Bankloan and or overdraft

Discussion in 'Finance, Property, Law' started by Fablonbiffchitthe1st, Sep 8, 2013.

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  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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  2. I am also concerned as next year I am hoping to purchase a newer car so am worried that this may be refused also.

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  3. Bad debtor at the address previously?
  4. Separated/divorced from partner who has overspent on a joint account?
  5. Sixty

    Sixty LE Moderator Book Reviewer
    1. ARRSE Cyclists and Triathletes

    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.
    • Like Like x 1
  7. 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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  8. Nope she is always been very sensible financially

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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. 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.
    • Like Like x 1
  12. 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.
  15. Are you on commission now? ;-)