Nationwide FlexDirect Account

webbo1981

Hi


I applied for a Nationwide FlexDirect Account in which I have been accepted


There is a 0% interest on overdrafts for 12 months


Has anyone else opened one of these accounts and can they confirm if they have received any charges on an overdraft?


I have read carefully and found a statement that reads


" Where you open a new FlexDirect Account you will be entitled to an introductory three month period during which time we will not charge you any arranged overdraft fees starting on the date you open the account with us "


Also


"We will charge an arranged overdraft fee of £1 per day (capped at £20 per month) "


So for example if I have an overdraft of £500 I assume no charges for 3 months and then £1 a day after that with 0% interest applied


That correct?


Thanks in advance for your help

YorkshireBoy

Looks like it's still 50p per day with no cap...

http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts

Where did you see £1 per day capped at 20 days?

If accepted for a FlexDirect overdraft facility it will be fee-free for the first 12 months. I had 3 of these accounts from launch, each with a £2.5K facility, and stoozed the lot for several months.

Archi_Bald

I recall someone had their FlexDirect overdraft withdrawn by Nationwide before the 12 months were up. Worth remembering that all overdrafts can be called in in full at any time. There is no commitment from Nationwide that they will let you keep the overdraft for a given period of time.

webbo1981

YorkshireBoy wrote: »

Looks like it's still 50p per day with no cap...

http://www.nationwide.co.uk/products/current-accounts/flexdirect/rates-fees-overdrafts

Where did you see £1 per day capped at 20 days?

If accepted for a FlexDirect overdraft facility it will be fee-free for the first 12 months. I had 3 of these accounts from launch, each with a £2.5K facility, and stoozed the lot for several months.

The £1 per day capped at 20 days is stated in a 'Pre-Contract Credit Information for overdrafts' they have sent me along with the proof of address and id letter I need to complete


I applied for the account after reading the 'best bank' accounts article on here


So just to confirm you believe that if I have an overdraft then if used no fees for 12 months?


When I applied online the maximum I was allowed to select was £1000


Thanks for help

YorkshireBoy

Now I think about it further this issue has cropped up before...and I even posted a link last time!...

https://forums.moneysavingexpert.com/discussion/5028726

In short, they've sent you out of date (2 years out of date) information!


You should be able to keep the facility provided you don't abuse the account, but obviously subject to the "repayable on demand" clause Archi highlighted above.

Archi_Bald

Here's the thread I referred to: https://forums.moneysavingexpert.com/discussion/5044861

dicky73

I applied for an overdraft yesterday on my mobile app, and the t&c's stated 50p per day.