Student account - no longer a student

Pavillion251

Hi

Just want some advice on what the best thing is to do with my situation.

I've had a student account since I started university in 2008 and still have it now 18 months after leaving. I have had no letters or communication from the bank that my account is changing to a graduate account, which is what others i know have received from their banks after graduating. I have also had no communication saying that my £1500 overdraft is being reduced. I have a full time job and don't often make use of the overdraft, if I do go into it it is by no more than £100 and is repaid by the end of the month. This is mainly when money has been moved to savings and i haven't kept check of my bank balance.

Whilst I was at uni I received a letter around July advising me that I would need to go into the bank to let them know I was still a student, I haven't even received this letter since graduating.


I'm now a bit concerned I should have told them, even though no one I know has had to do this, it has been automatically done by the bank. If I tell them now will they make me pay fees for when I was overdrawn?

I am not trying to get out of paying any fees etc I may owe but would like to know what is my responsibility in informing the bank. I will of course look to change my account from a student account now but would like to know what to expect when I do this, should the bank realise I haven't been a student for 18 months.

Thanks in advance for any advice/guidance.

grumbler

Pavillion251 wrote: »

Hi

Just want some advice on what the best thing is to do with my situation.

I've had a student account since I started university in 2008 and still have it now 18 months after leaving. I have had no letters or communication from the bank that my account is changing to a graduate account, which is what others i know have received from their banks after graduating. I have also had no communication saying that my £1500 overdraft is being reduced. I have a full time job and don't often make use of the overdraft, if I do go into it it is by no more than £100 and is repaid by the end of the month. This is mainly when money has been moved to savings and i haven't kept check of my bank balance.

Whilst I was at uni I received a letter around July advising me that I would need to go into the bank to let them know I was still a student, I haven't even received this letter since graduating.

How is the bank supposed to know that you graduated?
Normally you have to apply for a graduate account.

I'm now a bit concerned I should have told them, even though no one I know has had to do this, it has been automatically done by the bank. If I tell them now will they make me pay fees for when I was overdrawn?

No.

10pence

grumbler wrote: »

How the bank is supposed to know that you graduated?
Normally you have to apply for a graduate account.

Depends on the bank, some actually input the graduation date in and the account automatically converts to a graduate service or normal current account, depending on the bank or building society.
Any student that graduation date differs from one provided at account opening they can supply evidence to have student account extended.

thebritishbloke

Usually the bank will keep a record of when you're estimated to graduate and automatically convert the account.

I'd just phone up and ask to convert it to a graduate account to save any hassle further down the line.

ACF95

Am in a similar position, I have a Lloyds under 19 account even though I'm now 19. I get 2.5% interest though so keeping schtum until I get round to moving accounts!

SuperHan

grumbler wrote: »

How is the bank supposed to know that you graduated?
Normally you have to apply for a graduate account.


No.

The three student accounts I had (Natwest, HSBC and Barclays) all auto converted to a grad account when my graduation date passed, as I had to inform them of it when I opened the account.

thebritishbloke

SuperHan wrote: »

The three student accounts I had (Natwest, HSBC and Barclays) all auto converted to a grad account when my graduation date passed, as I had to inform them of it when I opened the account.

I'm amazed you managed to get those 3 student accounts, the terms for all 3 of those banks student accounts is that you can only have one student account IIRC.

knack92

thebritishbloke wrote: »

I'm amazed you managed to get those 3 student accounts, the terms for all 3 of those banks student accounts is that you can only have one student account IIRC.

Yes but how does the provider know you already have a student account unless you tell them?

Edit: Here's what they say..

Natwest (from ts&cs)
You must use your Student Account as your main current account by depositing at least £750 every 6 months and making at least 3 debit transactions every month.

HSBC (from info brochure)
You can’t have a student account elsewhere.

Baclays (from application page)
-pay your main source of funding into your Student Additions Account
-ensure your main current account is with Barclays.

So it seems only HSBC is explicit about not having another student account.

[Deleted User]

Surely now is a great time to shop around for the best current account for you, and cast off the account you've got at the moment if it's not the best for you?

plunt

Had my Halifax student account for over 2 and a half years after graduating and it just recently converted as they must of saw that during the mortgage process. On the plus side it converted to a second rewards account. So an extra £5. A month. Though I do miss that 2.7k student over draft. Oh a had an HSBC one too but that auto converted sadly. Went for a NatWest one too but they lost my details in branch and I questioned them and got a 100 due to potential breach of data.

Advice to all. It you control your self then play the game!

Mr_Goodkat

OP probably just best get in touch with them and let them know you have now graduated they will likely convert your account to their 'graduate account' but probably a good opportunity to shop around for the best bank account for you.


Also worth checking that they have up to date living and correspondence addresses for you to ensure letters haven't gone to old uni places etc.


Like others have said my account was automated converted from a student account to a graduate account and seem to remember that the overdraft limit remained the same but the interest free element reduced over time.


Later the account was converted from a graduate account to a standard current account and still have it to this day with the old OD limit but only cycle a few pounds though it every month.