Bankloan and or overdraft

#1
I have been with Natwest for around 8 years. During this time my ex and I had a mortgage with them, joint and savings accounts with them and loan all of which have been paid off in full. I have opened a new account with them and earn a decent income and have no debt. The account I have allows for a £50 overdraft subject to approval.
Last month I moved into rented accomodation (hopefully longterm). Yesterday I informed my local branch in person of my new address. All going swimmingly. I then asked (after changing my address) if I could have the £50 overdraft facility approved. The chap I was speaking to (always very helpful) did the computer bit and he said it had been declined.
Taking into account that I am debt free, have an excellent credit rating, have never ever defaulted on a payment for anything would any of you financetypes have any idea as to why this was declined? I am seething and am seriously considering transferring to another bank. Would the fact thay I have just moved into a rented house ie havent been at addressong enough be the reason?

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#4
Separated/divorced from partner who has overspent on a joint account?
 

Sixty

ADC
Moderator
Book Reviewer
#5
I'd imagine they're treating the new account as an entirely separate (and brand new) entity and are waiting for you to build up a bit of a banking history with it. Applying after a few months of salary being paid / direct debits coming out and so on will probably be approved without any drama.
 
#6
Oh and don't count on any company loyalty these days, no siree... No such thing, it doesn't exist any more so shop around.
 
#7
I'd imagine they're treating the new account as an entirely separate (and brand new) entity and are waiting for you to build up a bit of a banking history with it. Applying after a few months of salary being paid / direct debits coming out and so on will probably be approved without any drama.
Thats what I thought but it seems strange that they have my entire financial history with that branch there and I have always dealt with the same staff etc and still its declined.

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#9
You sure you mean 50 and not 500 or 5000? that is possibly why they refused you, it seems you are asking for 1 hours pay as an overdraft, that would ring alarm bells anywhere, ask them for 5000 and you will probably receive
 
#10
You sure you mean 50 and not 500 or 5000? that is possibly why they refused you, it seems you are asking for 1 hours pay as an overdraft, that would ring alarm bells anywhere, ask them for 5000 and you will probably receive
Oh I am positive I asked for £50. But i do understand what you mean.

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#11
I'm with NATWEST, because you can actually speak to someone and they can and do make informed decisions regardless of the computer algorithms.

Go in explain the situation and how you'd like more flexibility with your cash and you like a free Pre approved overdraft.
 
#12
I'm with NATWEST, because you can actually speak to someone and they can and do make informed decisions regardless of the computer algorithms.

Go in explain the situation and how you'd like more flexibility with your cash and you like a free Pre approved overdraft.
I totally agree with dingerr, the human interface is the best and works for me.

I recently moved to a new build, informed my bank of the address change and immediately found that my pre arranged OD facility was removed!

Cause...the IT system automatically closes it until you have been living there for a six month period.

All was solved and righted by speaking to a real person in less than three minutes!

Best of luck with your situation.
 
#13
I went in to my local branch and spoke to them face to face. I have since discovered that it may well be down to the fact that my address was changed immediately before I asked ergo havent been in situ long enough. Also that because my account was opened initially as a second account (because of splitting up) I dont have the flexibility afforded to a main account. Both reasons seem bollocks but I am going in tomorrow to ask again. If not off to somewhere se.
Thanks though for advice.

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#14
If you don't get what you want try Barclays.
 

Joker62

ADC
Book Reviewer
#15
#16
I'm not even on pay.

But they are doing some good things and have really changed their attitude from years ago.

For example, if you are serving, it doesn't cost anything/welfare minutes to call Barclays from operational theatres.

Barclays intention is to be the 'Go-To' bank for the military.
 

Joker62

ADC
Book Reviewer
#17
I'm with Barclays, I got an automatic £100 overdraft the day I joined.
 

westendboy

On ROPS
On ROPs
#18
I`m with Lloyds and have been ever since joining up. Even had the same branch since about 1973.

Used to have a £3000 o/d limit when I was earning a good shilling but now that I`m a worthless unemployed piece of shit, they advised that a more realistic limit would be £300 which I use every month.:bounce:

Roll on February I say!
 
#19
Being debt free, does not help your case with banks. Even if you own property outright.

The banks don't like it. They can't flog you unnecessary account add-ons, and your not giving them much chance of overdraft charges, or the hope you may tip into unauthorised overdraft.

Basically they can't make any money out of you.
 

sirbhp

LE
Book Reviewer
#20
go back to ye bank , demand the details of the credit reference agency that they used to score you for the loan. Send the agency £2.00 (might have gone up a quid or so since my day )once you got a copy you can see if you have been red lined ( scored on a previous occupiers record)
 

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