Economics, Business, Money, Finance : any British assholes bank with Nationwide here?

any British assholes bank with Nationwide here?

I have a question about overdrafts that google aint helped with so far.

I have pretty much gone over my overdraft about 7 times this month, 6 out of the 7 times i have been able to bring the balance back from the red within 24 hours ( thank you, you know who u are =] ) but one time it took 2 days for it to go back in.

Will i be charged for each of the 7 times? I have phoned them before to ask but they just talk about percentages and other bank jargo and im just like….wait, what?

I went overdrawn a few times last month and when i got my statment at the end of that month i was only charged $6 in total, but i cant be sure if they counted the OTHER times i went OD that month.

Re: any British assholes bank with Nationwide here?

https://en.m.wikipedia.org/wiki/Overdraft

Overdrafts in the UK Edit
Banks in the UK normally offer an overdraft facility free of charge, subject to a pre-arranged limit (formerly known as an authorized overdraft limit). Interest, fees or both would normally be charged if the facility is used but accounts may have an interest-free buffer of a few tens of Pounds or a higher deliberate feature of a few hundred Pounds interest free.

When a transaction would exceed the previously agreed overdraft limit the bank can choose either to decline the transaction or to accept it as an informal request for an increase, formerly often known as an unauthorized overdraft. Charges and interest rates for informal increases will often exceed those for a formal request. There is also normally a fee per declined transaction, often subject to monthly caps. Usually, the bank sends out a letter informing the customer of the charge and requesting that the account be operated within its limits from that point onwards or informing the customer of their new limit. In a BBC Whistleblower programme on the practice, it was noted that the actual cost to the bank was less than two pounds.[citation needed]

Accounts exist with overdraft protection facilities which guarantee that the bank will not allow an informal overdraft and which may have lower charges for refusing transactions, protecting the customer from the interest and charges which would be incurred if an overdraft was granted. Accounts for those under eighteen years old will not normally permit an overdraft to be created.

Amount of fees
No major UK bank has completely dropped informal overdraft charges. Some, however, offer a "buffer zone", where customers will not be charged if they are over their limit by less than a certain amount. Other banks tend to charge fees regardless of the amount of the level of the overdraft, which is seen by some as unfair. In response to criticism, Lloyds Banking Group changed its fee structure; rather than a single monthly fee for an unauthorized overdraft, they now charge per day. They also allow a 'grace period' where you can pay money in before 2:30pm (Mon – Fri) before any items are returned or any bank charges incurred (with exception from standing orders which debit at beginning of working day). Lloyds TSB allows their customers, if they have gone into an unplanned overdraft on a Friday for example, to pay money in before 10am on Monday morning and the daily fees for the weekend (Saturday and Sunday) to be waived. This, however, does need to be cleared funds. Alliance & Leicester formerly had a buffer zone facility (marketed as a "last few pounds" feature of their account), but this has been withdrawn.

In general, the fee charged for an informal request is between twenty-five and thirty pounds, along with an increased rate of debit interest. The charges for cheques and Direct Debits which are refused (or "bounced") due to insufficient funds are usually the same as or slightly less than the general overdraft fees, and can be charged on top of them. A situation which has provoked much controversy is the bank declining a cheque/Direct Debit, levying a fee which takes the customer overdrawn and then charging them for going overdrawn. However, some banks, like Halifax, have a "no fees on fees" policy whereby an account that goes overdrawn solely because of an unpaid item fee will not be charged an additional fee

I got no clue what any of this means

Re: any British assholes bank with Nationwide here?

Sober-up dude.

Re: any British assholes bank with Nationwide here?

If it took 2 days it was probably because of the weekend and you shouldn't be charged

Re: any British assholes bank with Nationwide here?

I mean I took 2 days paying it back, not the system lol

Re: any British assholes bank with Nationwide here?

I know, but if the money goes in on a Friday it doesn't show till Monday
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