help with natwest overdraft probs

[unhappyfeet!]

hi

 

I have an agreed overdraft of £5000, I applied for an extra £500 increase online. The application took around 2 mins it said to include your original overdraft and add on the increase that you required,as i did then it asked if there was to be an expiry of this request. There was no explanation of what this meant so i presumed it was on your application request or the increase so put it 48 hours ahead the application was instantly approved at 10pm approx and available the next morn. Then the next day the whole £5500 dropped off my account so I'm now unauthorised and overdrawn by this amount, I've telephoned them over a week now but they say this is all correct because of the expiry date I added, I've looked and looked online and I can't find anywhere it saying that this means the whole of the original overdraft will expire too! how can anyone be expected to pay this amount back in a matter of days!

 

can anyone help pleeeez

[yourbank]

I will BUMP this because it will give me a reminder I have posted here to come back on the thread.

[yourbank]

Apologies for not getting back to you. I think you made a mistake on the online system of applying for the overdraft because it gives you the option of putting in an expiry date on the overdraft if required. When you put an expiry date onto an overdraft it means that the new limit will expire in........And now you know what happens. The new facility overrides the old one and so when it expires it takes the overdraft back to zero.

 

 

It may be worth a different tack. Speaking to the Bank and telling them that you misunderstood the screens and in your haste put in an expiry date which you now realise removed the overdraft. Can the bank still give you the overdraft facility but this time with no expiry date, ie UFN?

You made a mistake when you applied.

[unhappyfeet!]

hi thanks for your reply:)

 

right got what your saying

 

there is a llittle more to it (it was my hubby's bank account)

 

whilst this all happened about 5 days after the new limit expired (which we didn't realise) the account was running as normal even though we were unauthorised overdrawn, wages went in but were swallowed up we were able to pay DD and withdraw money etc,we didn't recieve any paperwork until approx 5 days and still presumed the expiry was for the new increase to the overdraft ie £500. On the 5th day we applied for a £5000 loan for 'home improvements' and were accepted,we did this online too,the money went in the next day and my balance showed this money available for 3 days then my overdraft dropped off thats when we realised that the whole overdraft facility had been removed and we feel we were forced into using the loan for home improvements to pay it off, we couldn't cancel the loan they said because the funds were not in my account. so they gave him a loan whilst well over £5000 overdrawn unauthorised left it in the account a few days then paid the overdraft off it didn't drop off when the letter said it would expire. I'm really annoyed because the £5000 loan was ticked for home improvements not to pay of existing funding as we then thought he had an overdraft.

 

Whats strange is my hubby had a conversation with my bank 2wks prior to all of this and she asked if he was interested in a loan to pay off his overdraft he took some figures but never contacted them back, then he applied online but for home improvements.

 

We have recieved a letter saying that we can't have the overdraft back so feel we had no cancellation rights to the loan, as the funds were gone they said on the phone we couln't cancel and that it was just unfortunate!

 

hope this makes some sense

[chloecat]

How awful is that?!?

 

Surely unless you have recieved a letter from the bank saying they were withdrawing your overdraft facility then they cant just do that?? There has to be some law surely..?

[yourbank]

Chloe, the bank did not withdraw the overdraft facility, the overdraft was upped to £5500 but they put an expiry date on it. For example, if they applied today and put the expiry date for 48 hours, ie 15th August, then after that date the overdraft would expire and take the account back to zero. The new overdraft supercedes the previous one. It was an error because online banking states, "overdraft expiry if required" or words to that effect. They made a mistake and the consequences are as described in post 4. I'm not sure what more I can add to this. Have the bank allowed you any overdraft facility whatsoever?

[unhappyfeet!]

hi

 

yes they have, £1000

 

but I'm furious at how they have run my account

[389shell]

Ah, the ever helpful NatWest, I just love this bank I have fought many a fight with them in the past.

[unhappyfeet!]

hi

 

ye they're very helpful as you can see they even spent my loan for me!

now hows that for a helpful service!!

 

so did you win your many battles?

 

regards:-)

[389shell]

Won 2, now onto my third with them. After I got all my charges back off them, I wrote (recorded delivery, I have proof they signed) asking to close my account immediately, they didn't, and so the one DD I forgot to cancel went out of the account 5 weeks later then the charges started again. They are now up to £400 and I have told them I am not paying a penny, they have said they will settle for £200, I told them to stick it and to do their worst because I am beyond caring any more. I put the phone down on them so many times they gave up ringing me, I now return all their letters to them aswell. This has been going on for a year now lol, but I REALLY don't care any more.

 

Good luck with your battle with them, have you considered opening another bank account with someone else? I realise they are all the same, but the satisfaction you get when you tell them where to shove their account is priceless

[unhappyfeet!]

hello again:)

 

Ye gonna put my complaint in writing tomorrow, my hubby's had several sharp phone conversations with them since

 

We're actually not that bothered about them using the loan for the overdraft as we wanted to reduce it, but we won't be telling them that! ;-) as its the way they've ran the account thats just sooooo not on!

 

Then ye as you say opening another account this week and will eventually be telling them to stick it where the sun don't shine!!

 

Think I'm gonna enjoy this battle, as all my CC & DCA companys have gone very quiet over the last 2 months?? all 6 of em:oops: and I'm stopping myself from ringing em to ask why they have not been calling or writing !

 

I do hope that I have not upset any of them in anyway, lol

[yourbank]

My personal opinion from the circumstances is that the bank will respond to the complaint in the terms I have explained re the mistake made of inputting an expiry date. I am going to bow out of this thread now because I cannot add more to what I have already said but I will be interested to see their response on your thread.

[unhappyfeet!]

ok thanks for your input, its appreciated:smile: and I agree with what you've said about natwest's response.

The £1000 overdraft dropped today and we incurred £90 charges, so telephoned them again and they said that he hadn't had an overdraft since July!We had the paper work infront of us, so was put through to the lending manager he said they'd been having several problems with the online creditzone overdraft increase/decrease facility and he refunded the charges and put the overdraft back on.

Will def be making a complaint to raise my issues mainly the loan cancellation rights, just to see what there response will be.

 

Thanks again for your input your bank