Nationwide FlexDirect Overdraft Experience

Doctor_Duke

Nationwide aren't making any money currently on your overdraft I am sure that's a factor. I'm sure after 12 months when the 0% expires they will be happy to increase it with the 17plus%!

YorkshireBoy

ceredigion wrote: »

I've been stoozing an Nationwide overdraft for the last six months with no problems. However last time my Noddle report was updated there was an "Administration Review" recorded. After reading reports by other posters over the years, was expecting a letter myself but as of today no letter.

They're definitely tightening up then! First time around for me I secured £2,500 facilities on all 3 of my FlexDirect accounts, and stoozed the £7.5K elsewhere. Ran them like that for the best part of a year, until they persuaded me to close two of them! No such markers appeared on my Noddle file.

Maybe the monthly CRA feed spooked them and they thought they'd take a 'human' look at your finances!?

colsten

wavygravy60 wrote: »

Just annoyed at the principle of a company offering a 12 month deal to get me to switch accounts, then moving the goalposts six months in...

They never offered you a specific sum for 12 months, and you still have £1,750 after the reduction.

"Moving the goalposts" is their right - see my earlier post with the extract from the T&Cs that you agreed to when you applied for the account. If there's anyone you should be annoyed / furious with, it is yourself for entering into a contract and not knowing what the contract contains.

ceredigion

YorkshireBoy wrote: »

They're definitely tightening up then! First time around for me I secured £2,500 facilities on all 3 of my FlexDirect accounts, and stoozed the £7.5K elsewhere. Ran them like that for the best part of a year, until they persuaded me to close two of them! No such markers appeared on my Noddle file.

Maybe the monthly CRA feed spooked them and they thought they'd take a 'human' look at your finances!?

I have no idea, the stoozed overdraft represents a small proportion of the pot and if I do the maths there is very little in it.
But if they withdraw the facility will simply fill it up and take the 5%. Don't know what would cost them the most, the overdraft or the interest ?

wavygravy60

'If the account continues with the same level of funding and within the arranged limit, the arranged overdraft limit will usually be renewed with no inconvenience to you.'

Above is a quote from the FAQ's on Nationwide website. I maintain that I paid 3k a month into the account, within the limit. They cover themselves with the word 'usually' though...

Pincher

That is a sweet number: £2,750.


Nationwide requires a monthly transfer in of £750, and TSB requires £500 minimum. So, keep £2,000 in TSB, earning 5%, and, and transfer the £750 back and forth. No money down.


Leaving Nationwide means giving up the £500 a month Regular Saver. I wouldn't.