Natwest Charges and Interest issue

[jeb192]

I apologise if this is in the wrong place: please let me know and I will move it.

 

I have banked with natwest for about 9 years and have two bank accounts, a select account with £50 overdraft and a graduate account with an £1800 overdraft. To cut a long story short, my problem is twofold.

Natwest informed me of the following via email:

 

That they are changing the charges on the select account: basically charging for anything and everything they can.

 

£6 Just for USING my overdraft, even though it's an authorised overdraft

19.89% interest on my overdraft balance

£6 for any direct debits that bounce

£6 PER DAY if my account goes over my agreed overdraft.

 

Furthermore, they have informed me via email that my graduate account will be changed to a select account on december 17th. So I will be charged 19.89% on my full 1800 overdraft unless I pay it all back, which I can't do.

 

Also the only time I ever go over my overdraft is when natwest takes out fees, so basically they cause the problem and then charge me £6 a day for it.

 

In light of this I would like to approach them and explain that the charges, on the graduate-cum-select account in particular are unacceptable and will bankrupt me and I would like to make a payment arrangement to get the overdraft paid off without incurring any further charges. Two months isn't enough notice for me to pay such a large sum of money.

 

I don't want to close the accounts, but I can't afford to have my salary paid in there so I have opened a basic account with another bank which I will have my salary paid into if necessary. However this account doesn't allow standing orders or Direct Debits and I have to pay my rent by standing order, it's in my tenancy agreement.

 

Could anyone help me write a letter to natwest? And does anyone have any experience contesting this sort of thing?

[fkofilee]

Could i suggest setting up a cushion account with another bank?

Thats probably the best idea... I think i would march away after that decision by Natwest

 

Pay it back in small amounts

[AndyOrch]

Could i suggest setting up a cushion account with another bank?

Thats probably the best idea... I think i would march away after that decision by Natwest

 

Pay it back in small amounts

 

Absolutely correct...you cant reason with them but you can isolate them.

 

 

Regards

 

Andy

[jeb192]

Absolutely correct...you cant reason with them but you can isolate them.

 

 

Regards

 

Andy

 

 

The interest will be hundreds of pounds, if I try to to pay them back without making a proper agreement I will incur more charges than I pay back.

[AndyOrch]

Then try to reason with them...but I would still set up other banking facilities and move your income to that account. Santander/CO OP offer basic accounts with the facilities you require.

[jeb192]

Yes I have already done that.

[AndyOrch]

Ok but see above you can open basic accounts with DD/SO facilities.