Graduate Overdraft Extension Declined

BarneyFish

Hi all,

I'm fuming with Barclays at the moment. This year I successfully completed university and have secured a job on a three year graduate scheme for a large blue chip company.

I have a £1500 overdraft on my Barclays Student Additions account. I'm moving to London in the next few weeks which requires me to put down a deposit for a flat and pay a months rent as well as buy furniture. Of course there are other first-job expenses such as new clothing, travel etc. Ideally I would like to change my account to Graduate Additions and extend my overdraft to £2000 in order to fund my relocation.

I asked a Barclays advisor about this today in-branch and she said that my extension would be refused on the basis that I momentarily went over my overdraft limit by £3 (yes, 3 pounds) in the last 6 months. She said it was not a Barclays decision, but that of their creditors and someone else had the same request refused because they were once 50p over their limit. At the time I accepted this fact and walked away, but now I have had time to think about this I am very frustrated.

I am annoyed because they are refusing me money when I most need it, the start of my career, and I have never had the maximum Student Additions overdraft. Additionally, the advisor said my recent account turnover is good, which is true because I have been using savings to fund my deposit. Additionally, I have a signed contract showing my agreed pay for my new job. Surely they can see that in a few years time I will be a good customer? Does none of this count for anything?

I phoned Barclays when I got home to talk about this but I was cut off and couldn't face going through the whole process again.

Tomorrow however, I am going back into the branch to put this to them. If they cannot help me then I will talk to Lloyds TSB. Reading the graduate account page on this site, it looks as if they can provide me with a £2000 overdraft. The Lloyds TSB account is also free, where as Barclays expect me to pay £7 a month for theirs.

Has anyone else been in a similar situation?

opinions4u

Fume all you like.

It's the bank's money and not yours. They are not obliged to lend it to you.

I asked a Barclays advisor about this today in-branch and she said that my extension would be refused on the basis that I momentarily went over my overdraft limit by £3 (yes, 3 pounds) in the last 6 months. She said it was not a Barclays decision, but that of their creditors and someone else had the same request refused because they were once 50p over their limit. At the time I accepted this fact and walked away, but now I have had time to think about this I am very frustrated.

A very simple lesson learned. Operate your account within the agreed limits in future and a bank may be a little bit more helpful when you need them to be.

(They should take ownership of their own lending policy though).

izools

Unfortunately this is common practise. Years ago I used to bank with (Sh)Abbey and had the option of a £2,250 overdraft and £250 cheque garuntee card if I wanted either. After breaching the overdraft limit by a few pounds, like you, I was downgraded to only being eligible to an Electron card and no overdraft. I already had an OD in place and VISA debit card so thankfully this didn't affect me but had I lost my debit card or wanted an extension within six months of the breach, it would have been no. Same everywhere. Live and learn :beer:

vaporate

opinions4u wrote: »

Fume all you like.

It's the bank's money and not yours. They are not obliged to lend it to you.

A very simple lesson learned. Operate your account within the agreed limits in future and a bank may be a little bit more helpful when you need them to be.

(They should take ownership of their own lending policy though).

Taxpayers can grab their money back from the bailed out banks then...

opinions4u

vaporate wrote: »

Taxpayers can grab their money back from the bailed out banks then...

The Government could choose to sell their holdings, yes.

Be a bit foolish to do it all in one go, as that would depress the price obtained, but based on current valuations taxpayers haven't actually lost a penny with the equity stakes taken in banks by the Government.

By the way, the OP is referring to Barclays. They raised their additional capital requirements without the UK Government.

vaporate

opinions4u wrote: »

The Government could choose to sell their holdings, yes.

Be a bit foolish to do it all in one go, as that would depress the price obtained, but based on current valuations taxpayers haven't actually lost a penny with the equity stakes taken in banks by the Government.

By the way, the OP is referring to Barclays. They raised their additional capital requirements without the UK Government.

I'm aware of Barclays ebing one of few who did not get bailed out.

Guess savers had a little to do with that with poor interest rates n sky high loan rates.

OP, you will have to try elsewhere.

book12

They have a fee free graduate account. It's called the Higher Education Account. http://www.barclays.co.uk/Currentaccounts/Otheraccounts/HigherEducationAccount/P1242557963888

The overdraft only lasts for 2 years though. The Graduate Additions account overdraft last for more than that.

vaporate

Try Natwest.

Up to 3 free years interest free.

Paying for a graduate account is clearly a sign that you are being robbed.

izools

opinions4u wrote: »

The Government could choose to sell their holdings, yes.

Be a bit foolish to do it all in one go

Hence the sell off of RBS in England & Wales and Natwest in Scotland to Santander. They're doing exactly this

iblametheparents

BarneyFish wrote: »

Hi all,

I'm fuming with Barclays at the moment. This year I successfully completed university and have secured a job on a three year graduate scheme for a large blue chip company.

I have a £1500 overdraft on my Barclays Student Additions account. I'm moving to London in the next few weeks which requires me to put down a deposit for a flat and pay a months rent as well as buy furniture. Of course there are other first-job expenses such as new clothing, travel etc. Ideally I would like to change my account to Graduate Additions and extend my overdraft to £2000 in order to fund my relocation.

I asked a Barclays advisor about this today in-branch and she said that my extension would be refused on the basis that I momentarily went over my overdraft limit by £3 (yes, 3 pounds) in the last 6 months. She said it was not a Barclays decision, but that of their creditors and someone else had the same request refused because they were once 50p over their limit. At the time I accepted this fact and walked away, but now I have had time to think about this I am very frustrated.

I am annoyed because they are refusing me money when I most need it, the start of my career, and I have never had the maximum Student Additions overdraft. Additionally, the advisor said my recent account turnover is good, which is true because I have been using savings to fund my deposit. Additionally, I have a signed contract showing my agreed pay for my new job. Surely they can see that in a few years time I will be a good customer? Does none of this count for anything?

I phoned Barclays when I got home to talk about this but I was cut off and couldn't face going through the whole process again.

Tomorrow however, I am going back into the branch to put this to them. If they cannot help me then I will talk to Lloyds TSB. Reading the graduate account page on this site, it looks as if they can provide me with a £2000 overdraft. The Lloyds TSB account is also free, where as Barclays expect me to pay £7 a month for theirs.

Has anyone else been in a similar situation?

The Personal Banker should have still done the application for you. Ring Telephone Banking tomorrow and ask to be transferred to the Student & Graduate team - they're open between 9am and 5pm on a Saturday. I can not believe they would decline you for going over your overdraft by £3! Student & Graduate overdraft applications aren't even credit-scored, they're offered on a 'needs' basis.

book12

The manager of the branch actually approves the student/graduate overdrafts. This is what happend to me.

I would go into branch and ask the advisor to talk to the manger about this. If still doesn't work, follow 'iblametheparents' advise mentioned above.

iblametheparents - out of curiosity, why isn't there a phone number for the Student & Graduate team?