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Student Bank Account with overdraft, changing away from it?
MrJester
Posts: 1,015 Forumite
So I have a student bank account with Barclays. It has a £1,500 student overdraft on it. Converted my current account in 2009 to a student one. Graduated 2014.
Am I right in thinking that the overdraft on it is only in agreement for me to have paid in my student finance to the account, which I did?
What I'm wondering is, if I were to switch away from this bank account and not use it anymore, when would Barclays start demanding the overdraft back?
I'm now getting income of over £1400 a month and I feel I could make better use of it such as in an account with free £100 odd to switch and £5 in credit per month etc etc accounts.
But I suppose if I did a switch, would Barclays have any right to no longer allow the overdraft and demand it?
Am I right in thinking that the overdraft on it is only in agreement for me to have paid in my student finance to the account, which I did?
What I'm wondering is, if I were to switch away from this bank account and not use it anymore, when would Barclays start demanding the overdraft back?
I'm now getting income of over £1400 a month and I feel I could make better use of it such as in an account with free £100 odd to switch and £5 in credit per month etc etc accounts.
But I suppose if I did a switch, would Barclays have any right to no longer allow the overdraft and demand it?
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Comments
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So I have a student bank account with Barclays. It has a £1,500 student overdraft on it. Converted my current account in 2009 to a student one. Graduated 2014.
Am I right in thinking that the overdraft on it is only in agreement for me to have paid in my student finance to the account, which I did?
What I'm wondering is, if I were to switch away from this bank account and not use it anymore, when would Barclays start demanding the overdraft back?
I'm now getting income of over £1400 a month and I feel I could make better use of it such as in an account with free £100 odd to switch and £5 in credit per month etc etc accounts.
But I suppose if I did a switch, would Barclays have any right to no longer allow the overdraft and demand it?
If you switched from that account it would be closed on the switch date and the overdraft limit would disappear with it so Barclays would request you to settle it preferably before the switch date.0 -
all overdrafts can be withdrawn at any time
even if you didn't actually close it, but stopped using it with an OD sitting there, it is very likely the OD would be withdrawn.0 -
Not ideal but you can see whether the new bank will match your old O/D before you switch?0
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