Transferring bank overdraft

Goodie · 15 Dec 2006 at 22:21

Hi folks.

Just wondering does anyone know if its possible to transfer an overdraft at one bank into another bank account with a seperate bank?

Im pretty unhappy with how my current account is being run at natwest and want to close it, however ive got a £1250 overdraft being used at one of my accounts there from my student years. If its possible to open up with a new bank and take my overdraft there it would mean that i can just close down my natwest account for good.

So im just wondering if anyone knows if this is possible or not before i go and attempt to get it all sorted tomorrow morning. Thinking of going to barcleys as thats been reccomended by my father.

Cheers for your help folks

Goodie

gumbald · 15 Dec 2006 at 22:53

Go and have a word with Barclays. If you're transferring "debt" to them, they'll probably pay off your Natwest overdraft and recreate it in your new account with them.

Danger Phoenix · 15 Dec 2006 at 23:06

I suggest go open your new account, use the overdraft from there to pay off your Natwest overdraft... and then close that account

I don't think you can transfer overdrafts as such, because you are basically borrowing money from one back... and it has no relation to another bank.

Goodie · 15 Dec 2006 at 23:37

I see, thanks for that folks.

I think the best thing i can do then is to just pop down to barcleys in the morning, have a word and go from there

Brum Man · 15 Dec 2006 at 23:46

Not sure about Barclays, but some banks aim to match overdrafts from offered by other banks but they sometimes only do it if you use their switching service.

They will also probably want to see a full months banks statement from Natwest no older than 3 months and with no charges applied, and I know that Natwest doesn't put you overdraft limit on your statement so they may also want a letter from them confirming what your overdraft limit is.

As said above, you if they do offer an overdraft to the same degree as your Natwest one then you will just have to draw the money out of the new Barclays account any pay off the Natwest account, therefore transfering who you oww the money too.

furnace · 16 Dec 2006 at 09:54

What's up with Natwest? I've used them since I was 14 and have had no problems. They're not very personal, but it does what it says on the tin. I've never had problems with Direct Debits and such like other people have at other banks/societies (namely Woolwich)..?

Briton · 16 Dec 2006 at 10:40

furnace said:
What's up with Natwest? I've used them since I was 14 and have had no problems. They're not very personal, but it does what it says on the tin. I've never had problems with Direct Debits and such like other people have at other banks/societies (namely Woolwich)..?

I've been with NatWest for approaching 30 years and never had a problem with them.