My bank offered to increase the overdraft on my current account by £400 to £1400 so I could pay off some bills and a couple of depts. They told me I could have anything up to £2100, but I settled at £1400 as I didn't need more than that. They told me this would be available to use within a couple of days. I immediately went out and paid the bills etc, leaving about £50 spare in the account, thinking this would soon be £450. I noticed a week later that the overdraft hadn't changed and I couldn't withdraw any more money. When I phoned the bank, they told me my limit was actually £1000, and couldn't be increased. I am now screwed, as I have no money until the end of the month. Can I do anything about this? What are my legal rights in this situation?
2007-02-05 00:46:05 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
This is what happens when you spend money you don't have, and you can only blame yourself. The bank did not force you to go into overdraft, so sue yourself.
2007-02-05 00:51:20 · answer #1 · answered by Kokopelli 7 · 0⤊ 0⤋
Unfortunaely you have no rights as this was a verbal agreement and banks when offering Overdrafts agree on an amount with customer then follows it up with a letter confirming said amount. If you choose to go out a pay the bills before getting confirmation then more fool you. Go into your bank and speak to the Manager face to face and sort it out. Good Luck
2007-02-05 09:06:40 · answer #2 · answered by Steveh 3 · 1⤊ 0⤋
If you don't have the offer in writing, you have nothing.
You can always speak with a manager and explain that you placed some amount of reliance on this offer...and that if the offer isn't met, you'll switch bank accounts. The manager will generally do whatever is in his/her power to keep you as a customer.
2007-02-05 10:46:30 · answer #3 · answered by Blicka 4 · 0⤊ 0⤋
Quite simply Banks can ask for money back that they have lent to you On Demand. So they can lend it to you one minute and demand it back in the next minute.After all its their money. Although its very rare for them to do this..
2007-02-05 11:06:54 · answer #4 · answered by Anonymous · 0⤊ 0⤋
None, zilch, zero... no chance at all of changing their mind... watch out for their fees now on your account also. poor service from them so switch banks
2007-02-05 12:14:13 · answer #5 · answered by Ian G 4 · 0⤊ 0⤋