"no notice, but pay off your overdraft"

GizmoBradwell

My wife's current account with RBS started as a student account with an overdraft of £2000. Apparently, when she graduated she could keep it as a "privilage" with an expiry of 2 years.

Is this normal?

She went to pay a cheque in the other day when the cashier told her that it has to be paid off by the end of the month, but they never sent a letter about this.

Can they do this?

So this afternoon we have an apointment to sort out something, probably in the form of a high interest loan.

What are the options and what shouldn't we accept from them?

Thanks for your help!
Chris

ecangel24

Terms of your wifes account seem pretty standard, all student accounts differ. Mine reduces my 500 pounds each year untill it reaches 0.
She agreed to those terms when she opened the account, so they are entirely in their rights.

ShelfStacker_3

Terms and conditions, most likely. Ignore them at your peril...

olly300

GizmoBradwell wrote: »

My wife's current account with RBS started as a student account with an overdraft of £2000. Apparently, when she graduated she could keep it as a "privilage" with an expiry of 2 years.

Is this normal?

Yes they have done this for at least 10 years.

GizmoBradwell wrote: »

She went to pay a cheque in the other day when the cashier told her that it has to be paid off by the end of the month, but they never sent a letter about this.

Can they do this?

Yep. Banks are doing this to everyone at the moment.

GizmoBradwell wrote: »

So this afternoon we have an apointment to sort out something, probably in the form of a high interest loan.

What are the options and what shouldn't we accept from them?

Either you have a normal overdraft and pay for the privlege of having it, or you take out a loan. Unfortunately due to the fact your wife didn't read the T&C of the overdraft it means that she won't be legible for any graduate discounts on the loan interest.