Telling your bank your status has changed?

SparciaM

I will be a student (again, mature this time) in March 2009 and was wondering if I should tell me bank that a regular funding into the account wont happen?

I know with most accounts you have to credit a salary every month, which wont happen in my case, so I technically won't be running the account within the T&Cs, but as they wont convert my account to a student account, I can't really do much in response to not using the bank account - as i've still got DDs etc that need to be paid.

I've tried getting a student account with HSBC, but they declined under credit scoring and advised that I couldn't appeal the decision or complain about not being able to appeal as they had deleted all my details off their records (absolutely disgusting if you ask me).

So I'm considering waiting until March/April and trying again to either convert my bank account or open up a student account. I wanted to do it now as I know they can take weeks to open and set up and just wanted everything in place before I start my course.

Kavanne

Try another bank for your student account, HSBC isn't the only one!

Lokolo

Indeed. Shelfstacker will come along to backup/hitme in this statement, but your HSBC internal score usually is better if you update details.

Not sure why or if thats true (although I wouldn't have made that up! unless it was a dream hm).

ShelfStacker_3

To be honest, I have to side with Kavanne; if HSBC decline you, then like he says other places do student accounts, might be worth trying with them. It is, after all, up to them who they want to hold an account with them.

I'm not sure if internal scores are increased or whatever by details being up to date. Usually internal scores are only based on hard financial data, as in how you run the account, whether you get many payments returned/paid guaranteed etc.

Scousebird_2

Customer details does affect scoring yes-it contributes towards a failed scoring decision if things are missing (eg-employers address, competitor credit/debit cards etc).

LittleVoice

SparciaM wrote: »

I know with most accounts you have to credit a salary every month, which wont happen in my case, so I technically won't be running the account within the T&Cs, .

I don't know about HSBC but I have current accounts with Lloyds TSB, Halifax, Abbey and Nationwide where there is a requirement to pay in £1K or £1.5K monthly to get reasonable interest rate - but it doesn't have to be a salary or in one tranche.

For instance I could pay in £250 on Monday, withdraw it on Sunday, and pay it in again on the following Monday to make up £1K in a month even though it is only the same £250 going in each time.