Ulsterbank OD trouble

cunnins4

Howdy folks, got a student account with Ulsterbank, and in June I increased my OD by 400 quid to facilitate holidays. I did ask for it to be on a temp basis, but they didn't state anything about that, they just approved and off I went. They did send me a letter confirming it, but tbh I didn't read it and have no idea where it is (silly, i know:o)

Anyways, since getting back I've been overdrawn (maxed out the last few weeks) as my pay's been by cheque which I haven't lodged yet. Today I lodged 400 quid and it's shown up in my account, but my account states zero funds available. I got a letter from them saying I was being charged interest for being overdrawn beyond my agreed limit, but this is the first I've heard of it.

I'll lodge the cheques on monday and then i'll be about 1k in the green thankfully, but I want to keep my overdraft as it's handy in college.

Do they have to notify me of retracting my od? my friend's with them and hers has been fully maxed out for months (~1.5k) and has had no trouble. She also increased hers on a temp basis last year, but they never changed it back.

I'm just within my old limit (by about 9quid, but it says 0.00 available) so it seems the whole thing's gone. Very odd not to receive a notification.

EDIT: Just read their t&c for my account and it does say they've to give me written notice of changing my limit. Defo a call on Monday is due. Very annoying.

unclebill98

cunnins4 wrote: »

Howdy folks, got a student account with Ulsterbank, and in June I increased my OD by 400 quid to facilitate holidays. I did ask for it to be on a temp basis, but they didn't state anything about that, they just approved and off I went. They did send me a letter confirming it, but tbh I didn't read it and have no idea where it is (silly, i know:o)


Mistake 1.

Anyways, since getting back I've been overdrawn (maxed out the last few weeks) as my pay's been by cheque which I haven't lodged yet. Today I lodged 400 quid and it's shown up in my account, but my account states zero funds available. I got a letter from them saying I was being charged interest for being overdrawn beyond my agreed limit, but this is the first I've heard of it.

I'll lodge the cheques on monday and then i'll be about 1k in the green thankfully, but I want to keep my overdraft as it's handy in college.

Do they have to notify me of retracting my od? my friend's with them and hers has been fully maxed out for months (~1.5k) and has had no trouble. She also increased hers on a temp basis last year, but they never changed it back.

I'm just within my old limit (by about 9quid, but it says 0.00 available) so it seems the whole thing's gone. Very odd not to receive a notification.

EDIT: Just read their t&c for my account and it does say they've to give me written notice of changing my limit. Defo a call on Monday is due. Very annoying.

There are 2 types of o/d drafts. One has a expiry date and the other is evergreen, ie no expiry date. You asked for a temp one, so a end date would have been applied to the account. This date past and the over draft was reduced to zero.

They are well within there rights to reduce you o/d as agreed without sending you a letter.

As for you balance showing up as zero. If you still have the limit and you lodged a non UB chq then the chances are that the chq is not cleared. This can take up tp 6 days to clear. It will appear cleared after 3, but full clearing time is 6 days.

cunnins4

cheers-my original od is evergreen-has no expiry date and i'm now within that limit, so it shouldn't have expired.

I lodged cash, that usually clears on the spot, so it's definitely in my account.

IIRC the letter from them didn't state an end date for the extension, just saying "I confirm your increase from x to y...", but as I said, I didn't read it properly.

Would you think I'll have any trouble getting my original OD back?

Cheers.

unclebill98

cunnins4 wrote: »

cheers-my original od is evergreen-has no expiry date and i'm now within that limit, so it shouldn't have expired.

I lodged cash, that usually clears on the spot, so it's definitely in my account.

IIRC the letter from them didn't state an end date for the extension, just saying "I confirm your increase from x to y...", but as I said, I didn't read it properly.

Would you think I'll have any trouble getting my original OD back?

Cheers.

Well that depends. If your working and there will be reg cash going in the it should not be an issue. It only take 5 mins for someone to find out, so just call them and ask them to put it back on. If you had many 4.44 charges it might be an issue, but if you had 1 12.70 charge then you may forget about an increase for 6 months.

Jaysoose

cunnins4 wrote: »

Howdy folks, got a student account with Ulsterbank, and in June I increased my OD by 400 quid to facilitate holidays. I did ask for it to be on a temp basis, but they didn't state anything about that, they just approved and off I went. They did send me a letter confirming it, but tbh I didn't read it and have no idea where it is (silly, i know:o)

Anyways, since getting back I've been overdrawn (maxed out the last few weeks) as my pay's been by cheque which I haven't lodged yet. Today I lodged 400 quid and it's shown up in my account, but my account states zero funds available. I got a letter from them saying I was being charged interest for being overdrawn beyond my agreed limit, but this is the first I've heard of it.

I'll lodge the cheques on monday and then i'll be about 1k in the green thankfully, but I want to keep my overdraft as it's handy in college.

Do they have to notify me of retracting my od? my friend's with them and hers has been fully maxed out for months (~1.5k) and has had no trouble. She also increased hers on a temp basis last year, but they never changed it back.

I'm just within my old limit (by about 9quid, but it says 0.00 available) so it seems the whole thing's gone. Very odd not to receive a notification.

EDIT: Just read their t&c for my account and it does say they've to give me written notice of changing my limit. Defo a call on Monday is due. Very annoying.

Just a thought but this could mean you are over the £400 limit and are being charged interest on the money and not the term of the overdraft.

jaffa20

I had an overdraft with them too and it was agreed to be 650euro limit. I went over it a few times by 50euro without realising and they charged me 12,70euro each month for going over my limit by 50euro. Anyway, months later when i found out i was been charged more interest than i had actually overdrawn by, i decided to pay a big chunk of it off. They stopped charging me interest but now i got a later stating i would be charged 9% in going over the agreed limit of my overdraft. They better be kidding cos i hope they've taken all the interest the need and as for notifying me after i went over my limit, i am very dissapointed in them as a bank.

I had a student loan in 2006 and decided to pay it off, close it at the branch. However, i found out yesterday it was still open with a zero balance all this time. I hope they don't get away with charging me something for that too.

cunnins4

no charges at all on the account. I got one when I first opened it because they took over a cancelled standing order from my AIB account that didn't pay (charged me €12.70 for that), but other than that I've never once gone over my OD limit, and haven't been charged a penny. It seems that my entire OD has been taken away, not just the temporary €400 extension. Hopefully it's just a clerical error and it'll be reinstated next week.

Yeh, plenty of cash coming into the acccount from this week(I was working in england all summer so no pay then). I'll lodge my pay cheques on monday and my next one'll be paid into the account so I've no money flow problems -just for the weekend!

Banks open on a Saturday in England-that was convenient!

cunnins4

Have to renew the OD every college year. Put back on no questions asked.

Good stuff.

unclebill98

cunnins4 wrote: »

Have to renew the OD every college year. Put back on no questions asked.

Good stuff.

See.... here was you giving out and all the time it was a simple problem, tut tut

cunnins4