Halifax Student Account 2009/10: We Want Your Feedback

Fang_3

Lokolo wrote: »

Yes but what you are suggesting not reading the T&Cs is stupid and pathetic.

If you read the T&Cs you would know how to avoid the charges.

Not the sharpest knife in the set, are we? I didn't say don't read them, I said ignore them, because Halifax certainly do.

I would love for you to explain how reading the T&Cs from when I opened the account, would've let me avoid the charges added after? That are contrary to the information given by Halifax at the time of opening the account? Oh wise one, please explain. I await with breath, that is baited.

rb10

Fang wrote: »

Do NOT choose them. The high overdraft might sound tempting, but it will become nothing more than a burden after a while.

It will only become a burden if you let it get to that stage.

They hardly hide from you the fact that one day you'll have to pay the overdraft back, and yes, it may be a burden on you then, but it was your choice to take it.

Fang wrote: »

You should also ignore their current terms and conditions, and anything they say in regards to the account benefits because as soon as you've graduated they will want it back and will charge you obscene amounts of interest.

It sounds as though they had the incorrect graduation date for you, because the account actually retains all the student benefits for a whole year after you graduate.

I would suggest that you make a trip to your branch, with a letter from either UCAS or your university or college that shows your course end date on it. They will then be able to update their records, and the account will remain as a student account for a further year.

Fang wrote: »

I said ignore [the T&Cs], because Halifax certainly do.

I would be very interested to hear exactly where Halifax have "ignored" their T&Cs. Please do post back with the condition number that they have broken, and what they did to break it.

For the more general point that you are making in your posts: the Halifax account is one that will suit some people very well (i.e. those who are able to manage their money, and are disciplined enough to put their overdraft in a savings account and leave it there, or those who are a little short of cash, but always bear in mind that this is just a temporary form of borrowing that needs to be paid back). However, it will not suit others (those who see it as 'free money' and do not consider the future impact that this debt will have on them).

I feel from your posts that you fall into the latter category. It might be worth thinking about how you manage your money, and seeing if you can put yourself into a better position.

The Debt-Free Wannabee board on this forum may be able to help you get to the stage where you can manage your money in a way that will benefit you. It's definitely worth getting into that habit now, as you'll just have more and more problems later in life if you don't read things that you are sent from banks/utility companies/HMRC/etc.

MrsManda

Fang wrote: »

I would love for you to explain how reading the T&Cs from when I opened the account, would've let me avoid the charges added after? That are contrary to the information given by Halifax at the time of opening the account?

When you open a student account (or any other account) you recieve information about the account, what your obligations are, what the account includes and what you are charged for, along with how much you will be charged.
Therefore you are aware that you have an interest-free overdraft of X, arranged ODs over this amount have Y interest, unarranged ODs are charged at Z interest, and all other charges you may incur.
If these amounts change you are informed by letter, and if you receive paper statements you also get a booklet with each statement clarifying charges.
If you ignore all of this information and go over your OD etc... you cannot complain you weren't warned. You are allowed to have an OD because you are considered to be mature enough to take responsibility.

j_jay4

j_jay4 wrote: »

I also got credit checked straight away and got a credit card with >£2000 credit and 9 months interest free .

I'm over the moon that I managed to get a £1000 overdraft after all my trouble. Halifax rocks!!!

Just to update you all. Initially I got £1550 on the credit card but after 3 months the interest free period was extended to a year

After 6 months I came into some financial trouble and needed an extension on my overdraft, after a quick call they instantly raised my limit to £1750.

Really couldn't be happier with how Halifax have treated me. Still also getting £5 a month after depositing £1000 in my Reward account, seems better value than the savings in my savings account.

sjc1

I am 41 years old and am returning to do a 3 year degree this September. I went to my bank Nat West to change over to a Student Account, all they would offer me (once the "Student Advisor" had worked out that I was doing a degree and that my unconditional offer acutally meant I had a guaranteed place) was a student rail card and a £500 over draft over 3 years.

I took your advice and went to Halifax. Your site and the print in their marketing book in the bank said about this magic £3000 overdraft. I couldn't even open a student account with them! The reason? I own my house outright, own my car outright, have no debts, loans or overdrafts, although I am on the electoral role and all my household bills (which are paid on time) are in my name. The Student Advisor (who also didn't know what a BA was!) advised me to go get a credit card and a mobile phone contract, run up some debt and come back in 6 months time!! How can I possibly be a bad risk with all this, compared to some 18 year old? But apparantly as I have no debt I am!!! Has the world gone mad?

emmah89

I opened my account with halifax 2 years ago, just before I started uni and because Nationwide would not give me a debit card as i had no credit history. I will be honest, the £3000 overdraft limit was what appealed to me the most and was the final check box on the list. I have a daughter, so my student loan income is slightly higher than if you don't have a child. I was accepted for the account and for a debit card and an overdraft of an inital £1000. This was more than enough for my first year, though during the summer I did dip well into the overdraft. When I got a letter asking me to renew my overdraft, I rang and requested £2000, as I figured since my course only lasted 3 years then that's how I could work it. I was then told, no, at maximum I could push for £1500. I thought that's fine I won't need anymore. Unfortunately during second year I had a tough time. My daughter was ill, etc, and other matters forced me to eat into my overdraft. At Christmas time, I was outside my overdraft limit and in tears on the phone to Halifax explaining the circumstances, and they allowed me to extend my overdraft but only TEMPORARILY to £1750, and gave me 2 weeks to get the money into the account. I just about managed this, but contacted halifax asking why could I not have it extended that extra £250 permenantly and to which i got "we simply cannot extend it as this is past the second year limit. So things were fine, student loan came in, etc and i've lasted till the summer, alls good. Then I realised it had been over a year since my overdraft was extended (it only lasted a year the first time) so I rang to ask them about it. I've been told no extension until January 2011.... so I'm pretty sure I won't be able to increase it any more till then. Which is a bit poo, as I was hoping it would be extended as im getting married in 5 weeks, and had hoped to dip into to pay off the last few things!!! But overall, i think the overdraft procedures need to be explained more clearly, your limit etc for each year, instead of "£3000 overdraft!!!" Though i have to say the customer service has been excellent!

rb10

sjc1 wrote: »

I took your advice and went to Halifax. Your site and the print in their marketing book in the bank said about this magic £3000 overdraft. I couldn't even open a student account with them! The reason? I own my house outright, own my car outright, have no debts, loans or overdrafts, although I am on the electoral role and all my household bills (which are paid on time) are in my name.

What do you reckon your credit history is like? Have you been over your overdraft limit on your current account at all in the past few years? If so, then this could be the reason why.

If not, then it would be worth getting a copy of your credit report from Experian (only costs a couple of quid), and check that everything on there is correct. Sometimes, the Electoral Role does not format addresses according to the way that Royal Mail does - meaning that your presence there is not tied up to your record at the Credit Reference Agency. Alternatively, it could be that there is incorrect information held about a current account that you hold. Double check it all!

sjc1 wrote: »

The Student Advisor (who also didn't know what a BA was!) advised me to go get a credit card and a mobile phone contract, run up some debt and come back in 6 months time!!

You don't need to 'run up some debt'. Just getting a credit card, and putting one or two purchases each month on to it, should help you to build up your credit history. Make sure that you have a direct debit set up so to pay off the full amount each month; then you'll never pay a penny in interest.

Mountain78

My son has a similar problem, he gained a first in a BEng this year and is returning to University in September to start a masters course, as a precursor to his PHD and needs to finance this year himself, so approached the Halifax for a student account but has been turned down due to his credit rating. This is surprising given he has in the past held a credit card which was paid off every month and pays his mobile bill in full each month with no other opprtunities to build up a credit rating. He has never had any unpaid debts.
Not sure if the Halifax want to invest in students?

borgmanjayce

Has anybody who already has a account with the Halifax ever had any difficulty opening one because they've been asked to provide proof of the date that the course ends for the first year.

I'm doing a IT degree course with the first year being a Foundation Year and even though I've given my local branch proof that I'm doing the course twice in the form of a confirmation letter and I was told that my application would be processed the same day, I found out on Saturday at the main branch in Liverpool that it hadn't been processed at all and that it had probably been because the letter that I showed them didn't have the date that the course ended.

Even though I had the letter from SFE confirming what I would be getting in the form of a grant and loans, they still wouldn't let me open a Student Account and told me that I had to get paperwork from the University confirming what date the first year of the course ends.

This means I have to go all the way to the admin offices and ask if I can get paperwork proving when the course ends for the first year and take it along with the letter from uni/SFE.

Personally, I find this a pain in the !!! and if it wasn't for the fact that I'd be saving £12.50 a month by converting my Ultimate Reward account into a Student Account, I'd be going to Nat West.

msmyth18

Biggest isnt always the best! If i had my time again i wouldnt go for a overdraft any bigger that £750!