BOI pulling OD

[Ron J]

I have a BOI ac for a long time with 5k od. Was informed today that its being withdrawn and ac must be in credit within 1 month.
Does anyone know if I can switch ac to another bank who would give me a 5k od as I'm not in a position to clear the od myself.

 

[hippy1975]

I don't know I'm afraid, but just wondering, why have they done that? Did you go over the limit at some stage? Maybe you could get a loan to clear it?

 

[Ron J]

Havn't gone over the limit at all. Say they're not happy to go on as I have been on it for a long time and ac has not been in credit for over 12 mths !! Think they are just cutting back on od's as a few friends have run up against the same problem with them.

 

[twirl100]

Havn't gone over the limit at all. Say they're not happy to go on as I have been on it for a long time and ac has not been in credit for over 12 mths !! Think they are just cutting back on od's as a few friends have run up against the same problem with them.

My understanding of this is - Whatever way banks account for overdrafts and loan in their books from accounting point of view, It is more adventogous to them to have a loan on books instead of overdraft

I seem in load of situautions where overdraft turned into a loan at same bank.

Give them choice of - You try to bring down overdaft or create loan

 

[Ron J]

I do not want to turn this into a loan. I believe they are being totally unreasonable demanding its repaid. I will happily leave them and open a current elsewhere.

 

[Willy Fogg]

I do not want to turn this into a loan. I believe they are being totally unreasonable demanding its repaid. I will happily leave them and open a current elsewhere.

They're not being unreasonable I'm afraid, you are. And I doubt you'll find another bank willing to accomodate the same behaviour.

Say they're not happy to go on as I have been on it for a long time and ac has not been in credit for over 12 mths !! Think they are just cutting back on od's as a few friends have run up against the same problem with them.

Overdrafts are meant for occasional dropping into, not living from. If you've been overdrawn and not in credit for 12 months, then that's a big issue and it's probably unsurprising they don't want that to continue

 

[millieforbes]

Havn't gone over the limit at all. Say they're not happy to go on as I have been on it for a long time and ac has not been in credit for over 12 mths !! Think they are just cutting back on od's as a few friends have run up against the same problem with them.

Check your T&Cs - usual requirement is that you have 30 days credit each year, if you dont meet this the can pull the OD.

 

[TheShark]

I have a 2k overdraft with NIB and it contains a condition that I must be in credit for 30 days over each 12 month period , As I rarely use the facility I have never had a problem with them.

 

[Ron J]

T & C state the 30 days credit alright. Is there a way to sort this as if they pull the od now I am not in a position to meet monthly debits. Need to agree a timeframe for reducing it to zero. Maybe just talk to them.