Nationwide reducing FlexDirect Overdraft
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gazfocus
Posts: 2,374 Forumite
I have received a letter today from Nationwide informing me that in 3 weeks time, they will be reducing my overdraft limit from £750 to £250 as I am not paying in enough money per month to service the account. They are then going to charge me 50p per day for using anything over £10 of the overdraft.
When I signed up for the account, I was informed that the overdraft was fee free for 12 months and I acknowledge that they require a set amount to be paid into the account each month but I had also instructed them, during my application, to transfer all my direct debits and payments from my old Barclays account to the Nationwide one.
Not knowing how long this process takes, I haven't really chased it and eventually forgot about it. Now I get the distinct impression that they've forgotten about doing it as well and I'm not happy that I'm the one having to suffer because of it.
Is there any point in me phoning them to try and get them to reverse their decision? Has anyone here had any joy in doing this previously? I would add that my intention was for my wages to be paid into the nationwide account and then all bills come out of it.
Thanks
When I signed up for the account, I was informed that the overdraft was fee free for 12 months and I acknowledge that they require a set amount to be paid into the account each month but I had also instructed them, during my application, to transfer all my direct debits and payments from my old Barclays account to the Nationwide one.
Not knowing how long this process takes, I haven't really chased it and eventually forgot about it. Now I get the distinct impression that they've forgotten about doing it as well and I'm not happy that I'm the one having to suffer because of it.
Is there any point in me phoning them to try and get them to reverse their decision? Has anyone here had any joy in doing this previously? I would add that my intention was for my wages to be paid into the nationwide account and then all bills come out of it.
Thanks
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Comments
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Are you paying in what is required to service the account?0
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As long as you opened the account on or after the 16th September 2013 and instructed them to switch your current account, it should have been done within seven days. If you are just using the OD and not paying money in it is no surprise that they have reduced it. You need to phone them up and ask why they did not complete the switch as per your instruction? They may still be willing to complete the switch and reinstate the overdraft. Just forgetting about things as important as banking and bank accounts is always a recipe for things going wrong...0
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I have received a letter today from Nationwide informing me that in 3 weeks time, they will be reducing my overdraft limit from £750 to £250 as I am not paying in enough money per month to service the account. They are then going to charge me 50p per day for using anything over £10 of the overdraft.
http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts#tab:RatesfeesandampoverdraftsWhen I signed up for the account, I was informed that the overdraft was fee free for 12 months and I acknowledge that they require a set amount to be paid into the account each month but I had also instructed them, during my application, to transfer all my direct debits and payments from my old Barclays account to the Nationwide one.Not knowing how long this process takes, I haven't really chased it and eventually forgot about it.Now I get the distinct impression that they've forgotten about doing it as wellI'm not happy that I'm the one having to suffer because of it.Is there any point in me phoning them to try and get them to reverse their decision?
It's quite unlikely that a credit decision will be overturned. They would run their credit check again and probably end up with the same result as your position with them hasn't substantially changed since they decided they want to lower your available credit.I would add that my intention was for my wages to be paid into the nationwide account and then all bills come out of it.0 -
Are you paying in what is required to service the account?
No, as I was waiting for them to switch my account.Mr_Goodkat wrote: »As long as you opened the account on or after the 16th September 2013 and instructed them to switch your current account, it should have been done within seven days. If you are just using the OD and not paying money in it is no surprise that they have reduced it. You need to phone them up and ask why they did not complete the switch as per your instruction? They may still be willing to complete the switch and reinstate the overdraft. Just forgetting about things as important as banking and bank accounts is always a recipe for things going wrong...
The account was opened in March of this year. As I said, I don't know how the switching service works so didn't know how long it should take.this sounds as if your 12 month deal is going to expire in 3 weeks time? Though you should get 28 days notice
http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts#tab:Ratesfeesandampoverdrafts
No, the account was only opened 5 months ago.how would you have paid for those DDs and SOs if you aren't paying money into the FlexDirect? Did you ask Nationwide to switch your Barclays account?forgive me but this is a bit of a lame excuse, seeing that you actually can give Nationwide the date on which you wish the switch to be complete. So you could have diarised it. It also doesn't sound very credible that someone asks to switch their main account and then just forgets about it. Are you sure you really asked for the switch?you could try and grovel a bit. You can certainly ask why they haven't given you 28 days notice as advertised though perhaps don't focus on that if you want a favour from them.
It's quite unlikely that a credit decision will be overturned. They would run their credit check again and probably end up with the same result as your position with them hasn't substantially changed since they decided they want to lower your available credit.
From what you say, this wasn't really a firm intention, was it?
Will have to give it a go.0
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