Top Graduate Accounts 2009/10 Article Discussion

1self

Hello all! I'm new to all this Forum stuff so pls. bare with me if I make any mistakes!

I have had an account with Lloyds TSB for about 30 years for which I have had an overdraft of £1500 for many years with no major hiccups (I switched current accounts to Alliance & Leicester about 6 months to a year ago after reading it was a Best Buy on the MSE website, upon which my Lloyds TSB acct was kept open but reduced to £550 because of low usage). I also have a classic credit card with them & they offered me an upgrade to the airmiles duo just the other day. I recently tried to open a Grad. account with Lloyds TSB - again after the MSE feature - who have refused me an overdraft. I was told it is due to my poor credit score. I have a default from 2004 on my credit file which was settled in the same year and as far as I know no other issues on my file (I have checked with all 3 credit reference agencies within the past year).

I assumed that students' circumstances would be looked at differently and that we are kind of supposed to be in debt - for which I am in only from the Student Loan! Could anyone help me out as Lloyds cannot seem to give me a valid reason for rejecting my app. considering I have had an overdraft with them on their standard current acct. for so long and that was the only reason for me opening the account!!

Many thanks!

gradsci

I recently switched to a Lloyds graduate account from a Lloyds current account and am still in my first year since graduation. Lloyds have refused to increase my overdraft limit from £1000 to £2000, its very frustrating! Other than my Lloyds credit card I have no other debts and have never defaulted on any payments. I'm employed full time. I'm not sure why I'm being refused the full amount when the article on this website says the amount is guaranteed, any ideas??

VanDer_3

Hi there,

I currently have a Barclays Higher education account with a £500 interest free overdraft that remains around the -£500 mark. I currently work for free but will begin earning from December of this year. Hence I normally transfer money across from my savings account as and when I need it.

I graduated in 2007 so this will be my third year post uni.

I have just recieved a letter stating that on the 21/09/09 I will be switched to a normaly Barclays bank account with interest on my £500 overdraft of 19.3% EAR. The other options available are a 'Graduate Additions' account with a £7 monthly fee - but I would be able to apply for a interest free overdraft up to £500. Or they offer the 'additions active' account for £15 a month with a smaller interest free overdraft of £300 - but loads of benefits/perks I dont need.

My issue is this:
I do not want to pay a monthly fee at all. Having read the article the advice about these fees confirms my initial thoughts. But the article offers no advice on Barclays.
I would be happy to switch to find an interest free overdraft for graduates entering their third year post uni, but what happens to my £500 overdraft? I do have the means to pay it off before switching (an ISA) but ideally do not want to pay it off yet as I am not earning. Can it be taken on by a new bank? Either way I am guessing the banks outlined in the article are the best option.

Some very specific advice needed but would be greatly appreciated.

Thanks

B

aleeaitken

Hi,

I have been with HSBC foir 25 years, just graduated (mature student) have always had 1500 over draft facility when in full time work before becoming a full time student (changed to a student account) They have just written to me to tell me they are charging me 25quid to reduce my OD to 1000 next July in my graduate account.

what are my options??

I am looking for another account

book12

It seems that most graduate accounts want graduates to be in employment.

Are there any graduate accounts that don't need employment as the criteria?

Will they be lenient since it's hard to find a job?

Stubert

aleeaitken wrote: »

Hi,

I have been with HSBC foir 25 years, just graduated (mature student) have always had 1500 over draft facility when in full time work before becoming a full time student (changed to a student account) They have just written to me to tell me they are charging me 25quid to reduce my OD to 1000 next July in my graduate account.

what are my options??

I am looking for another account

I got this letter at home as well. Having worked for free for 3 months, I'm very poor. Charging me 25 quid to 'review my overdraft' which I obviously didn't ask for.

I'm gonna get paid finally in a couple of weeks, but still pay isnt fantastic so I'll be stuck paying this interest which I can't really afford nor is really fair seeing as they appeared to have lowered the amounts twice in a couple of months.

Linzi1madi

I also received this letter from HSBC about paying £25 to arrange my overdraft facility- I've had my overdraft all through uni and its been arranged from the day I started, so why are they now charging me? New bank or question the fee?

yehehehes

I received the letter from HSBC saying I had to pay a £25 and that my interest free overdraft would reduce from £1500 to £1000 on the 18th of July.

I rang up the online banking help desk and questioned the £25 charge. I've agreed with them that they will make the charge and a couple of days later I will be refunded the amount (provided I ring them to remind them). They said I had made a formal or informal request in the last 6 months which I hadn't. According to their fair fees policy they aren't allowed to charge you if you haven't made a request in the last 6 months. If you have gone slightly over the limit but are now in it just express ur dissatisfaction at this charge and they should cancel/refund it.

Regarding the interest free amount I made them confirm that the amount will remain at £1500 until the end of next July (2010). Here I just used the argument that new grads are offered £1500 interest free so why am I being punished for being a loyal customer.

Tbh, I think they are just trying to pull a fast one, hoping we don't notice. Its a joke but I'm happy I've sorted this out.

rose28454

My DD has banked with Lloyds for some years. She had a small overdraft and 2 years ago opened a student account as she started an online degree. At the time the bank manager sold her a loan to repay her overdraft and then opened a new student account. I thought this was incorrect but due to all my own money problems I did not have time to help her. One of the assistants even advised her that she should complain because what he did was wrong.
Now she has finished her degree she applied for a graduate account but they say she is only allowed the existing £750.00 overdraft and not the £2000 advertised.
Any ideas anyone

minerva_windsong

robgriz wrote: »

This may seem like a stupid question, but if I had my student account with Natwest and have near enough maxed out the overdraft limit (about -£1550) and decide to switch, what happens to this overdraft debt? Is it 'paid off/taken on' as such by whoever I take up the grad account with (eg Lloyds), or would I have to pay it off myself before I close the Natwest account?

*would also like to know this*