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Natwest 'unarranged overdraft' Watch

    • Thread Starter

    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.

    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

    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.

    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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