Natwest student account overdraft :@

Enji_Benji

Hi,

Basically after 1 month of trying, my Natwest student account has finally been opened. When I first went through the process of opening the account over the phone, the letters I received stated my agreed overdraft would be £1250. About 2 weeks ago, I had to send down my university confirmation letter from UCAS, as the guy on the phone working there said he couldn't activate my overdraft unless I showed my student status. No problem at all, that's expected.

However, 2 days ago I got a letter saying this in it: "Unfortunately, I have to inform you that the overdraft that you have requested will not be available until after the date that all UK exam results have been published. The IT systems here work on this basis and despite trying, I have been unable to get the overdraft added to your account at this time."

Pretty angry that this happened as I was assured that I would get my overdraft. Has anyone heard of this before? If I don't get the overdraft, I mays well just open an account with someone else. Does anyone think a phonecall could fix this? I'm thinking of calling up on Monday, playing dumb and just asking someone to put an overdraft on my account and see what they say.

Appreciate any help

Robert_Sterling_3

Are you already a University student?

Enji_Benji

not already a university student but I have a confirmed place at uni, starting in september, however they already knew that when I first applied and had no problems - i know other banks tend not to have problems with this too.

Kavanne

Benji, from what happened in the last academic year no one got their overdrafts activated until results day, even if they had an unconditional place. Maybe they got the wrong end of the stick when you first applied.

agsnu

I believe that's normal. You're not a student yet, you don't get a student overdraft.

jd87

Yeah this is normal. Student accounts are for students. Why would they give you one 6 months early?

PinkPig

I think it's fairly standard for banks only to give you a student overdraft in August/September time, which is when they expect most people to sign up for their accounts. I expect you might have similar issues with other banks.

7sefton

I applied this time last year for a Smile Student account despite not going to uni for another 6 months... got my £1000 overdraft immediately after paying in the £300 trigger amount. So I basically got an overdraft on student terms 6 months early. Halifax kindly did the same, for £2750

However, I also opened an HSBC student account at the same time because a) they were offering useful free travel insurance, and b) I wanted to withdraw the whole overdraft and pay it into a high-interest savings account. After my happy experience with smile I didn't think this would be a problem. But it was - HSBC have the same policy as NatWest seem to, and wouldn't give me an overdraft until exam results were published (and thus the new uni year 'started'). This was despite me being 19, on a gap year, with a confirmed place at uni. I was quite annoyed and wrote a letter to customer relations complaining, but there was nothing they could do. Oh well, I just had to wait 6 months before I screwed them!

Also - why have you applied for the NatWest account now? If you wait until the summer (i.e. student account opening 'season'), they give you a free railcard.

SparciaM

7sefton - you are aware you're only allowed one student account, and having more than one with different banks can constitute as fraud depending on whom you bank with. I know smile count it as fraud and will close your account if you have another student account elsewhere.

willo65

I think you might find there's no one home on Monday. Maybe best to call on tuesday but I think you'll have to wait for results.

7sefton

SparciaM wrote: »

7sefton - you are aware you're only allowed one student account, and having more than one with different banks can constitute as fraud depending on whom you bank with. I know smile count it as fraud and will close your account if you have another student account elsewhere.

Sorry, but that's rubbish. I've been very careful when opening the accounts to make sure - there's no law saying someone can only have one student account.

Throwing words like 'fraud' about is inaccurate and irresponsible, IMO.

With specific reference to my smile account: I use the account as my main bank account, have regular substantial credits paid into it, and Martin himself says there is nothing in the terms & conditions to prevent an account holder having another student account elsewhere. I refer you to this: http://www.moneysavingexpert.com/banking/student-accounts-comparison