Nationwide £5 Payment fee when in Overdraft

MrSilk

Hi Guys,

Was just reading this article from last year, it states the following:

In addition, there is a £5 fee for every transaction out of your account when you are in your overdraft, although there is a £60 cap per month.


This isn't right is it? how can you be charged £5 for each transaction you make within your overdraft? - I've made a few when in my overdraft just worried they will charge me £5 per transaction! :eek:

OhReally_2

MrSilk wrote: »

Hi Guys,

Was just reading this article from last year, it states the following:

In addition, there is a £5 fee for every transaction out of your account when you are in your overdraft, although there is a £60 cap per month.


This isn't right is it? how can you be charged £5 for each transaction you make within your overdraft? - I've made a few when in my overdraft just worried they will charge me £5 per transaction! :eek:

Always best to check figures direct with the provider

http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/p6972-understanding-overdrafts.pdf

For unarranged overdrafts over £10, it is indeed £5 for every transaction, (and also £5 for every unpaid transaction, and £5 per day)

The following caps apply:
The sum of paid and unpaid transaction fees is capped at £35 per statement month
The total sum of daily unarranged overdraft usage fees is capped at £60 per calendar month

Note also:
We reserve the right to decide when to apply or waive all account charges.

colsten

Better to refer to Nationwide for T&Cs rather than to the Daily Mail.
http://www.nationwide.co.uk/~/media/MainSite/documents/products/current-accounts/shared/p7430-rate-and-charges.pdf

MrSilk

Just as I thought, cheers guys !

OhReally_2

MrSilk wrote: »

Just as I thought, cheers guys !

Oh Really? :huh:

MrSilk wrote: »

...This isn't right is it?...

polymaff

MrSilk wrote: »

Hi Guys,

Was just reading this article from last year, it states the following:

In addition, there is a £5 fee for every transaction out of your account when you are in your overdraft, although there is a £60 cap per month.


This isn't right is it? how can you be charged £5 for each transaction you make within your overdraft? - I've made a few when in my overdraft just worried they will charge me £5 per transaction! :eek:

I take it that you're talking FlexDirect?

That charge sounds like the Daily unarranged overdraft usage fee for the FlexDirect Account. There is another £5 fee on this account - for a paid or unpaid transaction when you do not have enough cleared funds in your account - but that has a £35 monthly cap.

I suppose you could regard it as the flip-side of 5%AER.