Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 1
  • Keith_F
    • #2
    • 21st Aug 12, 4:17 PM
    • #2
    • 21st Aug 12, 4:17 PM
    My daughter got 1000 O/D in year one and has just had this upped to 1,500 for year 2.
  • lesadmick
    • #3
    • 23rd Aug 12, 10:34 AM
    • #3
    • 23rd Aug 12, 10:34 AM
    I went into HSBC and asked them to run their credit check as if I were opening the account, and it came back with an overdraft of 1750 in year 1. They said generally this increases year by year as long as you dont constantly exceed the limit. You do have to go through the process of opening the account to do this, but at the moment they just have my details on hold and I haven't formally opened the account so I could assess my options. Hope this helps!
  • rho350
    • #4
    • 29th Aug 12, 12:02 PM
    • #4
    • 29th Aug 12, 12:02 PM
    I called HSBC today, have been with them for over 10 years now. Mentioned that it said I could claim up to 3000 on their website so applied. Took about 20 mins to fill out the form on the phone but to no avail. The reason for refusal was that the bank doesn't approve of an overdraft over 125% of my monthly income. Which means that for most students the overdraft should really be 500?? Seems to be many hoops to jump through. They did say it could be reviewed in 3 months time but it seems pointless really. I exclusively use HSBC for my finances and have never been over any limits or charged. Hope this wont affect my credit rating too much .
  • winckles
    • #5
    • 30th Aug 12, 9:16 AM
    • #5
    • 30th Aug 12, 9:16 AM
    I applied a few months ago, and was approved for a 1000 overdraft and a 500 credit card. Both of which i'm happy with.
    I was pleasantly surprised by the overdraft limit as i am a single mother and dont currently work, I don't know if becasue im a student nurse it makes a a diffence though....
    mom of LillyBug september '09
    and DexterGrub january '12!
  • GSDog
    • #6
    • 30th Aug 12, 11:18 PM
    • #6
    • 30th Aug 12, 11:18 PM
    I applied online today and the whole process was very simple. I shall keep this updated with my experience.

    I wasn't sure whether to take the credit card option as well so I said 'No'. I may change my mind on that, though.
  • winchester_jp
    • #7
    • 1st Sep 12, 7:53 PM
    • #7
    • 1st Sep 12, 7:53 PM
    Don't apply for the credit card unless you are confident you will be accepted. I applied when I opened the account and was declined; eight months later in May I wanted to extend my 500 overdraft but was also declined. The reason stated was that the declined credit card application was 'bad past behaviour' so they won't be offering me anymore credit. Quite a strange reason to give. I was also disappointed by HSBC's unwillingness to help when I explained I needed the extension to pay an overlap in the rent (between moving out of halls and taking tenancy of my second year student flat) because I was already close to my limit.

    However, my friend got an overdraft extended to 1500 because he is in credit. If you are living on the breadline close to your limit HSBC don't seem to think this is a valid reason to let you have more, even though in my case it would have been temporary to help me get back into credit!! All their decisions they make using a central computer system, as opposed to a bank manager who may actually have an understanding of the situation
  • antoniarose
    • #8
    • 2nd Sep 12, 7:21 PM
    • #8
    • 2nd Sep 12, 7:21 PM
    I've been a customer of HSBC for almost 6 years now, so last year had my account changed to a student account for the first year of uni. 1000 overdraft and a 500 interest-free credit card were approved. For the majority of the time I was very happy with my account, but when I had a problem I found my new local branch very unhelpful.

    Recently they took it upon themselves to order me a new contactless card which I didn't ask for. And it didn't turn up. 30 days after it should, my card stopped working. I went into branch and they didn't seem to think there was an issue "as you'll have another card within a week". Going abroad with no bank card was not ideal, and they offered no helpful solution apart from "use your credit card", which promptly cost me a small fortune in fees.

    Great deal for a student account but attrocious service in branch.
  • Keith_F
    • #9
    • 3rd May 13, 9:05 AM
    • #9
    • 3rd May 13, 9:05 AM
    Update.

    Year 1 overdraft of 1000 and credit card with 500 limit.
    Year 2, straightforward increase of OD to 1,500. At christmas of year 2, she applied for this to be increased further, after all, it did say up to 3,000 on the tin.
    Rejected, with a letter whose explanation bore no relationship to her circumstances.
    So I prepared a letter to the Customer care Team.
    Initially a poor response, or to be more accurate, no response.
    Followed up with a copy of the letter sent to them by e-mail.
    3 weeks later, humble apologies and an increase in the OD to 3,000.

    Moral of the story, don't accept the computer rejection of an OD increase.
    Complain and get a real person to look at it properly.
  • iAMaLONDONER
    Update.

    Year 1 overdraft of 1000 and credit card with 500 limit.
    Year 2, straightforward increase of OD to 1,500. At christmas of year 2, she applied for this to be increased further, after all, it did say up to 3,000 on the tin.
    Rejected, with a letter whose explanation bore no relationship to her circumstances.
    So I prepared a letter to the Customer care Team.
    Initially a poor response, or to be more accurate, no response.
    Followed up with a copy of the letter sent to them by e-mail.
    3 weeks later, humble apologies and an increase in the OD to 3,000.

    Moral of the story, don't accept the computer rejection of an OD increase.
    Complain and get a real person to look at it properly.
    Originally posted by Keith_F

    Did she 'stooze' or use the O/D regularly?
  • hldomster
    Never managed to get more than 2k overdraft in final year.
  • xraee
    Been with HSBC all my life (21 years) so simply changed to a student account in year one of university. Was immediately offered 1750 overdraft limit but chose to reduce this to 500 as it was my first year, being told I could increase this at any time. I have never been over my overdraft limit, however as I tried to increase it to 800 at the end of my second year due to staying in university over summer, I was declined. This was done over the phone, however I had previously been into a branch and been told it would be no problem to extend it but to call up. Will try again in 3 months, at the beginning of my third and final year, and if I am declined again I will be complaining.
  • Becki-boop
    I have been with HSBC for 6 years and got an overdraft of 750, can't figure out why but I am not going to complain I also got offered a student credit card which I turned down
  • 11abcd11
    My daughter has been with HSBC for 2 years. It was her first year in Uni last year and got a 750 overdraft. As she ran out of money in summer holidays ( i am not in any position to help much) and her saturday job didnt want her hardly at all and she could not get anything else , so she used nearly all her overdraft. Asked the bank for an increase to tie her over till October when her grant comes in but was refused.Now has to wait 3 months to apply for an overdraft. A credit check came up with a low credit rating. We dont understand this as she only buys things with cash when needed, so no credit cards. It seems she has a low credit rating yet she has no debts. Lots of her friends have got a large overdraft with other banks, any one any ideas
  • Hort
    Be very careful when signing up to this account. If you're new to banking, you could easily be manipulated into having a credit card and PPI!
    Read all the paper work in front of you, very thoroughly!
  • popadom
    Although i am happy now, it took ages to get an account. I had to go to three different branches, make loads of calls. I provided proof of my course 3 times and was so frustrated I cried in one of the branches(had a bad day anyway ). I have been with the bank for nearly ten years so didn't expect that treatment.
  • Maggie.Moo
    I'm really annoyed with HSBC. I opened my student account in Feb 2012, before any of their incentives, because I was interested in the 3% interest on balances up to 1,000 and the opportunity for a 3,000 overdraft.

    I've seen very little of the 3% interest because I was silly enough to keep a balance above 1,000 until recently when I've taken advantage of cash incentives to open other bank accounts (didn't apply for overdrafts).

    After being initially offered an overdraft of 1,500, it was kept at 500 which has only occasionally been used and then repaid within a week or so since Feb 2012 as I never needed it (I was assured I could apply for more at any time). I'm currently borrowing 139.59 from my overdraft as I misread the month of my student payment date and although I have money floating between two other accounts (and a large sum locked into an ISA until April) I wanted to increase my overdraft as a safety-net until my next payment/ISA is accessible. When applying, I was told I could apply for up to 5,000 as my account was granted 'Advance' status and although I thought this was wrong I knew I could repay it if I ever needed to use the full amount.

    HSBC got back to me and said that this would be irresponsible of them as I am currently holding two credit accounts elsewhere (which are the two bank accounts without overdrafts) and this amount is not suitable for my income (my annual student payments are 16,000 as I have a child dependent and I recently had an annual summary saying my average monthly balance was +2560). They now say I need to wait three months before I can apply for any increase again!

    I am most annoyed because I recently took advantage of cashback available for a free credit check and I can see that this application has had a negative impact on my credit score - taking me from Good to Fair. While I obviously made some mistakes (probably shouldn't have asked for so much and might have been worth transferring money so that I was in credit with them), I feel really let down by HSBC after being so loyal to them. It really stings to know that I have friends who have lived off credit for years and have accumulated a lot of debt yet still have multiple large overdrafts with various banks!

    I am looking at switching student accounts but not sure where I stand as I finish assessments in 11 weeks (although I don't actually graduate until November). Will probably pop into the branch of the account I like and ask their advice.
    Last edited by Maggie.Moo; 06-03-2015 at 1:53 PM.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5,261Posts Today

10,364Users online

Martin's Twitter
  • Apologies for the vulgarity but did the #Wimbledon bbc2 commentator just say "he doesn't beat himself off?"

  • Eeek did we forget to pay the meter? No power in MSE Towers - no phones - (appartently power down in whole central london)

  • Warning! Did you start Uni in or after 2012? If so govt mooting making your loans more costly. See http://t.co/oF99EWBpIZ RT to spread word

  • Follow Martin