Can Santander do this ?

CBU2004

I have a student account with Santander.
Also an arranged overdraft of £1500.
Now my account is overdrawn but well within the limit of my overdraft, however they sent me a letter saying that I need to make a payment within next 3 weeks.

Something to do with overdraft is based on regular payments.
In the T&C's of this overdraft it states I must pay at least £500 each term. Now the last term I had £6,000 paid in (Oct, Jan and Apr)

However 2nd term has yet to start, so I am still within the requirements, when I rang he said I have to make a minimum payment of £20 into the account, which I did, can I go ahead and take this back out ?

Don't understand them, they are aware it is a student account and obviously the term dates are pretty much same across the board.

Thanks

pmduk

It seems strange, have you checked the T&Cs for their definition of a term?

Certainly you seem to equate a term with an academic year which is not how I consider it. In my days there were three terms a year, although I believe some academic institutions use semesters rather than terms now. Either way, what matters is the bank's definition of the word.

JimmyTheWig

I agree with pmduk - you need to confirm what they count as a term.
But it is very bizarre that they only asked for £20 when you need to pay in £500 a term.

Are you sure that you are within your limit? Might your limit have been changed without you realising?

pmduk

Is there a specific helpline for student accounts? I'm wondering if you got through to someone who was talking hot air? All banks have too many of them.