Will I Be Caught With 2 Student Accounts If I Do This?

saver2006

hi- at the moment i have 2 student bank accounts- 1 with lloyds tsb and 1 with barclays- both overdrafts have been maxed and are in fact past thier authorised amounts

anyway- with my barclays account i have a debit card with cheque gurantee of 50 pounds-

my question is:
If i pay 2 50 pound cheques from my barclays to my lloyds tsb account will i be caught out with having 2 student accounts? Also- how long will the cheques take to clear- thanks

melancholly

i guess the cheques will take 3/4 working days to clear, as with any cheque. i'm not sure if that one transaction will get you caught out - might be wiser to try to make as much money as possible over the summer so that you have some breathing space for next year.

CLAPTON

If you are over your agreed overdraft then you run the risk of the bank withdrawing the OD facility and demanding the whole OD to be cleared immediately. So I would suggest to take steps to bring yourself within the OD authorised limit.

Its impossible to say whether the bank will notice that you have two bank accounts but if they do they may well demand the full OD back.

Compound_2

Banks can withdraw overdrafts for breach of T&C. In the OP's case, this is far more likely to happen because of the unauthorized balance than having 2 student accounts. I think bank staff have better things to do than catch customers out for having an account elsewhere. Anyway, how is one bank to know that the other account is a student account rather than an ordinary cheque account? What I don't understand is why you'd want to make your unauthorized position at Barclays worse to pay Lloyds. You'd simply incur charges at Barclays, and they'd be justified in withdrawing your banking facilities for delibrately misusing your card to steal the bank's money. It's a far more serious matter than having 2 student accounts.