Overdraft fee incurred - Nationwide FlexDirect

george4064

Screenshot below.

Haven't had any payments setup, no SDs or DDs. No idea why I have incurred this?

Flobberchops

Well, that makes the two of us!



Overdraft fees are often taken a fair bit in arrears, usually a few weeks after the previous statement is generated, which itself could be up to four weeks after the overdraft fee was incurred. Assuming you have monthly statements the fee you're now receiving could relate to account activity up to 6-8 weeks ago. Suggest you go through your account entries from the start of May and look for any periods you've gone into overdraft. If you click on the entry in your online banking it may give some more information on what date it relates to?

george4064

Flobberchops wrote: »

Well, that makes the two of us!



Overdraft fees are often taken a fair bit in arrears, usually a few weeks after the previous statement is generated, which itself could be up to four weeks after the overdraft fee was incurred. Assuming you have monthly statements the fee you're now receiving could relate to account activity up to 6-8 weeks ago. Suggest you go through your account entries from the start of May and look for any periods you've gone into overdraft. If you click on the entry in your online banking it may give some more information on what date it relates to?

I have looked back through my transactions since 30 June 2018 and never had a negative balance other than today.

Im on mobile and unable to click on the transaction for any further information.

I'm very confused indeed!

george4064

Just spoke to Nationwide and they have admitted it was taken in error because something to do with the correction of interest triggered the system to think I was in overdraft.


Not a good experience

eskbanker

Just speculating here but it looks like the balance was exactly zero at the start of 30 April and then a credit of 60p and a correction of -3p were processed on the same day - if these were processed in the wrong order (despite how they're shown in your extract) then that would have temporarily dropped you into the red, although many institutions don't consider this as dipping into an overdraft if positive by close of play.

Edit: cross posted but looks like I may have been right!

Ed-1

I've had this issue before with Nationwide. If you withdraw from your account after the date has rolled over to the next banking day on the statement but before midnight on the actual day you withdrew it then the system will later correct the interest added (as the interest hadn't cleared on the amount you withdrew for that day at the time you withdrew it - although there's no way of telling whether it has or not) and thinks you were in overdraft in the meantime.

When I complained they waived the overdraft fees as 'gesture of goodwill' but just said that is how the system has been built so there was no error.