Opening a second student account

MegaGary

I can take half of it out when it comes into Lloyds and then go to santander and put it in. Is there any way of me transferring banks, bearing in mind my overdraft?

callum9999

Hazzanet wrote: »

Generally you cannot open two student accounts as they have procedures in place to prevent you from doing so, even with another bank. When I had a student account years ago, it was done by the bank stamping your original loan confirmation; I assume it's more high-tech now. This system makes sense, so you don't come out of Uni wtih two or three £3k overdrafts.

The fact that you bumping against the limit of your overdraft facility suggests that you are having problems with money. It may be worth looking at the debt free wannabe board, or speaking with your students' union - many have emergency loan funds available and can advise you on how to work around your money problems.

Also consider whether a part time job is an option? This worked pretty well for me as I only worked Sundays at a supermarket which didn't impact on the course at all.

They have absolutely zero procedures in place whatsoever.

The best they can do is look at your credit report and guess that the overdraft you have elsewhere is most likely another student account - they have absolutely nothing that categorically tells them though.

callum9999

InsideInsurance wrote: »

They can see where the money comes from, will the student loan company (or whatever they are called these days) allow you to get them to split the payment between accounts?

They can see where it comes from - whether they care where it comes from is another matter. There is zero requirement, as a student, to use the student loans company at all - it's entirely plausible that you're being funded by parents etc., in which case the money would be going in as cash/a bank transfer etc. and not from the SLC.

Hazzanet

callum9999 wrote: »

They have absolutely zero procedures in place whatsoever.

Things may have changed since 1996 when I went to Uni, but when I tried to open a second account at the HSBC, they certainly knew that I had another account at the Lloyd's and insisted that I transfer it if I wanted an account with them.

Mind you, that was in the day where you'd get a local authority funding letter and SLC letter; both of which were stamped by the Lloyd's each year and when asked by another bank it could be seen that they had been used for one student account.

I would have expected things to have become stricter rather than the opposite.

Still; if the OP is in need of a second overdraft it's a sign of a more deep rooted problem which needs to be tackled in the long term rather than digging themselves deeper into debt.

callum9999

Hazzanet wrote: »

Things may have changed since 1996 when I went to Uni, but when I tried to open a second account at the HSBC, they certainly knew that I had another account at the Lloyd's and insisted that I transfer it if I wanted an account with them.

Mind you, that was in the day where you'd get a local authority funding letter and SLC letter; both of which were stamped by the Lloyd's each year and when asked by another bank it could be seen that they had been used for one student account.

I would have expected things to have become stricter rather than the opposite.

Still; if the OP is in need of a second overdraft it's a sign of a more deep rooted problem which needs to be tackled in the long term rather than digging themselves deeper into debt.

I don't see how they could possibly could have known that. They may have figured out you had an account with Lloyds, but I don't know how they knew it was a student account - Lloyds certainly wouldn't have told them.

It's not stricter as many people have more than 1 student bank account. There is absolutely no way they can know. As I said, all they can do is guess based on the data they get from your credit report (i.e. if you have an account with a £2000 overdraft elsewhere, and you're only 19 with no job, odds are it's going to be a student account!).

Hazzanet

callum9999 wrote: »

I don't see how they could possibly could have known that.

Hazzanet wrote:

Mind you, that was in the day where you'd get a local authority funding letter and SLC letter; both of which were stamped by the Lloyd's each year and when asked by another bank it could be seen that they had been used for one student account.

Because when they asked me for my LA funding and SLC letter, both had the Lloyds Bank branch stamp on.

callum9999 wrote:

It's not stricter as many people have more than 1 student bank account.

Then this is one of the reasons the banks are in the position they are in now. Careless and negligent lending.

callum9999

Hazzanet wrote: »

Because when they asked me for my LA funding and SLC letter, both had the Lloyds Bank branch stamp on.



Then this is one of the reasons the banks are in the position they are in now. Careless and negligent lending.

I did think that but surely that is something you should have mentioned... They didn't just "find out" you had a student account elsewhere - YOU told them!!!

It's not remotely one of the reasons. As I've said MANY times now, there is NO way they could possibly find out you have student accounts elsewhere. They can guess, but they CATEGORICALLY cannot find out unless you tell them. There is no such thing as a "local authority funding letter" any more - but even if there was, I find it hard to believe that you couldn't just get another copy from the LA without a stamp on it!

Hazzanet

callum9999 wrote: »

I find it hard to believe that you couldn't just get another copy from the LA without a stamp on it!

We're talking more than sixteen years ago, when funding and loans were very different. Nevertheless, this was my experience trying to open a second student account at that time, and a similar procedure was in place at the NatWest when I worked for them for a while after leaving Uni in 1999.

Looking back, I am grateful that I was prevented from opening a second student account with an overdraft as I was able to clear myself out of bank debt within 6-9 months of entering the employment market.

Unnecessary posturing aside, as it inevitably won't assist the OP in what the underlying problem here is, I maintain that obtaining a second overdraft is not the correct route to follow.

Without further information, it is not possible to give a definitive solution, but generally the OP needs to increase income, reduce outgoings or, preferably, both. A part time job may assist, and the Students' Union is always a good point of call as they do have welfare advisers who can advise on money worries/problems and emergency hardship loans that can temporarily tide a student over.

InsideInsurance

callum9999 wrote: »

They can see where it comes from - whether they care where it comes from is another matter. There is zero requirement, as a student, to use the student loans company at all - it's entirely plausible that you're being funded by parents etc., in which case the money would be going in as cash/a bank transfer etc. and not from the SLC.

As I said previously, in my day which wasnt THAT long ago, people did used to commit fraud by stating they didn't get any loans etc when they did but clearly people arent going to recommend that on a public forum.

Some banks did have the terms about needing monies to go in and would enforce, others either didnt have the terms or didnt enforce anyway but the later of cause could chose at anytime to do it.

[Deleted User]

You could remake your loan letter by covering the stamp with a bit of paper, and colour-photocopying it?

Or try for a First Direct account, they give an interest-free £250 overdraft with no fees