Student Overdrafts

rozmister

Give the banks their money back ASAP and stop being a jack !!!.

I foolishly took multiple student overdrafts in my first and second year that I'm now trying to pay off, trust me you don't want to keep them. You have to keep large amounts of cash flowing through each account to stop them coming after you for the money (so I shift my rent back and forth once a month which is a bit confusing) and if the cash flow drops they past it to Dormant Collections who phone you up, grill you and then reduce the overdraft. This goes on your credit rating as a black mark. It is A LOT of work for that £90 a year. You'd be better off getting a job doing 4 hrs a week.

Also if the T & C's tell you that it must be your sole student overdraft taking more than than one IS illegal. There isn't a specific law for it but it's classed as fraud. When you signed for those T & C's you declared it was your sole account when it wasn't aka fraud.

Finally they don't automatically increase your overdraft. You have to put in a request for it and then they check the amount of cash flow through your accounts and if you've had charges and if you're near the limit and decide if you're with a harsh bank or they use a computer system that does it in a less rigorous manner.