TSB platinum account.

RonoB

Hi folks. We have a joint account for the above and they have now reduced the benefits so to speak and it’s not worth it. I have a £1k overdraft that I use that came with the account. I could probably pay this back over the next 3 months if I had to. My question is if I say this is not suitable for me as I don’t require It and want to drop to the basic can they demand I immediately repay the overdraft. They already charge me a separate amount for using the overdraft per month.
Thanks in advance.

eskbanker

If you're wanting to close an account that offers overdraft facilities and move to one that doesn't then I'd be amazed if they didn't insist on prompt repayment of the debt - under what Ts & Cs would such an overdraft continue otherwise?

colsten

RonoB wrote: »

I have a £1k overdraft that I use that came with the account. I could probably pay this back over the next 3 months if I had to. My question is if I say this is not suitable for me as I don’t require It

Why are you using / paying for an overdraft that is not suitable and that you don't require?

PRAISETHESUN

If you close your account, or move to another TSB account that doesn't offer an overdraft, I would expect TSB to ask that your overdraft be repaid. Personally I'd pay it off anyway, as it is a very expensive way to borrow.

System

eskbanker wrote: »

If you're wanting to close an account that offers overdraft facilities and move to one that doesn't then I'd be amazed if they didn't insist on prompt repayment of the debt - under what Ts & Cs would such an overdraft continue otherwise?

I think it's the OP language skills.

They seem to want to downgrade to the non-fee paying account - keeping the overdraft in place at 1k - albeit at the new charge level.

This will depend on the bank policy about product changes but many banks will allow this.