Notifications
Clear all
Topic starter
22/02/2014 10:59 am
My TD is due to finish in June. I have had a basic account with Nationwide since the outset of my TD. I received a letter from them this morning saying they are upgrading my account to a Flex Account. They go on to say that they will review my account on April 13th and 'subject to my circumstances' they may apply a reserve limit allowing me to go into overdraft with transactions.
I've been very careful throughout my TD and have never slipped into any kind of unauthorised overdraft and don't really want to start now!
My concern is, I know Nationwide's attitude towards people in TD's has changed since I started mine. I opened my basic account before I had actually signed my TD and was attempting to run a DMP (what a joke that was). When they review my account in April, is there a likelihood that my TD will come to light and they will close my account? I've had no issues with Nationwide so far and am keen to see out my TD as is. I have no back-up account and realise there isn't much in the way of alternatives at the moment.
Should I set up another account just in case and, if so, are there any recommendations that are current?
Glad that's over with....
22/02/2014 11:28 am
I can't see your TD affecting it. They would need to credit check you and I think that's unlikely as they have already decided to upgrade you.
I think the "subject to circumstances" will be really just keeping your existing account in order i.e. not overdrawn.
If the worst does happen, the Coop Cashminder account is a good one, that's who I am with.
22/02/2014 2:20 pm
I have a Flexaccount with free Travel Insurance but no overdraft.
I had the account before my Trust Deed but did not start using it as my main acfount for Salary DD's until after I started my TD.
If you want to retain your existing account then just ask.
Topic starter
22/02/2014 3:54 pm
Thanks for the replies. I think I will open another account with the Co-Op just in case of a worst scenario situation. The travel insurance with the account upgrade was mentioned in the letter and that will come in handy as I am definitely treating myself to a holiday once the TD is over in the summer. I can't do another Sun £9.50 special. I reckon I'll let them review the account and hope nothing changes!
Glad that's over with....
