Bank changing overdraft deal

diamonds

daverave7 wrote: »

In my case, they are not even sticking to 0% for 12 months, and want to charge me 50 p per day on the new overdraft.

I assume because that is dependant also on the minimum funding requirement, is it not in the terms ?

You could transfer in and out the £1000 minimum requirement ongoing and challenge you now are not in breach of the terms, do this transfer within 30 days of the letter/email dated to you.


Any financial company can just close a account and demand full payment even a loan which would breach its own agreement with you, at this time seek legal help, they wont listen to a minion only legal challenge.

daverave7

I pay in around 500 a month. But can't see anything in the T & C regarding a minimum payment.

wavygravy60

daverave7 wrote: »

It's my only Nationwide account, and I do use the overdraft. There was no mention of a minimum payment per month when it was opened. I simply switched from an account with £1000 overdraft to the Flex Direct (with same overdraft) to benefit from the interest free offer. It's backfired unfortunately, as now I have to find almost a £1000.

If it makes you feel any better I got hit with the same thing. Was always in my limit, paid in my salary every month but they still cut the overdraft by £1000 six months into the 0% offer period. Complained to them by phone - offered nothing. Complained online and a guy phoned, very sympathetic etc, but ultimately no deal offered. I guess all we can do is highlight this con trick to other prospective Nationwide account holders and make people aware that even though they trade as a mutual company, they are as rapacious and devious as any listed high street bank.

diamonds

wavygravy60 wrote: »

If it makes you feel any better I got hit with the same thing. Was always in my limit, paid in my salary every month but they still cut the overdraft by £1000 six months into the 0% offer period. Complained to them by phone - offered nothing. Complained online and a guy phoned, very sympathetic etc, but ultimately no deal offered. I guess all we can do is highlight this con trick to other prospective Nationwide account holders and make people aware that even though they trade as a mutual company, they are as rapacious and devious as any listed high street bank.

Customers feeling conned by NW may proceed with a complaint to Financial Conduct Authority citing Misrepresentation Act 1967 to induce custom and then withdrawing from the agreement.

grumbler

daverave7 wrote: »

In my case, they are not even sticking to 0% for 12 months, and want to charge me 50 p per day on the new overdraft.

If they want to charge you for the new £250 agreed limit, you do have grounds for complaining - first internally, then to the FOS.

PeacefulWaters

diamonds wrote: »

Customers feeling conned by NW may proceed with a complaint to Financial Conduct Authority citing Misrepresentation Act 1967 to induce custom and then withdrawing from the agreement.

The FCA don't deal with individual consumer complaints.

diamonds

PeacefulWaters wrote: »

The FCA don't deal with individual consumer complaints.

A regular complaint and breaches of legislation by a licensed bank are 2 different matters, just them contacting my bank went from black to white, matter settled.


Worth a try, worked for me

Thrugelmir

daverave7 wrote: »

I pay in around 500 a month. But can't see anything in the T & C regarding a minimum payment.

Common sense really. You are openly abusing the business relationship. Why would the NW wish to continue the arrangement? They run on a commercial basis and aren't a charity. What was your plan B once the interest free period was up?

daverave7

Thrugelmir wrote: »

Common sense really. You are openly abusing the business relationship. Why would the NW wish to continue the arrangement? They run on a commercial basis and aren't a charity. What was your plan B once the interest free period was up?

I'm not breaking any T & C. They are. They made me an offer, so I took it. Whether that's charity or not, I don't know. Openly abusing the business relationship? Maybe, but nothing that's outside our agreement.

p.s. My plan B was to shift to a different bank account (with another offer) after the 1 year interest fee period ended. I like money saving.