Bank closing my graduate account

Lokolo

I am pretty sure the £500 a month doesn't apply to Under 24s (I realise you don't say how old are you though)

Will you be paying at least £500 per month into this account?
(If you don't make the £500 monthly payment required to maintain your account, we will either change it to a Current Account or give you notice that we will be closing your account. If you are under the age of 24, the qualification criteria will not apply.)

bettynasher

I had a friend who had a similar thing happen to her with HSBC - when her graduate status ended, they told her she had to pay the overdraft back quickly or the account would be closed and debt passed on.

It is ludicrous - interest is charged when you no longer have a student/graduate interest-free status, but they can't threaten to shut you down if you don't pay.

Open another bank account with £1 and see if you can still negotiate a graduate-status overdraft and then transfer the balance to close the hsbc account. As the others have said, ordinary bank accounts do not require you to deposit regularly.

If you want to stay with hsbc, then give them what for on the phone. Threaten to leave too if you can't get through to them.

dalesrider

bettynasher wrote: »

I had a friend who had a similar thing happen to her with HSBC - when her graduate status ended, they told her she had to pay the overdraft back quickly or the account would be closed and debt passed on.

Threaten to leave too if you can't get through to them.

Read both bolds and then think how they will be rubbing their hands as you do exactly what they want, while making it seem like its you with the upper hand :rotfl:

So not only will you have a debt to clear, you will also have a nice big black mark on your credit file.

Well if its a Graduate acc, then when you are no longer a Graduate. Then its only fair that it becomes a normal account.

From my experience of graduates far too many never get a job...