Removing Overdraft in a Bank Account

Boureoisie

Hello,
When I was speaking to my banker at Barclays, I am a student, he put me on the Barclays Current Account, because I wanted to lower my overdraft to £0, not knowing what this was now I am scared of high interest rates, what I do not understand is why he could not lower my student card to £0, which he said he could not do.

I am really frightened, as these interest rates are scary.

I want to be safe, but I think these bankers are just trying to get money out of money.

Plus they have shown me this features package and all of it screams loss of money.

I just want to be on a student account like before.

What do I do?

I just want to have a £0 overdraft.

I have opened many savings accounts and 2 debit accounts, should i do this, or close them immediately, both have no interest

Thanks.

00ec25

don't spend more than you have in your account then you will never go overdrawn and it wion't matter what type of account you have - of course this does take discipline so may not be suitable for you?

Boureoisie

00ec25 wrote: »

don't spend more than you have in your account then you will never go overdrawn and it wion't matter what type of account you have - of course this does take discipline so may not be suitable for you?

Sorry, but who on earth do you think your talking to, why can you not go away if you are using sarcasm.

Next poster please :rotfl:

Dunroamin

I agree with the poster above. Why can't you just cut the card up if you don't want it?

Boureoisie

Dunroamin wrote: »

I agree with the poster above. Why can't you just cut the card up if you don't want it?

Fair enough but do you agree with his sarcasm ? ;)

The card has many payments and in-comings running through it.

Elle7

They'll take the overdraft away if you don't want it, but it's 0% anyway and you don't have to spend it.

Just phone telephone banking and they'll do it no problem.

Racheldevon

Surely the features package (i'm assuming you mean where they try and get you to pay monthly to have 'benefits' like insurance etc) is optional? If not, then switch to a bank where you can get a student account, with the optional buffer of a 0% interest free overdraft whilst studying. it's your choice whether you use it, you can also lower the amount of the overdraft you're offered.

Boureoisie

Elle7 wrote: »

They'll take the overdraft away if you don't want it, but it's 0% anyway and you don't have to spend it.

Just phone telephone banking and they'll do it no problem.

Thanks Elle, I may sign up to telephone banking.

Boureoisie

Racheldevon wrote: »

Surely the features package (i'm assuming you mean where they try and get you to pay monthly to have 'benefits' like insurance etc) is optional? If not, then switch to a bank where you can get a student account, with the optional buffer of a 0% interest free overdraft whilst studying. it's your choice whether you use it, you can also lower the amount of the overdraft you're offered.

Yes, it is optional, however, the interest rate on a general account is much higher Rachel.

Unfortuantely on Student Additions, they make sure that the buffer of £10 is there and I cannot do anything about it.

shortcrust

I really don't understand. Why are you so worried about going overdrawn? You seem to be taking your finances seriously judging by your savings goals, but to achieve those goals you're going to need to know exactly what's coming in and what's going out. If you know this then you won't accidentally go overdrawn. Simple! Don't make the mistake that so many young people make of shifting responsiblilty to others (e.g. the evil bankers made me go overdrawn!!).

I also have to say that I can't see why you thought 00ec25's post was sarcastic. The only 'rude' post on this thread was your reply!:(

agrinnall

It's not clear why you want to return to a student account, the main benefit of one is that it offers an interest free overdraft, if you don't want an overdraft then in effect a standard account is the same thing. The important thing then (as 00ec25 pointed out in an entirely unsarcastic way) is to have the financial discipline not to spend more money that you have, otherwise you will be hit with very high charges. If you feel you may not have that discipline then a student account with overdraft facility is a safer option for you.