Son's Student Account Overdraft

stclair

JimmyTheWig wrote: »

It appears that that change was short lived.
http://conversation.which.co.uk/money/natwest-student-account-changes-terms-and-conditions/

So I'm guessing the answer to

is "no". Because (a) the threat to those who fell foul of the rules was a loss of the "interest-free" status of the overdraft rather than a default and (b) the change was only in place for such a short time I would like to think that they would have sorted things out anyway.


But, importantly, if anyone is worried about their credit report they should check it. You can get one permanently for free from Noddle.

It must have been the other way round either way x amount of money needs to be paid into the account every x amount of months.

jon142

A very simple way to get round this which I did when I was a student is take the money Natwest is giving, and to ensure the account doesn't go dormant just transfer £1 in every 3 months.

I did this for 4 years whilst being a student and had the OD stuck in a savings acc.

They never asked any questions never phoned them up never had to. In the end after 4 years I made £250 interest. I never paid in my student loan it literally sat there overdrawn for 4 years.

Cost me £16 over 4 years then I paid off the remaining balance.

The 3 transactions every month is scare tactics to get you to use the account. However Natwest can't even get there online systems working properly they will never be able to check if you are using your account properly, that would require a competent IT department and paying for people to run reports.

It's just simply too expensive to chase everyone who doesn't perform "3 transactions"

MissAT

JimmyTheWig wrote: »

It appears that that change was short lived.
http://conversation.which.co.uk/money/natwest-student-account-changes-terms-and-conditions/

So I'm guessing the answer to

is "no". Because (a) the threat to those who fell foul of the rules was a loss of the "interest-free" status of the overdraft rather than a default and (b) the change was only in place for such a short time I would like to think that they would have sorted things out anyway.


But, importantly, if anyone is worried about their credit report they should check it. You can get one permanently for free from Noddle.

thank you this has really helped, I was woried something so silly would effect him applying for loans etc in the future.

JimmyTheWig

MissAT wrote: »

thank you this has really helped, I was woried something so silly would effect him applying for loans etc in the future.

I will reiterate the part where I said he can get a copy of his credit for free for life from Noddle. It is worth doing and will clear the question up much better than any stranger on the internet can.
To be totally sure he should get credit reports from Noddle, Experian and Equifax. But these last two will either cost or use up his one free trial with those services. personally I would just go with Noddle.