Can the bank just take my overdraft away?

curiousone23

I'm in my second year of Uni. I'm with Barclays bank and have a £200 overdraft. I did ask them to increase it ages ago, but they refused.

Over Christmas, I went over my overdraft (didn't even know it was possible), but I paid it all back in January, when my student loan went in.

Now it's saying online -£200 on my overdraft, but I have NOT spent my overdraft... I still have money in my account!

Does this mean they've taken my overdraft away from me?

I lost my job a few months ago, so I'm really struggling. I've applied for a few jobs, but haven't heard anything back. And I don't get help from my parent.

People have said try another bank... but isn't it a bit late? I had so much to pay out in January, I've nearly spent all my loan.

I come from a very poor family. Have they taken my overdraft away because they believe I'm bad with money?

Lokolo

curiousone23 wrote: »

I'm in my second year of Uni. I'm with Barclays bank and have a £200 overdraft. I did ask them to increase it ages ago, but they refused.

Over Christmas, I went over my overdraft (didn't even know it was possible), but I paid it all back in January, when my student loan went in.

Now it's saying online -£200 on my overdraft, but I have NOT spent my overdraft... I still have money in my account!

Does this mean they've taken my overdraft away from me?

I lost my job a few months ago, so I'm really struggling. I've applied for a few jobs, but haven't heard anything back. And I don't get help from my parent.

People have said try another bank... but isn't it a bit late? I had so much to pay out in January, I've nearly spent all my loan.

I come from a very poor family. Have they taken my overdraft away because they believe I'm bad with money?

Usually that is the case.

I don't know how Barclays online banking works but there should be 2 balances. Your Actual Balance and Your Available Balance.

Your Available Balance will include your overdraft. So if you have £100 in your account, your available balance will be £300 (because you have an extra £200 able to spend).

Is there anything like this on there?

curiousone23

Lokolo wrote: »

Usually that is the case.

I don't know how Barclays online banking works but there should be 2 balances. Your Actual Balance and Your Available Balance.

Your Available Balance will include your overdraft. So if you have £100 in your account, your available balance will be £300 (because you have an extra £200 able to spend).

Is there anything like this on there?

Thanks for your reply.
It just says Current Cleared Balance, and then Last Night's Balance. They are both of the same amount.
Then underneath it says Overdraft Limit -£200

Surely if they'd taken my overdraft away, it would say £0, rather -£200?

rachel_t

No, if it says Overdraft Limit -£200 - that means your overdraft is 200 pounds - it will always say this no matter how much money you have in your account, even if you're not into your overdraft yet, it is literally just informing you how much into the minus you can go. I have a barclays student account too, and that's what my summary looks like, and my overdraft is definitely working fine.

curiousone23

rachel_t wrote: »

No, if it says Overdraft Limit -£200 - that means your overdraft is 200 pounds - it will always say this no matter how much money you have in your account, even if you're not into your overdraft yet, it is literally just informing you how much into the minus you can go. I have a barclays student account too, and that's what my summary looks like, and my overdraft is definitely working fine.

Are you sure? I hope you're right! I'm terrible at reading bank statements and stuff! I've been losing sleep over this. Unless I can get a job ASAP, I've got hardly any money to live on until May (my next loan installment). I don't mind walking to Uni (takes about an hour), and I can carry on eating a meal a day lol. I just get worried about my rent. Thanks for the reply!

Lokolo

curiousone23 wrote: »

Are you sure? I hope you're right! I'm terrible at reading bank statements and stuff! I've been losing sleep over this. Unless I can get a job ASAP, I've got hardly any money to live on until May (my next loan installment). I don't mind walking to Uni (takes about an hour), and I can carry on eating a meal a day lol. I just get worried about my rent. Thanks for the reply!

If you are THAT worried, when you are next near a branch, pop in and ask

Lawpf2001

Yep they can take it back whenever they like. Its a facility they are offering you so they have a say how its run.

...cherry..._2

Have you spoken to your uni about this? You may be entitled to financial help in your situation.

luke2008

I find it strange that you find it hard to get an increase - I have an awful credit record but have never been refused an increase with them - do you go in branch or on phone? I always phone...

curiousone23

luke2008 wrote: »

I find it strange that you find it hard to get an increase - I have an awful credit record but have never been refused an increase with them - do you go in branch or on phone? I always phone...

Hi, thanks for your reply. I went into the bank over a year ago and spoke to someone. But they said I had to speak to someone on the phone because it was a student account. So he took me into a room and put me through to someone on the phone. She was so rude!! I've never been keen on banks, but she has made me actually avoid speaking to the bank! Sounds silly I know!

She said that for me to get more of an overdraft she would need to ask me some personal questions about my bank account and I said that was fine. She asked me about certain transactions and basically why so much money had gone out in such a short space of time. I told her the truth;

Basically in my first year of Uni, I had to wait 4 MONTHS for my student loan to come through! I didn't get it until December. Before Uni, I'd been unemployed (have worked since I left school, please don't judge!), so had no source of income. My mother fed me and gave me busfair, and wrote down each week everything I owed her. She can't afford for me to live off her, we really struggled! I borrowed £200 off my brother too. So... when my loan came through I had a lot to pay back! I also bought a book which I desperately needed for my course. And if I'm honest, I was so glad of the money that I bought a couple of jumpers for the winter and a had few beers. Hardly crime of the century!

So I explained to the woman on the phone that the reason I'd took out so much money was because I'd owed so much money out because of Student Finance. I only wanted maybe an extra £100 to tide me over the end of December.

She was EVIL!! She had a go at me. She told me off for using ATMs because it means that the bank can't keep a track of what I'm spending my money on. Seriously.

Even the member of staff at my branch was shocked that I'd been rejected and I walked out of there nearly in tears. Not because I'd been turned down, but because of how I'd been treated.

I'll admit, I'm not brilliant with money. But I just don't understand why some students get £1500 or more overdraft, and I get £200. And even now, it looks like they might have took that off me.

You probably all think I'm an idiot, but I REALLY don't wanna talk my bank! Guess I will have to though.

luke2008

I think it largely depends on who you get to speak to on the phone, some have been a bit more stricter with me but I've always worked my way through, being honest and admitting maybe where I've made a mistake and telling them exactly what my plan of action is with the extra money I want. Other than that my friend has a natwest student account and they increase hers willy nilly...So if you can't get one with Barclays it may be worth while speaking to a few other banks saying you want to transfer your student account and can they match/beat your current student overdraft e.g. Halifax give £500 straight away.