Problem with Natwest Student Account

daggy

Noit sure if this is the right area for this thread, so feel free to move it if needs be.

I've been a student for 4 years (switched degrees after 2 years)...

for the last two years I've had a problem with my natwest student account.

They have changed it to a standard account, so my OD is not interest free anymore and have been charging me interest on my overdraft (£1200).

Now I had been slowly paying it off and had it down to £900, however as they are charging me huge amounts of interest, I feel like I'm fighting a losing battle.

I've mentioned to them several times that I'm still a student, yet they are still charging me.

Do I have any chance of getting the interest back, ergo them recrediting my account so it is back down to a manageable level?

zppp

Have you taken in anything to confirm you extended your course?

Mikazaru

Did they say why your account has reverted back to a normal one? What did they say when you asked them to change it back to a student one?

Can you not open a student or graduate account elsewhere and use that interest free overdraft to pay off Natwest and then close it?

daggy

zppp wrote: »

Have you taken in anything to confirm you extended your course?

I wasn't aware that I had to, I asked on the phone and was told it would be swapped back. I've mentioned it a few times.

The odd thing is, they still send me my rail cards.

Mikazaru wrote: »

Did they say why your account has reverted back to a normal one? What did they say when you asked them to change it back to a student one?

Can you not open a student or graduate account elsewhere and use that interest free overdraft to pay off Natwest and then close it?

That's a very good idea. I thought you weren't allowed two student accounts at once?

daggy

Just spoke to natwest and they say I'mnot entitled to the interest free overdraft as I'm in a fourth year

rb10

daggy wrote: »

Just spoke to natwest and they say I'mnot entitled to the interest free overdraft as I'm in a fourth year

That's not what their website says.

virgin_moneysaver

when you originally opened yr student account they would have required proof (AS12)of the length of the course, usually 3 years, after the 3 years are up it moves to Graduate terms with the decreasing free overdraft. If you change yr course to a different one you get confirmation of this new course from the relevant student body & provide sight of this to the bank so they can amend yr graduation date, enabliny yr student status to remain on the account - without this information the bank can only go on the original documentation you gave them, as in yr original graduation date of I assume last year. Its not something that can be changed over the phone as the bank need a copy of the official documentation to amend their records to your benefit

Mikazaru

daggy wrote: »

I wasn't aware that I had to, I asked on the phone and was told it would be swapped back. I've mentioned it a few times.

The odd thing is, they still send me my rail cards.



That's a very good idea. I thought you weren't allowed two student accounts at once?

It isn't a good idea to have two at the same time, but if you open up one and then close down Natwest pretty soon after then it shouldn't be a problem, or some banks may switch them for you.

virgin_moneysaver

its a 5 yr rail card

daggy

rb10 wrote: »

That's not what their website says.

Hmm interesting... although I don't use it as my main account, so they could !!!!!! me on that.

I have a barclays current account

virgin_moneysaver wrote: »

when you originally opened yr student account they would have required proof (AS12)of the length of the course, usually 3 years, after the 3 years are up it moves to Graduate terms with the decreasing free overdraft. If you change yr course to a different one you get confirmation of this new course from the relevant student body & provide sight of this to the bank so they can amend yr graduation date, enabliny yr student status to remain on the account - without this information the bank can only go on the original documentation you gave them, as in yr original graduation date of I assume last year. Its not something that can be changed over the phone as the bank need a copy of the official documentation to amend their records to your benefit

Yeah, I'll pop in tomorrow and try and sort this

Mikazaru wrote: »

It isn't a good idea to have two at the same time, but if you open up one and then close down Natwest pretty soon after then it shouldn't be a problem, or some banks may switch them for you.

If I have no luck with Natwest, I may try this

thanks for your help everyone. I shall keep you updated

JacksterD

Take a look at this pdf on their website http://www.natwest.com/personal/current-accounts/g6/terms.ashx. Page 55 clearly states that Student Account overdrafts are interest free and that if you cease to be a student then you will have to pay interest. Page 24 states that the Student Account is available to full time undergraduates and postgraduates.

Is there any reason they may have decided to charge you for your overdraft? The fact that you're still getting a railcard would suggest this is an error. Go in an ask again if you can get it sorted, print off the appropriate pages from that booklet and show them - if they're still not budging then ask to make a formal complaint.