NatWest overdraft screwed me over

Andrew754

stclair wrote: »

I personally work in lending and I do not think we are being told the whole story here! However when an overdaft is applied to an account its applied the next working day. The bank does not have the facility to apply overdrafts there and then at present.

The bank takes 48 hours, with NatWest at least, and since it was actioned on the weekend, Tuesday was the day I should see my available increase.

I was then bumped around from department to department to see what had happened and reiterate myself.

The result was an overdraft which was approved, but something on the account (referred to as "header mark" or "head office mark") stopped it. This was removed, the old overdraft was removed, and somewhere along the lines another two were processed and guaranteed for tomorrow.

I'm only in need of my overdraft due to moving out and having furniture and rent to pay out immediately. Otherwise I'd rely on my wages as I have been this past year.

stclair

If it was done on a Friday it would be applied on Tuesday.

It sounds as I said previously you was provisionally accepted the application gets referred which then gets approved or declined by way of manual intervention. In your case it was declined due to the Z Marker as we call it internally. Then as a result of your escalation the Z marker has been removed and the application was reprocessed and then accepted. Hence the willingness to remove any extra credit searches.

thebritishbloke

stclair wrote: »

I personally work in lending and I do not think we are being told the whole story here! However when an overdaft is applied to an account its applied the next working day. The bank does not have the facility to apply overdrafts there and then at present.

Fair enough! I was going by my own experience with HSBC where I upped my overdraft limit and it was instant. Didn't notice your signature about working for Natwest.

Andrew754

stclair wrote: »

It sounds as I said previously you was provisionally accepted the application gets referred which then gets approved or declined by way of manual intervention. In your case it was declined due to the Z Marker as we call it internally. Then as a result of your escalation the Z marker has been removed and the application was reprocessed and then accepted. Hence the willingness to remove any extra credit searches.

That sounds quite accurate to my case then. I had previously been declined the increase due to "account conduct" which was that there were outstanding fees that I shouldn't have had (thus the previous complaint)

Could you elaborate on what a "z marker" is please?

stclair

Andrew754 wrote: »

That sounds quite accurate to my case then. I had previously been declined the increase due to "account conduct" which was that there were outstanding fees that I shouldn't have had (thus the previous complaint)

Could you elaborate on what a "z marker" is please?

It's just a marker that prevents a customer from getting an lending products.

TheEffect

Just a FYI - NatWest do not run a credit search when increasing student overdrafts. It's all internal.

stclair

TheEffect wrote: »

Just a FYI - NatWest do not run a credit search when increasing student overdrafts. It's all internal.

They always say we "may" run checks etc during an application.

However the senerio you have given is not always the case.

If the customer risk band is below a certain number they will run an external credit search, however the score card information might be enough.

The policy changed when the FCA came into play due to irresponsible lending etc.

callum9999

mgdavid wrote: »

but be aware that if you're a student living in a 4-figure overdraft you may not be exactly welcomed with open arms !

My experience has been completely to the contrary, though I have worked hard to build a decent credit history which would of course help.

I've always had £2k+ of overdrafts since becoming a student and have never had issues switching accounts etc. It's just been sitting in savings accounts earning interest, but they of course don't know that - they just see I've taken the money!