Accepted for student account but no overdraft yet?

Caseyface

Hi all

I have been accepted for a student account with Natwest, they haven't sent me any confirmation of that yet but i know it has changed as my online banking now says student/graduate account, but there;s no overdraft facility yet?

I have been offered a place and have a letter confirming this, i'm a mature student studying for my PGCE so i don't need to wait for results etc. Do you think i just need to go into the bank and show them my letter or could it be that they aren't offering me an overdraft facility?

Thanks

HairY

If it is anything like Smile you will have to request your overdraft increase each academic year. Check the T&C of the account - it should say in there.

hbloomers

I had to request an overdraft (Halifax). Just make an appointment with an advisor in the bank and that should do the trick.

Wiggynut

I got the Natwest student account last year.

my course didn't start until the very end of September but by the 7th September I got a letter from Natwest confirming my new account and that I got the overdraft of £1,250 - I did check and it was there! (never used the overdraft but I am finding it useful right now ;-))

did you apply for the overdraft when you opened the account - you do have to choose it - I'm sure I did - also have you shown them confirmation paperwork of your student status - I showed them my student finance letters and Uni acceptance letter.

possibly because you haven't got the confirmation letter yet then maybe that's why the overdraft isn't showing... still going through what ever processes they need to do!

I also have terrible credit score but that didn't affect my student account at all!
I'm sure it will be fine once you start - wait for the letter and if it doesn't mention the overdraft give them a call or pop in and have a chat.

good luck with your studies
:-)

ps: the free travel card is cool - recommend getting that - it's renewed each year and sent to you automatically!

Caseyface

Thanks all

Wiggy, i don't recall it asking me about the overdraft when i applied online, but anyhow i gave them a call this morning and they said as my course starts Sep 14th that i can ring on the 1st Sep and they will activate the overdraft for me.

I haven't needed to show any paperwork yet which is strange though...

HockeyDuo8083

This is not a criticism but why do you need an overdraft? I have noticed so many students and potential students all desperate for a student account with an overdraft. Not to mention peeps on DFW that are cursing the day they took out a student overdraft cos now there are in masses of debt or the banks are threatening to take it back. I am not all white and shining and have had debts in the past so I am no means getting on my soap box!
Are you planning on stoozing your overdraft money?

Am I the only one who has been saving like a mad woman for going to Uni therefore not needing a student overdraft? I can see the need for a student account as you often get good freebies though.

I don't think the banks give you an overdraft until you 'officially' start your course so you may need to wait.

Good luck for your Post Grad; I am going back in fortnight to start the same course.

Caseyface

Well, i work full time currently and my fiance has been out of work for almost a year :eek: so every penny i have earnt has gone straight back out again therefore leaving me without enough to put away for savings towards uni.

I understand what you are saying, and i'm not after an overdraft to go out and blow on silly things by any means, but it will be there incase my car breaks down or i need to pay something urgently.

I've done my calculations and will be slightly better off going back to uni, so it's not even a case of putting it off another year as i could still be in this position next year...

Good luck with your studies too, it's gonna be a slog haha!

melancholly

HockeyDuo8083 wrote: »

This is not a criticism but why do you need an overdraft? I have noticed so many students and potential students all desperate for a student account with an overdraft. Not to mention peeps on DFW that are cursing the day they took out a student overdraft cos now there are in masses of debt or the banks are threatening to take it back. I am not all white and shining and have had debts in the past so I am no means getting on my soap box!
Are you planning on stoozing your overdraft money?

Am I the only one who has been saving like a mad woman for going to Uni therefore not needing a student overdraft? I can see the need for a student account as you often get good freebies though.

I don't think the banks give you an overdraft until you 'officially' start your course so you may need to wait.

Good luck for your Post Grad; I am going back in fortnight to start the same course.

i think most students find that they need the overdraft at some point - if you can get by without it, that's impressive but most students aren't in that position. since it's interest free it is the best way to get some additional money. the key issue is managing money appropriately - hopefully just the fact that people are on MSE should increase the chances of that!

hbloomers

I needed my overdraft to pay for my extortionate accomodation fees! And I'm currently working every hour I can to pay it off now. I'm considering asking the bank to reduce it this year, as I'm living at home and won't have that many outgoings, but would still like to have it in case of emergency