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Natwest 'unarranged overdraft' Watch

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    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.
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    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
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    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.
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    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.
 
 
 
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