HSBC Graduate Overdraft

Sharon87

Hi, I have my Graduate overdraft near it's limit of £1500 and I haven't been using the account much, I've been using Halifax. It's interest free for now. But in September the interest free portion is due to be cut to £1000. I'm just worried that if I don't use it regularly they'll take the overdraft away.

Has this happened to anyone or am I just worrying about nothing? (I'm starting to use it again, by transferring some of my wages in there)

withnell

I think the conditions of most grad account are that you use it as your main account - so by not using it a lot you run the risk of them removing the o/d, yes.

leedsforever_2

My friend some how managed to get 2 student accounts... and 1 of the accounts she wasnt using... and yes she got numerous letters and debt collection letters for the one she wasnt using! So I would continue to transfer some wages so they see that it is still active

I have a student O/D too and my interest free amount is at £1000 too... My student loan is also god knows.lol!

insurgente

i've got 2 student accounts and overdrafts

I basically got the second one for the free 55 quid, took all the overdraft out and put it into a savings account.... natwest didnt take to it apparently. once when i was away for a month I received several letters of increasing threats saying they'd take the whole thing back

after haggling with them on the phone (literally haggling....the guy was asking how much I could pay in RIGHT NOW... i think i managed about half of what he wanted) they chilled out.

now i just have a standing order from my 'real'account that pays a few quid in each month, which seems to prevent it being marked as 'inactive'

GrammarGirl

I think one of the terms for the HSBC Graduate Account is you must have your salary paid into it. I think, not certain!

EmmaJ_3

I have done this too as HSBC messed me around when I graduated first taking away my overdraft then reinstating it after much complaint. Now I have it maxed out and don't use it just repay it as the overdraft decreases each year.

I have found if you don't use it at all you get an indian call centre on the phone pestering you to repay the whole amount even though it is still interest free. If you pay in 5% of the total per month then it stops the automatic trigger thing that refers your account to them. You can take it out again too.