Natwest student account £750 every 3months!

richcrafts

Has anyone noticed that Nat West has just changed it's student account regulations to say £750 must be paid in every 3 months. Obviously this is not possible for most students (my son included) as his only source of income is his student loan which gets paid in on 28/9 9/1 26/4 -more than 3 months between payments! Also he has no payments in the summer.
The branch merely say it is a head office policy. Surely a very short sighted one as it will result in the closure of many student accounts and lose Natwest future accounts too.

Student1

I'm in the same boat. Its crazy, how do students have that amount f money?! They are going to loose so many customers. Very annoyed as I am going into third year and switching accounts is such a hassel. Any ideas where he is switching to? I'm thinking of trying out the Barclays one

jalexa

richcrafts wrote: »

Has anyone noticed that Nat West has just changed it's student account regulations to say £750 must be paid in every 3 months. Obviously this is not possible for most students (my son included) as his only source of income is his student loan which gets paid in on 28/9 9/1 26/4 -more than 3 months between payments!


The branch merely say it is a head office policy

I remember the "good ol' days" when that's how student grants were paid. Whoever wrote that rule is out of date and probably soon to be "out the door" or has already left with the password to the "student rule document". The "branch person" is an *diot.

There are two ways to deal with it. If the Natwest account is *definately* the wanted account, go for it and deal with any consequencies when and if they arise.

The other way is to choose another bank.

It is "stupid" for Natwest to appear so "ignorant" to an "intelligent" and influential body of people such as students.

reclusive46

Can't you and your son setup a standing order with each other? Every 2 1/2 months he sends you £750 and then you setup a standing order to send him £750 back 4 days later. That would still count? I do this all the time with other things.

robpw2

yes just take out £250 and transfer it back 1 a month or so

sharpy2010

The OP may well not be able to afford to do a transfer of £750. Not everybody can.

stclair

If you dont pay in £750.00 a month you can still have a student account, you just run the risk of loosing your interest free overdraft.

jalexa

stclair wrote: »

If you dont pay in £750.00 a month you can still have a student account, you just run the risk of loosing your interest free overdraft.

And *that* is not totally unreasonable. But not what the product information says.

Lokolo

jalexa wrote: »

And *that* is not totally unreasonable. But not what the product information says.

But my friend, you are only reading the front page, not the small print.

You must use your Student Current Account as your main current account by depositing at least £750 every 3 months and making at least 9 debit transactions every 3 months. If at any time you stop using your account as your main current account then we reserve the right to remove any interest free overdraft on your account. We will notify you in writing not less than 60 days prior to removing your preferential overdraft terms.

stclair

jalexa wrote: »

And *that* is not totally unreasonable. But not what the product information says.

Its detailed in the terms and conditions as Lokolo has kindly just provided.

jalexa

Lokolo wrote: »

But my friend, you are only reading the front page, not the small print.

au contraire.

I was reading the "higher level" "account description".

You have quoted additionally from the "overdraft" section, which BTW I had read.

But thanks for being more perceptive (and informative) than the "branch *diot" was to the OP.