Arranging overdraft extension with HSBC

elpaw

Quick question: How do I do this? Do I just walk in to the branch (it won't be my account holding branch) and ask someone at the desk?

Longer question: I have a student account with HSBC, in my 4th & final year, and have £1250 overdraft limit (should be £1750 but I went over-overdrawn in my 2nd year and they stopped upping it annually). I have 3 weeks left of uni, but I only have £40 left in the overdraft, but I would like to celebrate a little for completing the course, and my final exam, on slightly more than that (I have been living on £10 a week for a few weeks now). In a few weeks time I'll be working too, so paying off the overdraft won't be a problem. Anyway, under these circumstances, does anyone "in the know" know how likely I will be to have my overdraft limit extended a bit, e.g. £100 or so? And if so, how long it would take to be implemented? It's pointless arranging it if it won't take place until after I need it? Will I also pay the £25 fee, because I haven't asked for an overdraft in the past 6 months...

(And I'm not (that) bad at budgeting, before anyone asks; a few weeks ago I was saddled with a £240 per annum payment for the broadband, when I thought I would only be paying £20 per month, meaning I would still have £200 more in the account.)

Crabman

Did you phone HSBC and ask for an overdraft upgrade? Or send a message via internet banking. Explain that the limit should have increased twice in the past two years and hopefully that will get the advisor on your side. Just explain the situation and they will be accommodating... remember, they want you to keep the account with them for when you're a nice juicy earner so they won't want to annoy you now.

To answer the question, phoning up and asking to speak to the branch should be sufficient. Either that or a message via internet banking. Good luck

Compound_2

Crabman wrote: »

Explain that the limit should have increased twice in the past two years and hopefully that will get the advisor on your side.

I’m not sure about this as there was a valid reason for it not being increased. Just try something like: ‘I have a student account with a £1250 overdraft limit but I’m now in my 4th year and I understand up to £1750 will be interest free. Would it be possbile for my limit to be increased?’ Note: Your account will shortly convert to a Graduate Account, so you may wish to align your limit with the newly applicable interest free amount, or enquire if it will happen automatically.

elpaw

Compound wrote: »

I’m not sure about this as there was a valid reason for it not being increased. Just try something like: ‘I have a student account with a £1250 overdraft limit but I’m now in my 4th year and I understand up to £1750 will be interest free. Would it be possbile for my limit to be increased?’ Note: Your account will shortly convert to a Graduate Account, so you may wish to align your limit with the newly applicable interest free amount, or enquire if it will happen automatically.

How long after graduation does it convert?

Compound_2

elpaw wrote: »

How long after graduation does it convert?

The precise date varies from bank to bank. Beginning of July would be good guess (even if this is technically before graduation). They should be writing to you soon.

debster369

Student accounts don't have to pay the £25 arrangement fee.

You can try phoning 0800 130 130 but they can only increase a student overdraft if there is a pre-approved limit available. If there isn't, you need to speak to someone in a branch where I think it's subject to an application.