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AIB approves my loan but cancels my overdraft

  • 06-06-2012 8:14pm
    #1
    wheatser
    Registered Users, Registered Users 2 Posts: 64 ✭✭


    Hi all,

    I just got approved for a 1500 loan. Currently I have a 1500 overdraft which i wanted to decrease to 500 using the loan proceeds to do so. I was asked what i needed the extra 500euro for to which i gave valid reasons.

    So fast forward a few days and the loan has been drawn down to my current account and i go to take some money from the ATM and it turns out i have insufficient funds. I ring bank and they say that my overdraft expired the same day my loan was drawn down. So basically I now have no overdraft and a loan of 1500.

    I am in the exact same position as i was before i had the loan and the bank are saying that there is nothing they can do. I applied for a 500euro overdraft but it got rejected stating i had one DD returned in the last 6 months.

    Has this happened to anyone before or has anyone an idea of what i should do as I feel like the bank have screwed me over a bit here.

    Thanks in advance.


Comments

  • #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    wheatser wrote: »
    Hi all,

    I just got approved for a 1500 loan. Currently I have a 1500 overdraft which i wanted to decrease to 500 using the loan proceeds to do so. I was asked what i needed the extra 500euro for to which i gave valid reasons.

    So fast forward a few days and the loan has been drawn down to my current account and i go to take some money from the ATM and it turns out i have insufficient funds. I ring bank and they say that my overdraft expired the same day my loan was drawn down. So basically I now have no overdraft and a loan of 1500.

    I am in the exact same position as i was before i had the loan and the bank are saying that there is nothing they can do. I applied for a 500euro overdraft but it got rejected stating i had one DD returned in the last 6 months.

    Has this happened to anyone before or has anyone an idea of what i should do as I feel like the bank have screwed me over a bit here.

    Thanks in advance.

    I'll hazard a guess that the offer letter had a clause on same that on drawdown of the loan your overdraft is cancelled in full.

    I don't like the way AIB has been operating over the past few months - basically they've been sending out overdraft renewal letters to people advising that your overdraft will come up for "renewal" soon and for to contact your branch. In the 10 or so years I've had an overdraft I've never received such a letter. The ordinary punter shouldn't have to suffer because AIB went on a credit binge. And anyhow, overdrafts are quite profitable for banks in general.

    OP, I would be closing your account (just like I did). If they won't give you a small overdraft of 500 eur then there's something desperately wrong.


  • #3
    wheatser
    Registered Users, Registered Users 2 Posts: 64 ✭✭wheatser


    Yeah it just seems fairly sneaky of them. Essentially, i had sn interest free OD of 1500 and now i am paying interest on a loan just to clear it.

    I paid off a student loan 12 months ago with AIB and never missed a payment so presumed they would be happy to keep me as a customer.

    Do you think i should go into branch and speak directly with manager/ someone with authority and basically say that i will leave aib if its not resolved?


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