Hi all, I'm a student and of course money is tight.
I'm half way through my second year, but over the Summer (just gone) I started to go into my overdraft with Natwest.
When I signed up, I was told I'd have £500 overdraft which could be increased each school year.
Since then I've gone around £420 overdrawn, leaving me with circa £80 left over.
Since I've come back for Christmas, my intention was to get this extended.
I have a heap of mail I've not opened (as I've been away at University since mid September), and alot of it is from Natwest talking about £6 charges from February 1st 2011 because of an 'unarranged overdraft'.
Now it's got me very worried, due to the Snow I'm unable to go into my local branch but I thought I'd just ask on here before I called up to check with you lot if this is normal.
What is an 'unarranged overdraft'?
In a normal student account should I expect it to be labelled as that?
Ad if they're claming my overdraft was without their consent, can I wave goodbye to them potentially extending it and expect to recieve charges?
Thank you for reading, any advice would be greatly appreciated.
Natwest 'unarranged overdraft' Watch
- Thread Starter
- 22-12-2010 15:16
- 22-12-2010 15:22
An unarranged overdraft, is spending beyond your agreed £500 interest-free overdraft, and incurs a £20 charge for using it, and then i BELIEVE a £6 charge for each additional payment/purchase made from the account while it's still in an unarranged overdraft (balance of less than -£500) up to a monthly limit (which i've forgotten. you can only increase your arranged overdraft once you've started your second term at university.
Check your ;eaflets about changes to charges, it'll say it all there, or go to their website, i believe it's listed there also
- 22-12-2010 16:06
Whilst students are entitled to an overdraft they cannot access it unless they been into their branch to set the overdraft up. It is not automatic.
- 22-12-2010 17:57
Nat West has sent those letters to everyone, it's just a standard thing. As long as you extend your overdraft before you spend it you will be fine.