Need some advice re opening parachute account!

maniac886

I apologise if this is in the wrong place...I am not sure if i am meant to be in the student,reclaim bank charges or this board!

Anyway, basically I am at the moneyclaim stage with abbey in order to get £400 from them in bank charges. Even though I have been banking with them for 5 years there is a chance they will remove my overdraft and close the account.

A few weeks ago I tried to open a natwest student account and today I have just had a call from them saying what items they require from me as part of ID.However the lady also said she needed a letter stating that my other account was closed, which i obviously dont have. I am just not really sure what to do......

I do have a week or so to cancel the application, I mean I would rather stay with abbey if they keep me on as I have dds' set up and I have had no charges on the acc for at least 9 or 10 months!

Thanks for reading this and any advice is welcome!

tom188

I suggest reclaim bank charges as thats what the problem is, but anyway...

If youve got marks on your credit file i would be very suprised if natwest gave you an overdraft, at least initially.
Natwest have a condition that there account is to be your only student account, hence this stipulation. You could just close the abbey account as it does not need to be open for you to persue the charges. But the overdraft may not be replaced.
You could open a normal account with a bank without worrying about this, but again if your record is a bit dodgy you wouldnt get an overdraft with them either.
Personally if this had been me i would have waited to claim until i was no longer reliant on the overdraft (ie once graduated) because potentially this facility could be lost as a result.

Edinburghlass_2

manic as your question is about opening a new account your post is in the correct board being the Budgeting and Current Account Board.

maniac886

tom188 wrote:

I suggest reclaim bank charges as thats what the problem is, but anyway...

If youve got marks on your credit file i would be very suprised if natwest gave you an overdraft, at least initially.
Natwest have a condition that there account is to be your only student account, hence this stipulation. You could just close the abbey account as it does not need to be open for you to persue the charges. But the overdraft may not be replaced.
You could open a normal account with a bank without worrying about this, but again if your record is a bit dodgy you wouldnt get an overdraft with them either.
Personally if this had been me i would have waited to claim until i was no longer reliant on the overdraft (ie once graduated) because potentially this facility could be lost as a result.

I can see exactly where you are coming from but I was worried that by the time that I claim next year reclaiming might not be possible as some law maybe put into place.

maniac886

bump...anymore advice.Thanks!

maniac886

I have finally had the nod from the CO-OP bank and they have agreed to transfer my student account but I have a few questions for you guys.

1. My original student account is at the court stages with abbey, in regards to claiming back the charges. Co-op have to close the account down when they transfer the account. Will this effect my claim with the abbey?

2. How smooth is the transfer, I have a fair few direct debits that need to be transfered....has anyone else transfered their student acc before?

3. How long will I go without having access to my funds whilst the transfer takes place?

I am going on holiday and have rang co-op and they have advised me to start the process after I get back. If anyone can answer any of the questions above that would be a great help. Thanks!

maniac886

bump...anyone?