16th September, 2008 (8:06 pm)
The Day I Won’t Ever Be a Grown-up Again
That is the very last time I EVER try and be a grown-up.
I’m not bad with money. I used to be - I used to fucking shocking. But we learned the hard way, dragging our sorry asses out of debt over several years thanks to a (then) booming house market, hard work from us both and a job change for me, and I will never go back to that dark, horrible, scary place again. We still have debt but it’s less than the UK average, and we manage it well. Our credit score is impeccable. I haven’t paid credit card interest for a couple of years now (having wised up to always moving the balance when the honeymoon period expires) and at the end of each year our overall debt is always lower than the year that preceded it. It’s slow but it’s right and I know we’ll get there in the end.
But like everyone else, we’ve been having to adjust to the rising costs of, well, everything in the latter half of this year. The last couple of months have seen two trips abroad, a little one’s birthday and accompanying party which all means that we stretched ourselves a little too thin. Yes, it’s our fault because no, we didn’t have to be so extravagant for S’s birthday, and we certainly didn’t need two vacations. But up until six months ago our disposal income could’ve coped with this. Today it cannot.
To compensate, I arranged for us to extend our overdraft by an extra £250 (about $450) to tide us over. And because I’m a responsible adult and trying to decrease our debt, not increase it, I put an expiry on it to ensure that come payday, the extra debt would be gone and we’d be none the worse off for having it.
THIS IS THE STUPIDEST IDEA I HAVE EVER HAD.
As the rest of this is kinda rambling and ranty and really without purpose, I’ve put the rest under the cut. Don’t say I didn’t warn you.
So, apparently, Natwest took this to mean that I wanted to expire THE ENTIRE OVERDRAFT. OVERNIGHT. So although I had in excess over £400 in our current account when I last balanced our accounts with my online statement on Sunday, today my card bounced. It dawns on me what had happened so I call up Twatwest and explain that - whoops - sorry, heehee, my bad, I’ve exceeded the original overdraft limit but you see I forgot that it was going to revert back - and I’m told that it wasn’t just the £250 that was expired but the entire - and not unsubstantial - overdraft. And because my account has ‘historical problems’ (WTF?!) THEY WON’T RENEW IT. Cue insanity.
Obviously, at this point my brain starts to leak from my ears. Historical problems? WTF? I’m overdrawn because I TRIED TO BE SENSIBLE and then forgot about it. They didn’t write to remind me that it was going to happen, and last time I checked, I wasn’t the Amazing Memory Woman. And excuse me if I get all uppity and defensive, but there are no fecking historical problems. I’ve had two abnormal months where I’ve exceeded my OD accidentally - and NEVER by more than a couple of quid before I spotted and rectified it - but I’m explaining this to a lovely but clearly fuckwitted twelve-year-old up North and I’m getting nowhere. If I was systematically in the red, constantly exceeding credit limits, then I’d understand. But I’m not and, to be frank with you, I’m offended at the insinuation that I’m some cloth-headed chav continually maxing out at TK-fucking-Maxx. So I start rising my voice - what M would call my Firm But Fair tone - and I get referred to fucking DEBT MANAGEMENT. Cue meltdown.
Thankfully, the woman I got there was neither an idiot nor a robot. She could see what had happened and, despite Fuckwit Northern Lad telling me that he couldn’t look back in my history to evidence the fact that I hardly ever go overdrawn, she did. Immediately. She agreed that it was clearly an error and normal service will be resumed within two working days. She apologised for my having to have been referred to her and I finished the call without threatening to brain someone. Good stuff.
I know no-one’s read this far because I’ve bored myself but, honestly, wtf? Banks are tossers. M thinks it’s because we played hard-ball on their arses and claimed back in excess of three grand’s worth of bank charges (see? Told you we had debt) last year but whatever it is, it’s shocking. I know it’s vulgar to discuss salaries but between us we earn good money - almost private banking kind of money - and we’re treated like scum. How the hell do they deal with people with real, scary, horrible debt? People who genuinely need help and support? The people we were only a few short years ago?
I’m moving my fucking account. Twatwest can kiss my arse.
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Comment by Tsubomi — 16 September, 2008 @ 8:25 pm
Oh my… banks seem to be causing people problems all over (my boyfriend will be leaving his soon because they are changing their policies which would make him have to go from a $250 minimum in his checking at all times to $750) :( hopefully you can find a better one, I agree you shouldn’t have been treated that way, luckily in the end a worker with common sense was able to help you out.
Comment by Teesee — 16 September, 2008 @ 8:33 pm
I finished reading the entry :D
I bank with Twatwest (as my main bank at least) and have been wanting to move from them for a while. I remember being overdrawn by about £1.37 (yes the decimal is in the right place) and at the time I was only 16 and wasn’t allowed an overdraft. Not surprisingly, they charged me £27 for going over my balance. When I questioned the charge (I was only £1.37 overdrawn ffs - first time ever!) they said I should get an overdraft to stop this from happening in future. I pointed out my (then) age to them and they quickly refunded my £27…
Phew. I have many stories like the above. Basically, I agree with your sentiments regarding Natwest. Sometimes you really do have to go through several departments and people to get a resolution, but at least you got that!
Comment by Bonnie — 16 September, 2008 @ 8:41 pm
Twatwest are, indeed, shite. We’ve moved banks three times since we were with them! We’re “current account tarts” apparently, and “credit card tarts” too, always applying for new financial products and ditching the shit ones.
Get signed up to Quidco, apply for an Alliance & Leicester Premier account through them (don’t visit A&L first or the cookies won’t work) and you’ll get £50 cashback. Then use A&L’s switching service to transfer your direct debits and they’ll give you another £100.
We’ve managed to blag £100s from banks by being current account tarts and signing up for their introductory offers. Apparently people are more likely to move house than to move their bank accounts, so they rely on people staying with them because they can’t be bothered with a bit of hassle. Sod that, I want my free £150! (Just got £200 from First Direct/HSBC recently through their £100 if you like us / £200 if you don’t deal.)
Comment by Bonnie — 16 September, 2008 @ 8:42 pm
Oh yeah, you should try First Direct first, obviously. Their customer service is decent.
http://www.firstdirect.com/1st-account/
Then tell them you don’t like them and switch to A&L. Bank loyalty? Pah!
Comment by Bonnie — 16 September, 2008 @ 8:47 pm
Oooh oooh (last comment, promise) if the overdraft First Direct offer isn’t good enough, A&L do an overdraft matching thingy where you just have to prove what overdraft you had at your previous bank (by providing a letter or something) and they will match it.
Comment by Jac — 16 September, 2008 @ 8:52 pm
It must have been the day for twatty phone operators we had the same problem today (not with a bank I must add) but someone else who couldn’t work a computer and just would not give the proper service for being in the service industry.. Twats, the lot of them!
Thankfully, I have never had to deal with the customer service of Natwest, but thanks to [Financial-advisor] Bonnie I will check out quidco’s deals and get me some cash back. I have to get the money for my iMac from somewhere ;)
Comment by Vixx — 16 September, 2008 @ 9:12 pm
Clearly, I have touched a nerve. And in turn, I’m touched by everyone sharing in my little bit of madness today.
Bonnie, you’re my new financial GOD. Fancy doing a Finance for Dummies blog?! Quick Q - when they ask why you don’t like them, what do you say? And is there any hassle? I’m pretty good at standing my ground (wouldn’t have gotten £3k back if I wasn’t!) but could do with some pointers!
First Direct here we come!
V xx
Comment by Bonnie — 16 September, 2008 @ 9:32 pm
I set up my A&L bank account and then contacted FD via secure message (all done through online banking) to say I wasn’t happy with their 0% in-credit interest rate and wanted to move my banking to a bank which pays in-credit interest. (This is actually true, but I also wanted my other £100, and it does say in the T&Cs that you get the second £100 “no questions asked” as long as you meet the minimum pay-in requirements, which is 6 months’ worth of your salary being paid in.
You have to pay in a minimum of £1,500 per month for six months and it has to be your actual salary from your employer (this can be a joint account and the amount can be made up of two incomes). You don’t have to keep the money in there and I would recommend you don’t, because it pays 0% interest (I shove mine into a high-interest savings account once our direct debits come out).
No hassle so far, though I did have to request my first £100 (they didn’t pay it automatically) via secure message. It was in my account within the first few weeks of opening the account.
Comment by Selphie — 17 September, 2008 @ 8:16 am
Ugh I’m sorry to hear that Vikki. :( “Historical problems”? What an ASS!! You’d think they chose their words a little bit more carefully.
Kinda makes me happy that I’m with HSBC. (But then again, they were the only bank that gave me an account when I had just moved in the country so I don’t know if that’s a good or a bad thing?!) I also just use it for keeping my money there and nothing fancy, but jeez, UK bank system confuses the crap out of me. Apparently the overdraft limit is something that you would use when you’re in an emergency or something (or accidentally)? And exceeding it will cost you money? Wtf? Why even put it there if it costs you to use that money. Durr… It’s like a mini loan or something? Confuusiiiing.
I’m applying for a credit card from them (for online clothes shopping lol) but I’m 90% sure they will just refuse it, seeing as I’ve only been here for, what, 3 or 4 months and even if I’ve handled my money stuff well I don’t really look like the most convincing customer I bet.
Comment by starrynite — 17 September, 2008 @ 6:54 pm
I wrote to natwest (my current account and credit card provider) last year to claim back old bank charges (serveal hundred £s worth) and got told that as the whole “is it legal for banks to charge for exceeding your overdraft?” question is still in the process of being answered by the courts, I have to wait for a verdict before my request will go any further.
I’m hoping to swap credit card as soon as I’ve been working fulltime long enough to get a decent credit rating (being a student and working parttime doesn’t bode well in terms of credit rating!)
Glad you got it sorted tho x
Comment by Charmarie — 17 September, 2008 @ 7:45 pm
Honey you are so right about banks. I’ve gotten lucky with mine they are actually very good about contacting me when things go awry on my account and they don’t treat me like an idiot. They happen to be very understanding and will work with me. Other banks I’ve dealt with (BofA, Union Bank, Wells Fargo and WaMu) can all kiss my royal ass. I’m glad the lady in the Debt Management area was able to help you out and clearly have understanding where the other twat did not.
Comment by sharon — 18 September, 2008 @ 1:01 am
I’m with Barclays and they’re just as shit. The other day my local branch was closed all morning because they couldn’t open the safe (I kid you not) and when they merged with the Woolwich they somehow managed to lose the savings account that I had with them; two years on and I’m still waiting for them to find my missing money. Fucktards.
Comment by Vixx — 19 September, 2008 @ 10:06 am
Couldn’t open the safe? OMG. That’s mind-boggling in its brilliant lameness. And they LOST your savings account? WTF?
Starrynite - despite the whole question of the OD charges, we still got back £3.5k as a ‘goodwill gesture’ (like banks give away three grand for goodwill). That was only HALF of what we were owed though - that’s right, we’ve had almost £7k of charges between three accounts in the last six years - but as we knew the court case would drag on, settled on that 50%.
V xx
Comment by sharon — 24 September, 2008 @ 11:26 am
“Couldn’t open the safe? OMG. That’s mind-boggling in its brilliant lameness. And they LOST your savings account? WTF?”
It’s only got a couple of hundred quid or so in it, but still… that could go towards my driving lessons. Actually, I need to phone them again and rant about this. Thanks for reminding me :)