Nationwide overdraft.

MABLE

I have an overdraft facility with NW on their direct flex account.
Does anyone know if you go overdrawn one day and transfer cleared funds to the overdrawn account before 3.30pm the same day would you still pay the overdraft charges.

MABLE

Just phoned NW and they advise that provided cleared funds are received the same day then no charges would be applied to the account.

Archi_Bald

I think you got duff information on the phone since in their online banking, it says:

Transfers to cover outgoing payments must be made before 14.30 on the day the payment is due.

Also:

We’ve changed the way we deal with Direct Debits, standing orders and bill payments that you ask us to make on a future date. We attempt to make these payments in the morning and if there are insufficient funds in your account to make the payment we will now try again at 14.30.

http://www.nationwide.co.uk/current_account/flexdirect/FAQs.htm

YorkshireBoy

MABLE wrote: »

Just phoned NW and they advise that provided cleared funds are received the same day then no charges would be applied to the account.

Nationwide have fairly comprehensive information on their website (but not for this!).


However, your situation isn't covered in their 'understanding overdrafts' leaflet. They do say (on page 2) that you won't incur unauthorised overdraft fees (of £5 per day) if you "rebalance your account by 6.30pm", but don't say anything about authorised overdraft fees (of 50p per day).


I would assume (although I don't like doing so with banking matters!) that so long as you 'rebalance' before the close off (which should be later than 6.30pm...maybe 9pm to midnight if memory serves?) you'll be OK. And the 'advisor' confirmed this, so hopefully you took a name and extension number just in case.




EDIT: I'm assuming you want to initiate a payment yourself, rather than cover a scheduled payment such as a DD, SO, or future dated immediate FP (which appear to be covered by Archie's post above)?

MABLE

YorkshireBoy wrote: »

Nationwide have fairly comprehensive information on their website (but not for this!).


H
I would assume (although I don't like doing so with banking matters!) that so long as you 'rebalance' before the close off (which should be later than 6.30pm...maybe 9pm to midnight if memory serves?) you'll be OK. And the 'advisor' confirmed this, so hopefully you took a name and extension number just in case.


/QUOTE]

I often do this with Lloyds and make sure the account is in credit by 3.30pm the same day. Then that way it looks as though I am using my overdraft facility.

An advisor in Lloyds said if you do not use your overdraft then they may decid to decrease or remove it all together.

Re. NW I will send them a secure message to confirm the information given to me on the phone was correct.