student account overdrafts?

LouiseW_3

Hi
I wondered if someone could help me, I have two graduate accounts one with Abbey and another with HSBC they both have interest free overdraft facilities which i know reduce by £500 each year. This year they should both reduce to £500 limit but i'm not sure when. I've had real problems trying to get through to anything other than an answer machine when i've tried to call them and the branches aren't really handy to get to.

Does anyone know when the limit will reduce so i can prioritise my debts payments?

Thanks

Louise

zcaprd7

Try sending them a message online? I believe the date may be particular to you?

I usually get through ok on the phone but both offer online access...

Eliza252

I can only synpathise - I've found my bank (Barclays) impossible to ask a specific question like this either on the phone or online - because the staff are not trained to deal with individual issues.
Try going in to a branch if possible, you may be able to negotiate when they reduce your overdraft rather than allowing them to throw a standard at you...

newsmonkey

From the details of other banks I've read, it seems June/July is a popular time to reduce overdraft limits for graduates. I'm not sure if this applies to HSBC/Abbey. Best bet is probably to allow for it pretty soon (or in the longer term, tuck away £45 a month in a savings account for a year).

wolfman

I'm with HSBC and for me, it's reduces each July as that's when I became a Graduate. In fact mine ends this July How time flies...

Clareo

Same for me too, time really does fly! So sad

RenStar

Hi,

I'm with Abbey too. I phoned them in January to ask when the last £500 of my OD is due, and I was expecting them to say July which was what has happened in the past, but they said September, which I found a bit odd. However, it is worth remembering that the total OD will still be available, it's just the interest free portion that will reduce. Abbey's one are quite competitive, I went over my interest free portion by £100 last month and they charged me 5p interest, sweet!

I also had a HSBC one too, they were much more expensive. It was impossible to work out how much of it was interest free and they were charging interest like nobody's business. I concentrated on paying theirs back first and I'm happy to say I did it last June, all £1800 of it, yipee! With HSBC though, you have to tell them after you paid them back to remove the OD facility otherwise they will, you guessed it, continue to charge you interest.

I'm looking forward to being overdraft free in 2 months time. Roll on! :dance: