Santander student overdraft question.

enjoi

Hey,

I was wondering if anybody could possibly help me in answering this question?

I have recently opened a Santander student account and understand you have to deposit £500 to get the £250 overdraft increased to £1500 but I'm just wondering if there is a set time the £500 has to remain in the bank to activate the overdraft?

I have searched the Internet and rang Santander and only get the information i already know which is that £500 must simple be credited but banks such as the coop require the money to be in for a few days so wondering if Santander are the same?

Thanks
Enjoi

innovate

I'm afraid, you have now qualified to being responsible for understanding, and agreeing to, the T&Cs that apply to your account.

This isn't always an easy task, but you have to be the one who either

1. agrees to the T&Cs and have the account, or
2. doesn't agree, and doesn't have the account

Once you agree, you are bound by the T&Cs (which you should keep in a safe place). If you don't understand them, ask the bank (not an Internet forum) for clarification before you sign. Keep a record of the clarification - best in writing.

A quick skim of the T&Cs suggest to me that Santander do not stipulate any minimum holding period. But as I said above - understand your T&Cs, keep a copy in a safe place, they are between you and the bank (not between you and some random posters on an internet forum).

dr_adidas01

innovate wrote: »

I'm afraid, you have now qualified to being responsible for understanding, and agreeing to, the T&Cs that apply to your account.

This isn't always an easy task, but you have to be the one who either

1. agrees to the T&Cs and have the account, or
2. doesn't agree, and doesn't have the account

Once you agree, you are bound by the T&Cs (which you should keep in a safe place). If you don't understand them, ask the bank (not an Internet forum) for clarification before you sign. Keep a record of the clarification - best in writing.

A quick skim of the T&Cs suggest to me that Santander do not stipulate any minimum holding period. But as I said above - understand your T&Cs, keep a copy in a safe place, they are between you and the bank (not between you and some random posters on an internet forum).

I see innovate is being helpful and derogatory as usual., and really didn't answer the question!!!

The answer is that they usually like it to be in the account a few days, so that the system registers that £500 has been credited to the account.

enjoi

I read all of the T&C's before i opened the account, i may be young but understand to double check everything before i even clicked the apply button. I was just hoping someone with firsthand experience could help

Thanks for the reply dr_adidas01, I'm slightly relaxed now as my first lot of student finance doesn't come in until the 24th which is 3 days after i get to uni so would need more than £250 to live on until my maintenance is paid!

Hasty1991

As soon as you've had the money credited go and see Santander as it will take a few days to have the situation resolved.