OD Problems. Under 16!

dickibobboy

Some interesting information there.

Im just on the phone to them on hold.

Paypal has not taken anything from the account but tried to. Thus it still saying -£16

but because paypal have tried to they have charged me £38 x3

Now there is nothing they can do but refund half of it. Which is good but still £50 odd to pay back,

What you think?

gt94sss2

dickibobboy wrote: »

He will be 16 soon so i think online banking is going to be a big help and it will be checked when needed to before payment etc..

It might be worth changing now to a bank which offers your son internet access now.

Also, some other banks don't have such heavy charges for going slightly overdrawn and a higher rate of interest when in credit.

Finally, apart from reclaiming charges, there may be issues with what the ban is trying to charge your son given his age..

Regards
Sunil

JanCee

dickibobboy wrote: »

Some interesting information there.

Im just on the phone to them on hold.

Paypal has not taken anything from the account but tried to. Thus it still saying -£16

but because paypal have tried to they have charged me £38 x3

Now there is nothing they can do but refund half of it. Which is good but still £50 odd to pay back,

What you think?

You should stick out for a full refund from the bank. £114 of charges for someone of his age is outrageous. He made a mistake and no doubt will have learned his lesson but those charges should be refunded.

dickibobboy

I have just been thinking about it and we are still going in tomorrow and do our best to get the money full paid for, Expeically for an accout holder is still in School!

We are going to shop around for other accounts. But it needs to be chip and pin.

Natwest have been good from the start really then this came along! :mad:

I think tomorrow i am going to cancel the account aswel even if they do give a full refund. Then look else where.
Once you cancel an account can you sign back up with the same bank?

Looking at the website the updated version of the account he has is the Natwest Adapt. It does not mention chip and pin or anything but the own design looks interesting.

If this can be done and is all good and well then i will apply him for that account in a week or so as he is 16 soon. This will then also have the online banking option and everything can be redone and re managed.

Kilty_2

Go somewhere else.

Halifax/Bank of Scotland will give him internet banking etc right now.

deepandcalm

I dont see how changing banks is going to make a difference here (as long as you get your refund).

What you need to do is to remove the bank funding option from paypal , this will stop them sending direct debits.

Any transactions that are processed via card should be fine.

In my opinion it is a really stupid way of processing the transactions and Paypal claim its for your ease and benefit of course when its all about saving them some cash.

dickibobboy

Thanks for the great info guys, The bank will probably stay the same aslong as everythings sorted.

What should i do about the minus payment in the paypal account? Should i pay that off today, As they will keep trying and making more charges and i cant remove the card or anything from paypal with a minus balance.

gt94sss2

dickibobboy wrote: »

We are going to shop around for other accounts. But it needs to be chip and pin.

All banks issue chip and pin debit/credit cards now

Once you cancel an account can you sign back up with the same bank?

Looking at the website the updated version of the account he has is the Natwest Adapt. It does not mention chip and pin or anything but the own design looks interesting.

Yes, you can - all Card Plus accounts are being changed to Natwest Adapt anyway but that design your own card feature has a charge attached!

However, I would suggest HSBC and/or Nationwide myself - they both pay a lot more interest than Natwest.

HSBC pays slightly less interest than Nationwide but comes with a debit card while the Nationwide Smart account only comes with a cashcard.

Alternatively at 16+, one can also open Cash ISA's

Regards
Sunil

virgin_moneysaver

insist on full refund of charges due to his age but be aware of 'trying' to pay for stuff when funds are not in account as this is actually breaking the T & C - glad the info was a help

Helix

Your not meant to have a PayPal acccount if you are under 18 anyway. Its in the terms and conditions that you agree to when you sign up so PayPal will probably close the account when they find out anyway.