Has your overdraft been cancelled?
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What makes you say that?There seems to be a 'cull' with uk banks regarding overdrafts and cancelling them.
There's obviously the occasional anecdotal report on here of an overdraft being withdrawn, but I'm not aware of any concerted and systematic effort by UK banks to do this, do you have any sources for this?0 -
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With Nationwide they said I could go up to £2000 and then when ready to apply went down to £300. I queried this and was advised to check my credit report. I did nothing and about 10 days later £3000 was offered to me and a further 10 days went by and went up to £5000.
Seem all very strange to me.0 -
Obviously a bank withdrawing an overdraft facility should notify the account-holder that this is being done, so in your shoes I'd file a formal complaint with them and seek its urgent reinstatement and rectification of credit file entries, at least for long enough to sort it out by arranging credit elsewhere.ShivasPlace wrote: »Another vanishing overdraft report here - also done in August.
Had an account that as opened in 2002 and has had an £800 overdraft on it since it began. Was about £550 into the overdraft in July 2018 and assumed everything was OK. Checked my credit report today and shows 1 month (September) of being over my overdraft limit. Drilled down into the details on the credit report and my overdraft was removed in August (Limit = £0). I haven't been informed that it was being removed or been told in any way that I have now an unauthorised overdraft.
So now my clean credit score is destroyed and here's the kicker, I have an mortgage application going through with the same bank so am petrified that this is going to derail the whole thing.
Not sure as the best way to go about sorting this out!
Having said that, if they withdrew the overdraft in August and you hadn't noticed two months later, this suggests that it's not an account that you monitor regularly and presumably not your main account? If so, leaving it overdrawn when applying to the same bank for a mortgage was perhaps unwise....0 -
Yes. I'm sure if you look in the T&C's, it will tell you that they must give you a notice period.
They might say that they sent a letter, of course.............I came into this world with nothing and I've got most of it left.0 -
If my overdraft was withdrawn, I'd notice within a day, because I log on every day. Takes less than a minute, and the sooner something amiss is spotted, the better the chance of a swift resolution.I came into this world with nothing and I've got most of it left.0
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This takes me back to 2012 I think -Co OP cancelled all DD's withdrew 1495 overdraft
I went online only for a few months before swapping to another provider who took a year or two to offer a small overdraft which I still have.
Note:- making manual payment online worked well including mortgage and could even setup some continuos debit card payments which I did for quite some time.
The cancelled OD when to Step Change and is still being paid I think Link to responsibility.Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb0 -
I’m with Nationwide and I had a flexstudent of £2,000 overdraft available on my account even though I was a 3rd year student where I could have asked for an extra thousand but I couldn’t so I stuck with the 2k overdraft, I had -£2000 since I normally sent the overdraft money into my monzo card since I use it more often as it was convenient for me but I normally get paid £600-700 a month from my employee on the overdraft account. So it was normal for me to send money over to monzo since I had been with the bank for 14 years and my flexstudent account had been opened for almost 3 years so it’s near the end of the year where after I a graduate I’d be paying back one thousand a year. However early morning when I went to place (+)£2,4008 from my main account into my flexstudent account, my overdraft disappeared and I tried sending money (2k) from the account to my monzo and the online banking just says insufficient funds. I looked at that account and my overdraft had disappeared without notice or anything. The bank did not send me any letters electronically or post as I had clearly stated paperless on all my bank statements and I checked my online bank messages and I did not receive any notice that they were going to close my overdraft. I have been with the bank for 14 years, and for them to do this without notice is not right because I had plans to use that money during the pandemic and since I no longer able to work, that money has disappeared.0
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RBS closed my overdraft 2 years ago when I left them and I couldn't be happier. My current account is nearly 3K in credit and most of my debts are paid off or in arrangements soon to be paid off. Never want an overdraft ever again.
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Do you still qualify for a flexstudent account?chlbap said:I’m with Nationwide and I had a flexstudent of £2,000 overdraft available on my account even though I was a 3rd year student where I could have asked for an extra thousand but I couldn’t so I stuck with the 2k overdraft, I had -£2000 since I normally sent the overdraft money into my monzo card since I use it more often as it was convenient for me but I normally get paid £600-700 a month from my employee on the overdraft account. So it was normal for me to send money over to monzo since I had been with the bank for 14 years and my flexstudent account had been opened for almost 3 years so it’s near the end of the year where after I a graduate I’d be paying back one thousand a year. However early morning when I went to place (+)£2,4008 from my main account into my flexstudent account, my overdraft disappeared and I tried sending money (2k) from the account to my monzo and the online banking just says insufficient funds. I looked at that account and my overdraft had disappeared without notice or anything. The bank did not send me any letters electronically or post as I had clearly stated paperless on all my bank statements and I checked my online bank messages and I did not receive any notice that they were going to close my overdraft. I have been with the bank for 14 years, and for them to do this without notice is not right because I had plans to use that money during the pandemic and since I no longer able to work, that money has disappeared.0
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