contract. I should be surprised I got the account when I think about it.

Would you lend money to somebody when their address verification is limited?

eskbanker

sundevil_rachael wrote: »

I am unsure why the bank would do this when they are making money!

I can understand why some people hold this opinion [that banks are earning from overdraft charges] but of course the view from the other side of the fence is that there comes a point where too much credit (or too little repayment) is a risk they'd rather do without, so it's best not to automatically see this as being a model customer!

sundevil_rachael

eskbanker wrote: »

I can understand why some people hold this opinion [that banks are earning from overdraft charges] but of course the view from the other side of the fence is that there comes a point where too much credit (or too little repayment) is a risk they'd rather do without, so it's best not to automatically see this as being a model customer!

I appreciate this but a comment has already been made on another thread that banks tend to with draw over drafts for two reasons

1) going over your overdraft limit (which I have never done)

or

2) the account not being managed well and returned payments (again which I have never done)

So whilst I appreciate several people pointing out that my overdraft could get withdrawn, my original question was asking whether I should speak to Nationwide about the overdraft facility!

sundevil_rachael

opinions4u wrote: »

Would you lend money to somebody when their address verification is limited?

Probably not, which is why that was a point I made in *hindsight*. They have approved me for the account which I am happy with, the over draft issue I will discuss with them.

Thanks