Nationwide Arrange Overdraft Intrest - Not Overdrawn

02kingm

Every so often I get charged 2p by Nationwide for interest on an arranged overdraft. However I haven’t been overdrawn so I’m not too sure why I am getting charged this interest.

I’ve contact Nationwide by telephone and they couldn’t explain to why I was being charged. 

Has anybody else been affected? 

Thrugelmir

Uncleared funds being drawn on? Or some other timing issue. 

colsten

Were you overdrawn at some stage in the past?

If Nationwide cannot explain what happens, have they at least reimbursed you, and reassured you it won't happen again?

jonesMUFCforever

I agree with Thrugelmir - OP do you keep a 'float balance' in your account say £50 or a £100 which you never go under or are you borderline close to zero balance and do you transfer funds in and out on a regular basis?

02kingm

Hello,
Firstly Thank you for all your replies.
Yes I try to keep a float of £80 in my account, any excess I transfer to saving on pay day.  The lowest account balance I and nationwide could see still did not take me in to my overdraft (still a positive account balance of cleared funds). I just found it odd that not even Nationwide could explain why I was being charged as I wasn’t even using the overdraft and that the value was so low, always 2p. I’ll wait for my statement of interest at the end of the financial year and see what it shows. 

Thank you again.

Thrugelmir

A banks end of day could be as early 8pm. Transactions later will be treated as next day.