Question regarding OVERDRAFT!

Jsutherland7

Hi all.

Basically i have opened a student account with Natwest and i get a free rail card with discounts on it and also a limit of upto #500 overdraft.

Now, I have a letter confirming that the account is OPEN. and i also have my account details.

I dont yet have my card and pin number..

My question is, can i still start using my overdraft? such as going into the branch and taking out #100 ?


Any replys would be much appreicated !

thanks

immoral_angeluk

Jsutherland7 wrote: »

Hi all.

Basically i have opened a student account with Natwest and i get a free rail card with discounts on it and also a limit of upto #500 overdraft.

Now, I have a letter confirming that the account is OPEN. and i also have my account details.

I dont yet have my card and pin number..

My question is, can i still start using my overdraft? such as going into the branch and taking out #100 ?


Any replys would be much appreicated !

thanks

If the account is open you should be able to go into the branch with some ID and your account details and make withdrawals.

stclair

In a nutshell yes just take some photo ID into your local branch.

[Deleted User]

why only a £500 o/d natwest usually offer 1st year students £1250?plus a cc with £500 limit if asked for

Jsutherland7

woodbine wrote: »

why only a £500 o/d natwest usually offer 1st year students £1250?plus a cc with £500 limit if asked for

Im not sure. Apparently it changes each term. giving me 750 next term and then 1000 and then up the second year..

Maybe it changed from when your knew about it ?

Thanks for all replys !

Duncombe

woodbine wrote: »

why only a £500 o/d natwest usually offer 1st year students £1250?plus a cc with £500 limit if asked for

"You can apply for an interest-free overdraft - up to £1,000 in your first year. However, to help you budget we normally offer a limit of £500 in your first term, £750 in your second term and £1,000 in your third term.
You can then apply for up to £1,250 in your second year, £1,500 in your third, £1,750 in your fourth and £2,000 in your fifth."

frugalfreddie

I got a student overdraft about three years ago and I didn't get the card for about two weeks. All I did was transfer the money from my overdraft account into my normal account and was able to spend the money straight away!

Fred.

PNPSUKNET

Why do you want to get straight in debt...

Jsutherland7

PNPSUKNET wrote: »

Why do you want to get straight in debt...

I dont. But ive been looking for a job for ages and theres just nothing. so i need this overdraft money..

Ive spent the 500 and now waitin for next term to spend my 750..

Tixy

Jsutherland7 wrote: »

Ive spent the 500 and now waitin for next term to spend my 750..

You won't have £750 to spend though.

Overdrafts are designed to help with budgeting - they are not a good long term way of funding living expenses, even if its a student overdraft. Have you considered other ways of meeting your living expenses rather than just keep increasing your overdraft? Otherwise if you spend to the revised limit each term you'll be left with an unmanageable level of debt once you finish Uni.