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bank and student question
millwalll
Posts: 912 Forumite
Hi all just open a new bank account what says I need to put £500 in month that is ok because I am working still but when I leave work I want go uni what do I do then Will they close my account ?
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Withdraw £500 and pay it back in.
Or withdraw £250 and pay it back in - twice
Or withdraw £167 and pay it back in - thrice etc.0 -
Yep, otherwise you need to check your t & c's, many banks will charge you an underfunding fee.Gone ... or have I?0
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i see so jsut put 500 in then and withdraw it each month and pay in back inHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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I don't think this is very common, although this might change after penalty charges are declared unlawful. Normally underfunding just leads to a lower rate of interest. The worst that could happen is they write to you to talk about reviewing your facilities.Yep, otherwise you need to check your t & c's, many banks will charge you an underfunding fee.0 -
check that this is ok. some banks say the money has to come in from earnigs, some sort of mandated source.:A Boots Tart :A0
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I don't think this is very common, although this might change after penalty charges are declared unlawful. Normally underfunding just leads to a lower rate of interest. The worst that could happen is they write to you to talk about reviewing your facilities.
You are thinking of a different type of account. The type that you are thinking of, are the ones where the rate of interest varies according to the amount that you put in.
The OP says that his bank says that he must put in £500 a month. For this reason, he probably gets better benefits from the account. In these cases, an underfunding fee can apply.
karnam raises a very good point also.
All banks vary, and the only way is to check the t & c's for the particular account.Gone ... or have I?0 -
What bank have you joined that needs you to put £500 in a month? Why not just get one of the many current accounts specially set up for students? You will get many more benefits, including interest free overdrafts and sweeteners like free gifts etc.Don't pay off your student loan quicker than you have to.0
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