Nationwide reduced my overdraft - will this end up in fight?

[Somewhatfoolish]

So I had a debit card transaction declined today... worked out that it was because my overdraft of 4k was reduced to 2k at Nationwide for no reason, as far as I know. Also no notice, as far as I know.

Fortunately I am in a financial position that this is no hardship... in fact I have more than 4k in an instant access savings account at Nationwide, so I've covered this immediately. Nevertheless I am moving everything to First Direct as soon as possible, as this is the latest in various ways Nationwide have been getting worse over time.

What worries me is that I have no idea when this first happened. And I have a pretty active current account. Is it likely that I'm going to have to fight them for loads of overdraft breach fees? I've always known the balance of the account, but haven't checked the overdraft limit for quite some time.

If I do have to fight them I will be to the financial ombudsman straight away... I just want to know how likely it is I will have to? Payments YESTERDAY (including rent!) went through fine, for what it's worth. Is it likely that this is going to cost me anything? I will dispute absolutely any charge incidentally, including the one for the bounced debit card transaction today if that appears.

Thanks


(P.S. I know it was stupid to run an overdraft for no reason... Especially since I've just realised that was costing me about £70 a month... but I am lazy amazed Nationwide stopped it frankly!)

[IrrElephant]

They will have given you plenty of notice of removing your overdraft. How did you not know?

[Somewhatfoolish]

how WOULD I know? I extremely regularly logged in to their online banking system and never saw anything.

Again, frankly I don't really care if they want to take it away with no notice, screw the buggers, I just care that I don't have to pay for their decision.

Edited by Somewhatfoolish on Saturday 29th October 22:45

[IrrElephant]

They will have sent you notification in writing.

Does your account show you only having a 2k overdraft?

Seems weird they'd just take it off you, especially if you have savings with them..

[Somewhatfoolish]

Yes, there is an overdraft thing I looked at it now says I have a 2k overdraft and that they are unable to increase it at this time. I've filled in 2k of the overdraft (it was 4k so this brings it inside limit) and I'll withdraw another 2k from work on Monday to bring it into +ve territory and get everything moved over to First Direct (who I've just phoned up and seem happy about it - had to do so as am moving to Isle of Man soon so things are a bit more complicated than they have to be)

I haven't seen anything in writing about this at all, and as I say I can't think of any reason why it would make sense to do this. It may be a blessing in disguise, in terms of getting me off my backside and moving from a crappy building society to an excellent bank and stop me wasting money on a pointless overdraft.

But I reiterate that even if they've sent me a gazillion letters, they should have sent one recorded delivery and/or emailed/phoned/set internet banking to tell me automatically.

And they are not getting a penny out of me in fees for this. I am very bloody minded.

[IrrElephant]

I see your point, but they will have fulfilled their side of the deal by sending you a letter.

Any charges after that.they will want off you, definitely fight it though... Good luck.

[Somewhatfoolish]

Dumfries and Galloway send their S172s recorded delivery for a reason... I see this as the same sort of thing

[mrmr96]

Somewhatfoolish said:

But I reiterate that even if they've sent me a gazillion letters, they should have sent one recorded delivery and/or emailed/phoned/set internet banking to tell me automatically.

So you're telling me that you don't read the post from your bank unless it's sent recorded? Riiiiiiiiiight. Living up to the username today, son. They will have told you, in writing, in a letter you didn't read.

[Somewhatfoolish]

mrmr96 said:

So you're telling me that you don't read the post from your bank unless it's sent recorded? Riiiiiiiiiight. Living up to the username today, son. They will have told you, in writing, in a letter you didn't read.

I do read the post. I never saw any such letter.

Had the letter been sent recorded, they would have known that, so could have sent another. Incidentally I hold another account at nationwide which I hadn't used for years - it had an overdraft which kept on getting reduced, and I always got letters about that. So I also know they only send one letter.

Additionally, most people whose overdraft is reduced are probably going to be in financial difficulty, rather than lazy like me. So one should be doubly sure to ensure those people know what's coming up so they can plan for it.

P.S. If you call me son, does that mean I call you old fart? Or do you prefer presumptive dhead?

Edited by Somewhatfoolish on Saturday 29th October 23:29

[Spitfire2]

Or even "presumptive dhead who is talking sense to an OP who can't see it"

[Somewhatfoolish]

Spitfire2 said:

Or even "presumptive dhead who is talking sense to an OP who can't see it"

How is he talking sense to me? All he's saying is I should have read this in my mail, as if I can't read or something.

What a crock of st.

(Compare this to IRRElephant, btw, who has politely pointed out that it ought to have been in my mail, and perhaps is even skeptical that it hasn't been, but if he is he has kept it to himself - and in general given much appreciated advice. That is how civilised people act)

Edited by Somewhatfoolish on Sunday 30th October 00:05

[mrmr96]

You're the one demanding a phone call when you're already had the info in writing. Doesn't make much sense.

It could be that the mail man stole your overdraft letter. Maybe?

[Somewhatfoolish]

It could be. And I apologise for lashing out at you like that, it was instinctive and based on the worst possible interpretation of what you said. Such is the problem with web forums

and myself on web forums

Not that I think the postman would STEAL it, so much as mislay it somewhere...

I am not demanding anything as such. I am instead saying that it would be prudent and sensible on their behalf to make these things more obvious, because otherwise they're just going to end up with profitable idiots like myself withholding their custom, and vulnerable people getting screwed

Edited by Somewhatfoolish on Sunday 30th October 00:15

[Jimslips]

Don't use overdrafts.

Also, most people it says the 'amount available' to you. You clearly didn't pick that up. Doubt you will get any money back from them.

[mph1977]

the OP also seems to forget that Nationwide is NOT a Bank ...

[mcflurry]

Why pay 18000% overdraft debit interest, when you're earning 0.000001% credit interest?
(ok I may have added some zeroes)

[mrmr96]

Somewhatfoolish said:

I apologise

No worries mate, my post wasn't the friendlist either.

[jdearden]

The co- op did exact.y the same thing to me a few moths ago. No warning no letter before. Although I did receive a
Ether dated after they halfed it so got the charges back. Only reason I didnt notice is I was in France at the time. First I new about it was when my card was declined.

[Zeemax_Mini]

Halifax cut my overdraft from £4k to £2k, they did write to me and gave me 14 days to pay the difference off - luckily I was able to but as you say many people wouldn't. I just shut the account and took my business elsewhere!

Dom

[Fun Bus]

Somewhatfoolish said:

my overdraft of 4k was reduced to 2k..........

Fortunately I am in a financial position that this is no hardship

I don't get this. Having your overdraft limit halved is of little consequence yet you appear to live off your overdraft?