Opened santander student account online - no initial overdraft!

RobinLD

Hi all,

About 2 weeks ago I opened up a student account with Santander on-line. I've had all relevant information through and I've got everything set-up including the free 4 year rail card!

However I recently went check my card works and view the balance. It says I have £0 available. If I am correct in thinking I should have an initial £250 overdraft but it appears I do not. I know other friends who have opened the account but they seem to have it.

I was wondering if anyone else has had the same problem? I've sent an email to Santander through the on-line banking page to ask why this has happened. Hopefully they will get back to me soon and the problem should get sorted!

Robin

Xen6

In the initial description of Santander Student Account:

"As long as £500 goes into your account each term, you'll also get:

0% EAR (variable) Arranged Overdraft starting at £1,500 in years 1, 2 and 3 and then increasing up to a maximum of £2,000 in Year 5 with no Arranged Overdraft Usage Fees (depending on your year of study and providing a minimum of £500 has been credited to the account each term). Until you credit the required £500 the overdraft limit will be £250 (see note 1).

1.00% AER/gross (variable) interest on balances up to £500 (see note 2). No interest is paid on any amount over £500."

So when you deposit £500+ your overdraft will activate.

RobinLD

But it also says:

Until you credit the required £500 the overdraft limit will be £250 (see note 1).

Oh it's all so confusing! It's no real problem anyway as I hope not to use it but just thinking something might have gone wrong somewhere and would like to sort it out!

Xen6

Can't hurt to try depositing and see what happens? If there's still no overdraft after a few days it's worth going in to a branch and explaining the situation.

snookey

RobinLD How long did it take for your information and acceptance for the account to come through.

MiniDF

RobinLD wrote: »

Hi all,

About 2 weeks ago I opened up a student account with Santander on-line. I've had all relevant information through and I've got everything set-up including the free 4 year rail card!

However I recently went check my card works and view the balance. It says I have £0 available. If I am correct in thinking I should have an initial £250 overdraft but it appears I do not. I know other friends who have opened the account but they seem to have it.

I was wondering if anyone else has had the same problem? I've sent an email to Santander through the on-line banking page to ask why this has happened. Hopefully they will get back to me soon and the problem should get sorted!

Robin

I wouldn't worry about it OP, I opened a santander student account last year and my overdraft didn't turn up until my loan went in. I'm not sure if it appeared the same day as my loan or anything though (freshers was a bit distracting).

sarahlouisexo

Worth noting the overdraft is subject to a credit check, so maybe pop into your local branch and ask the question?

cherub1965

for what reason would a student not pass a credit check. my son has just been refused and told to get an experian check. he has no debt, only bill is his mobile which he pays on time