Is this allowed?

Honkycat

Hi,

My daughter is a medical student and is taking out a special "elective" loan with Bank of Ireland to do her summer elective (working abroad for the summer on medical stuff). Anyway, the banks say she needs to change her current account to this bank (from her Halifax Student Account) and use it as her main account with loans paid into it etc. This is fair enough I suppose, but they are also asking her to close her Halifax account and said they will do a check to make sure she has done it! I wouldn't have thought this sort of demand is allowed, but am interested to hear if anyone knows different?

Thanks,

Steve.

chanz4

Its sometimes is with banks, your really at their mercy as you want their money so it would be on their terms so to speak.

opinions4u

Yes, it's allowed.

Honkycat

Interesting to hear that it's allowed, but, in my opinion, it shouldn't be.

pinkdalek

Honkycat wrote: »

Interesting to hear that it's allowed, but, in my opinion, it shouldn't be.

Fair enough but then you could end up with people abusing the system and applying for student overdrafts all over the place, running up crazy amounts of debt.

Then no doubt the likes of BBC's Watchdog, Daily Mail etc will blame the banks for their lack of duty of care and preventing the customer for going into debt.

hermante

Honkycat wrote: »

Interesting to hear that it's allowed, but, in my opinion, it shouldn't be.

You could always not take the loan.