Overdrawn Nat West Account - How much?

edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
4 replies 752 views
Tally-Ho_2Tally-Ho_2 Forumite
369 Posts
edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts
Hi,

Due to my own sheer carelessness, I went overdrawn on my Nat West Current Plus Account by £1.98 for 3 working days (26th to 28th Jan 2011). I do not have an arranged overdraft or anything and I have not gone overdrawn before. It was only one transaction (a debit card payment) which put me in the red.

As soon as I realised, I transferred on line some money from my Nat West Deposit Account to bring my Current Account back into credit. My salary has gone in today as well.

I realise I am going to be charged for my 'excursion' into the red (as I should be as it was my own fault - no excuses, I simply forgot about the transaction). What I cannot work out is how much and when I will be charged. All the literature I have refers to after 1st February when charges etc re all changing.

I got a letter today from Nat West advising me I am going to incur a 'Guaranteed Card Payment Fee' of £15 per transaction. Will the charge be only £15, or do I pay interest and/or transaction charges for a whole month or quarter or what???

I have never been overdrawn before in 4 years with them so I do not know how it is worked out. I am not trying to avoid paying as it was my own silly fault. However I would like to ensure I leave enough money in to cover the costs without it taking me into the red again (I have put a £100 buffer into the account - I just hope the charges will not be more than this)???

Thanks in advance for any help.

Tally

Replies

  • edited 31 January 2011 at 7:30PM
    stclairstclair Forumite
    6.8K Posts
    Part of the Furniture 1,000 Posts
    ✭✭✭✭
    edited 31 January 2011 at 7:30PM
    I would ask the bank nicely whether on this occasion they would be willing to waive the £15.00 charge.

    You can call them on 02380 226443 and press option 2.

    You may be able to find the information you require on your online banking:

    https://demo.nwolb.com/PreAdviceInterestAndCharges.aspx

    You may also want to consider registering for the Act Now alert service:

    http://www.natwest.com/global/act-now-alerts.ashx
    Im an ex employee RBS Group
    However Any Opinion Given On MSE Is Strictly My Own
  • HappyMJHappyMJ Forumite
    21.1K Posts
    ✭✭✭✭✭
    You can ask for forgiveness on this occasion as stclair points out. They usually allow 1 refund per year without too much hassle.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Hi,

    Thanks both.

    It may sound odd but I am not trying to avoid paying the penalty. I would rather pay as it will concentrate my mind not to be complacent again.

    I will register for the act now alert service though - I never knew it existed.

    Many thanks
  • edited 31 January 2011 at 8:01PM
    mclaren32mclaren32 Forumite
    257 Posts
    Part of the Furniture 100 Posts
    ✭✭
    edited 31 January 2011 at 8:01PM
    I would still give them a ring as it will probably have cost you £35 in total (guaranteed card payment fee + unauthorised o/d charge).

    If there is no history of something like this happening I would consider waving the charges (I am an NWB Manager).

    As a side note the Natwest charging structure is changing tomorrow where it will become £6 per day where there is an unauthorised o/d created.

This discussion has been closed.
LATEST NEWS AND GUIDES

Balance transfer credit cards

Shift existing card debt to 0% interest for up to 31 months

MSE Guides