Is it easy to get the full 3k Overdraft at HSBC? or Halifax?

[Deleted User]

iAMaLONDONER wrote: »

That's not right- they should raise it after 2 years!

Right or wrong- they don't/ wont Don't think its referred to in their T&C's either.

iAMaLONDONER

callum9999 wrote: »

Though they'd just be making a guess whether any other account on your credit report is a student account or not (unless you tell them). It may seem obvious to a human, but if a computer is doing the credit check then presumably it would have to give the benefit of the doubt - it's easily possible to have decent sized overdrafts on non-student accounts.

I don't want to be in breach of any rules or at risk or anything

iAMaLONDONER

Sfitzter wrote: »

Right or wrong- they don't/ wont Don't think its referred to in their T&C's either.

I see- subject to status is ambiguous

[Deleted User]

Sfitzter wrote: »

Right or wrong- they don't/ wont Don't think its referred to in their T&C's either.

iAMaLONDONER wrote: »

I see- subject to status is ambiguous

Not sure if that's supposed to be sarcastic?
I'm not too bothered about the increase. Previous poster stated that they must increase after 2 years, I was stating that this (increase after 2 years) policy is not in their T&C's to my knowledge.

innovate

Sfitzter wrote: »

Previous poster stated that they must increase after 2 years, I was stating that this (increase after 2 years) policy is not in their T&C's to my knowledge.

I would agree. There is precisely nothing a bank "must" do when it comes to increasing overdraft limits. They can agree to an increase if they agree your request is reasonable, but they can equally call in an existing overdraft any time they like, and set your overdraft limit to zero.

If have seen an awful lot of bank T&Cs, and I have never come across anything that says they will increase overdraft limits after 2 years, or after any time.

iAMaLONDONER

Sfitzter wrote: »

Not sure if that's supposed to be sarcastic?
I'm not too bothered about the increase. Previous poster stated that they must increase after 2 years, I was stating that this (increase after 2 years) policy is not in their T&C's to my knowledge.

I wasn't been sarcastic

iAMaLONDONER

callum9999 wrote: »

Though they'd just be making a guess whether any other account on your credit report is a student account or not (unless you tell them). It may seem obvious to a human, but if a computer is doing the credit check then presumably it would have to give the benefit of the doubt - it's easily possible to have decent sized overdrafts on non-student accounts.

Can I ask what your experience of having possibly 2 student accounts was?

212

You generally need to jump through all the hoops to keep the interest free overdraft (and any other benefits). Generally that is 1 large payment in a quarter (presumed to be SFE payment) and then X debit card transactions out per month. Natwest was 3 per month I believe, plus 1 credit of £750+ a quarter. If you have more than 1 account you may struggle.

Technically you can just do a BACS transfer from 1 student account to the other to meet the funding requirement (they'll see it's not from SFE, but the terms don't say it *has* to be) - it's the debits that are harder if you don't use the account and just max the O/D out.

I had a right battle with Natwest after they said it wasn't my main account (when it actually was!). My rent was a standing order, so that didn't count - they'd also given me a credit card, so I used that for day to day purchases and never met the X transactions per month. They didn't even want to use their discretion/common sense!

If you max the overdraft out and don't use the account a lot (even if you do meet all the technicalities) and a human twigs then they can still review the overdraft and remove/reduce it - as all banks are entitled to do with any overdraft. They probably won't give you a proper reason, they'd just say something like overdrafts are repayable on demand/subject to status etc so you'd have no argument.

And my Nationwide current account was opened in late 2011. I took a card in Jan 2012 with a 2k limit. Got upped to £2,600 at my request a few months later (I'd nearly maxed out the 2k as it was interest free for about 9 months or so). Then it got upped to 3k in November, and 4,500 the other day

iAMaLONDONER

212 wrote: »

You generally need to jump through all the hoops to keep the interest free overdraft (and any other benefits). Generally that is 1 large payment in a quarter (presumed to be SFE payment) and then X debit card transactions out per month. Natwest was 3 per month I believe, plus 1 credit of £750+ a quarter. If you have more than 1 account you may struggle.

Technically you can just do a BACS transfer from 1 student account to the other to meet the funding requirement (they'll see it's not from SFE, but the terms don't say it *has* to be) - it's the debits that are harder if you don't use the account and just max the O/D out.

I had a right battle with Natwest after they said it wasn't my main account (when it actually was!). My rent was a standing order, so that didn't count - they'd also given me a credit card, so I used that for day to day purchases and never met the X transactions per month. They didn't even want to use their discretion/common sense!

If you max the overdraft out and don't use the account a lot (even if you do meet all the technicalities) and a human twigs then they can still review the overdraft and remove/reduce it - as all banks are entitled to do with any overdraft. They probably won't give you a proper reason, they'd just say something like overdrafts are repayable on demand/subject to status etc so you'd have no argument.

And my Nationwide current account was opened in late 2011. I took a card in Jan 2012 with a 2k limit. Got upped to £2,600 at my request a few months later (I'd nearly maxed out the 2k as it was interest free for about 9 months or so). Then it got upped to 3k in November, and 4,500 the other day

That's interesting as I now longer use my debit card (unless I go to Lidl or Aldi!)

I can easily move money to meet funding requirements but I wouldn't want to break any T&C's!

I see, I'll apply for a Nationwide CC when my credit rating recovers from my high number of applications!

So you opened it during a recession only a short time after opening a current account !

DunPin

iAMaLONDONER wrote: »

Can I just check if it is possible to get the full 3k overdraft if i change from Lloyds to them?

Also do their student credit cards go to 1.25k like Lloyds one do?though I think their absolut max is 1.5k)

What are your experience with HSBC/Halifax?

I highly doubt you will get the full £3,000 I say this as I only ever got £750 and they never increased it, even now with my other HSBC account they never gave me an O/D although it doesn't apply now as I don't need it.

Credit card wise you only get £500 maximum with HSBC, completely useless, I actually applied for Barclaycard and got 4x the limit with them :rotfl:

Overall I wouldn't recommend HSBC for student accounts, student account wise their service isn't the best, have a current account with good standing and you get better service but you're treated badly as a student customer... well I was anyway.