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Old 1st Dec 2009, 10:21   #1
Van Hellseek
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Does Nationwide charge for overdrafts?

I have a Halifax account and from this month they are beginning to charge if you go into your overdraft. So I want to close my account and move to another bank.

I've already booked an appointment with Nationwide to open a current account next week.

Anyone know if they also have any ridiculous/unfair charges?

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Old 1st Dec 2009, 10:24   #2
Heliospherez
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Sometimes they do - sometimes they don't. They didn't for me on my flexaccount (went into red twice in 17 years) - but we have 6 other accounts, a mortgage and a loan with them - so if they messed me about - that would all go elsewhere.

Depends how much you have going in - and the frequency/type of account. Usually they will - and if they don't now - they will probably start (as you are effectively borrowing money off them and should be able to budget properly in this day and age)
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Old 1st Dec 2009, 20:07   #3
Amp34
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They don't charge you a fee if you go into your (organised) overdraft, although I can't see any Banks/BS charging fees for organised overdrafts.

They do however charge interest, however not much in the grand scheme of things. I think I was charged about 2 for being around 200-300 in the red and also a few 2p's for going a few pounds over for a few days. (This is with the Flex account, I was a student and now still have not much going in, as well as no other accounts.)
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Old 1st Dec 2009, 22:27   #4
El Jimben
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I used the wrong Nationwide card recently and went 6 overdrawn and I didn't get charged anything

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Old 1st Dec 2009, 22:40   #5
Cob
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Quote:
Originally Posted by Amp34 View Post
They don't charge you a fee if you go into your (organised) overdraft, although I can't see any Banks/BS charging fees for organised overdrafts.
From this month the Halifax are charging 1 a day if you go into your authorised overdraft. It's replacing the monthly interest rate.


So the potential interest I'll pay for spending a month 250 in the red will jump from a couple of quid to ~30.


Work out the APR on that one.

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Old 2nd Dec 2009, 19:46   #6
Amp34
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Ouch!

(Just to clarify I was talking about the Nationwide Flex account charging a fee, myy previous post may have been a bit ambiguous).
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Old 2nd Dec 2009, 19:55   #7
Mr. Anderson
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does this include a 0%student overdraft?
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Old 2nd Dec 2009, 20:27   #8
Heliospherez
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Just remember that one of the main things The Nationwide BS promoted over the last number of years was fact it had fee-free foreign transactions on it's cards.

Funnily enough, this was scrapped around May time this year - with account holders using their cards outside the UK and Europe hit with a 0.84 per cent charge per transaction. This also applies to purchases on websites - The fee increased again to 1 per cent in July. - but you won;t see them telling you that in the new adverts.

They also increased the rate on their CC from 17.9 per cent to 19.9 per cent in May & their saving/bond/ISA rates are pretty dire these days compared with other big names - considering they were usually at the top of the Moneysaving lists

NW profits are down 69% this year -so you might just expect them to make some other drastic changes regarding OD charges.
Last edited by Heliospherez; 2nd Dec 2009 at 20:34.
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Old 2nd Dec 2009, 23:03   #9
El Jimben
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Quote:
Originally Posted by divosuk View Post
Just remember that one of the main things The Nationwide BS promoted over the last number of years was fact it had fee-free foreign transactions on it's cards.

Funnily enough, this was scrapped around May time this year - with account holders using their cards outside the UK and Europe hit with a 0.84 per cent charge per transaction. This also applies to purchases on websites - The fee increased again to 1 per cent in July. - but you won;t see them telling you that in the new adverts.
1% is still better than the 2.75% most financial institutions charge though. I was lucky, they changed it just after I came back from travelling

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