"Lloyds TSB Graduate Account" help!!

hanikins

Hey guys, hopefully someone here can help me..

My Lloyds TSB Student Account recently got changed without my say-so to a Graduate Account despite me not actually graduating for another 2 years. I did call them as soon as I received the notice a few months ago and told them that I was on a 4 year course and not the conventional 3 year course but they assured me that it is basically just the same as a Student Account but with a chance at a bigger overdraft in the first year which is what I am here to hopefully get some advice on!

I'm looking to extend my overdraft and in the terms on the Graduate Account it does state that in the first year of having the account you can apply for an overdraft of upto £2000. I am aware that "upto" does not necessarily include the advertised amount but whenever I attempt to extend it, it tells me the usual spiel about the £10 buffer and Grace Period to avoid charges, then at the bottom of the screen it shows me that the interest is at 1.53%, there is a £6 monthly usage fee and that the fee and interest free amount is £150. That is the part that I do not understand.. My overdraft is already way beyond £150 and it's still fee and interest free and why is it trying to charge me fees and interest when it clearly states in the terms of the Graduate Account that in the first year of obtaining the account the fee and interest free amount is £0 - £2000 (with £10 buffer) and £2010+ is what incurs fees and interest.

Does anyone have any insight on this? Particularly on the part about only £150 apparently being the fee and interest free amount, even though I have surpassed that and have been for years without incurring any fees or interest.

Thanks for any info or help!

rozmister

hanikins wrote: »

Hey guys, hopefully someone here can help me..

My Lloyds TSB Student Account recently got changed without my say-so to a Graduate Account despite me not actually graduating for another 2 years. I did call them as soon as I received the notice a few months ago and told them that I was on a 4 year course and not the conventional 3 year course but they assured me that it is basically just the same as a Student Account but with a chance at a bigger overdraft in the first year which is what I am here to hopefully get some advice on!

I'm looking to extend my overdraft and in the terms on the Graduate Account it does state that in the first year of having the account you can apply for an overdraft of upto £2000. I am aware that "upto" does not necessarily include the advertised amount but whenever I attempt to extend it, it tells me the usual spiel about the £10 buffer and Grace Period to avoid charges, then at the bottom of the screen it shows me that the interest is at 1.53%, there is a £6 monthly usage fee and that the fee and interest free amount is £150. That is the part that I do not understand.. My overdraft is already way beyond £150 and it's still fee and interest free and why is it trying to charge me fees and interest when it clearly states in the terms of the Graduate Account that in the first year of obtaining the account the fee and interest free amount is £0 - £2000 (with £10 buffer) and £2010+ is what incurs fees and interest.

Does anyone have any insight on this? Particularly on the part about only £150 apparently being the fee and interest free amount, even though I have surpassed that and have been for years without incurring any fees or interest.

Thanks for any info or help!

After 1 year of having a £2000 overdraft on a Lloyds TSB graduate account they reduce the free part of the overdraft to £1500 and you start paying interest on the rest so it's better to get your account converted back to a student account if you intend to max it out.

I have a Lloyds TSB Graduate account (graduated 2012) and as of yet I have not paid a penny in fees or interest, let alone £150. I will start paying interest of 1.5% on £500 worth of overdraft at the end of this month because I am at the £2000 limit. I'm bringing it down ASAP though because it seems silly to pay interest.

The best thing for you to do is go into your local branch and see them. From what you're saying it sounds like you are not being offered the overdraft extension to £2000 under graduate account terms but as an overdraft extension on top of £1500 on graduate terms. They'll be able to explain it to you better though as they can see what's happening on their computers/by phoning up.

saving_pennies

This kept happening to me even though they had the course as 4 years and an end date, my bank insisted on graduating me before the end of my course. Every August they sent a letter saying my account was changing from student to graduate account. And at the start of each academic year I had to go to the bank and say I had not graduated and had to provide a letter from university to confirm this.

Personally I would stay with a student account whilst you are still a student. I believe there are no fees with student account yet a graduate account has a monthly fee. Also I believe graduate accounts are only for a time-limited period and you may need this after you do complete your course.