Interest Free Overdraft Nationwide FlexDirect-Be Warned

Harryo

colsten wrote: »

precisely that is likely to be the reason for why they cut your limit

there was never any offer that said you are guaranteed a limit for 12 months. It is your fault if you are making up offer terms that don't exist.
.

But there was a guarantee that I would get an Interest Free Overdraft for 12 months, as that is clearly stated in their offer. The offer however is worthless if they are prepared to invoke normal overdraft rules. eg they could reduce the overdraft that they give you to £5 or even £0 without warning.

colsten

Harryo wrote: »

But there was a guarantee that I would get an Interest Free Overdraft for 12 months, as that is clearly stated in their offer. The offer however is worthless if they are prepared to invoke normal overdraft rules. eg they could reduce the overdraft that they give you to £5 or even £0 without warning.

Show us where they use the word 'guarantee' in the context of the 12 months interest free overdraft.

Harryo

colsten wrote: »

Show us where they use the word 'guarantee' in the context of the 12 months interest free overdraft.

They do not have to use the word guarantee. The wording is in their contractual offer and they confirmed this verbally to me when they suggested I open the account. You either get 5% interest on a certain amount of money in credit or (also from their website): ""We'll also give you a 12 month fee-free overdraft. The daily usage fee-free overdraft period is for 12 months starting on the date you open a Current Account with us. " I am not disputing their actual statement. I think that is quite clear. What is not at all clear is that they offer you an overdraft for a year when you are taking up the offer and then they reduce the amount. They presuambly want customers to swop to this account as it reduces the burden on their outlets and that is why they are making the offers.

grumbler

Harryo wrote: »

... They presuambly want customers to swop to this account as it reduces the burden on their outlets and that is why they are making the offers.

Possibly, but this "reduction in the burden" has to be used for reducing the overdraft balance, not for keeping at the limit.

As it was pointed out, all overdrafts are intended for short time borrowing and customers have to demonstrate making efforts to reduce the overdraft balance - that you clearly failed to do.

YorkshireBoy

grumbler wrote: »

As it was pointed out, all overdrafts are intended for short time borrowing and customers have to demonstrate making efforts to reduce the overdraft balance - that you clearly failed to do.

To be fair grumbler, I had 3 FlexDirects back in 2013, each with a £2.5K O/D facility.


I spent a good 8-9 months maxed out at -£2,499 on all of them, and the only transactions my accounts saw were monthly £1K credits which were immediately (within seconds!) withdrawn again.


They never removed my facilities. Crucially, if they had done I wouldn't have complained because I knew the general conditions allowed them to do so and I was, after all, 'abusing' the accounts...just like the OP.

grumbler

YorkshireBoy wrote: »

....Crucially, if they had done I wouldn't have complained ...

Yes, this was exactly my point.
You tried your luck, not have taken it for granted.

MABLE

YorkshireBoy wrote: »

What would you like them to do to address your "concern"? ie what would make you happy?...

• A delay of, say, 10 working days between mailings of cards and PINs for any future accounts you, and others, open with them?
• A written assurance that they do, in fact, send them 3 working days apart so it must be Royal Mail's fault?
• A cheque for £50?
• Or maybe something else entirely?

Not for debate thanks. However I did not get a £50 cheque but a £50 transferred into my account as a form of compensation. Move with the times please!!

Thrugelmir

MABLE wrote: »

Just received my card and pin for the new account at the same time today. Nice to know NW are very security aware!!!

Does it matter? Only your postman would access to both items concurrently in any event.

Archi_Bald

Thrugelmir wrote: »

Does it matter? Only your postman would access to both items concurrently in any event.

What about the people who live with you? Or your domestic staff.......

MABLE

Thrugelmir wrote: »

Does it matter? Only your postman would access to both items concurrently in any event.

How do you know that! Also we had an issue with mail being mis delivered so if this had happened some other party could have gained access.

All I wanted to do was make NW aware of what happened in case there MAY be an issue there end. Tell me Yorkshire Boy, Grumpy what is so wrong in that.

Unfortunately some of you get so bitter and twisted I think you just like having ago at other forum members.

Well guys it aint going to bother me!