Transferring Accounts/Overdrafts?

normanmark

Hi,

Basically i was a student at university for 3 years, i decided to quit my course in the third year (four year course, long story as to why i quit). I was due to go back this year but the university put the course a year back.

Currently i have an overdraft limit of £1750 with HSBC and im about £1300 into it, now HSBC have been my bank through out my uni years & i doubt they'll let me continue banking with them as a student for a further 3, and to be honest it'd be a good excuse to leave them (poor customer service).

I was looking to go with NatWest, now my question is would i be able to transfer the balance of my overdraft with HSBC onto the new account? Obviously i would have to bring the balance down to under a thousand to fit in with NatWest's first year policy. But would there be any charges with HSBC?

Any advice or help is much appreciated

Zziggi

normanmark wrote:

Hi,

Basically i was a student at university for 3 years, i decided to quit my course in the third year (four year course, long story as to why i quit). I was due to go back this year but the university put the course a year back.

Currently i have an overdraft limit of £1750 with HSBC and im about £1300 into it, now HSBC have been my bank through out my uni years & i doubt they'll let me continue banking with them as a student for a further 3, and to be honest it'd be a good excuse to leave them (poor customer service).

I wouldn't be so sure. My first year at university was in 1993 and i started a 4 year degree course. I am still on a student current account with interest free overdraft and have been ever since 1993. I have always used the interest free overdraft and don't think i have ever been out of it since i got it. Money might as well be else where earning inerest.After my 4 years was up they wrote and said they were transfering me to a graduate account. I explained i intended to do a second degree and they just extended my student account to last a further 3 years. Every 3 years after that they write to me and ask me if i am still a student. i say yes and the free overdraft continues... Not sure how this is still happening after 13 years but it *is* happening.

P.S. I am currently a student so i am not totally scamming the interest free overdraft facility. (but have had a couple of odd year long breaks)

melancholly

they should be fine about you going back to be a student - i'm now doing a PhD and was transferred back to a student account so massive over-draft days are back (although by the time i finish i want to be completely living in the black!). you might need to show another letter from the university for it to continue though (and before you switch to natwest for better customer service, see if you can stay with HSBC - i don't have anything good to say about natwest, apart from the nice overdraft - although they did forget to authorise it initially so i had my card rejected when paying for an eye test!)

normanmark

OK thanks for the advice so far , so i should write a letter to my branch informing them im going back to university (with a copy of my acceptance from the university)?

Zziggi

normanmark wrote:

OK thanks for the advice so far , so i should write a letter to my branch informing them im going back to university (with a copy of my acceptance from the university)?

Try ringing them up first. They may just accept your word for it (they always accepted it verbally from me). If they say they need it in writing/proof from the uni, then you will have to produce it. No need to waste your time running round for proof and writing letter if they'll accept it verbally.

normanmark

Good point! Thanks for that, ill give them a call & see what they say