Got one student overdraft, can i get another?

guardianangel

pixiedust wrote: »

So.... Did you apply for multiple accounts before you went to uni, or did you spread out applications? I haven't opened any student accounts yet, am still deciding which I want, but had considered opening more than one... Reading the T&C's, very few actually insist on you only having one student account, just that you make a minimum of 3 deposits into the account - surely they can't demand that this comes from SLC, considering that not all students have SLC finance?

I applied for Natwest as they gave me a free rail card and as I already banked with Barclays and HSBC, when I notifty them that I was going to uni they automatically upgraded my account after showing them my offer letter.

princesslizzie

Karnam wrote: »

read your T&Cs you'll find you have broken them.

Would do if I could find them... Well I officially feel like a criminal!

si1503

pixiedust wrote: »

So.... Did you apply for multiple accounts before you went to uni, or did you spread out applications? I haven't opened any student accounts yet, am still deciding which I want, but had considered opening more than one... Reading the T&C's, very few actually insist on you only having one student account, just that you make a minimum of 3 deposits into the account - surely they can't demand that this comes from SLC, considering that not all students have SLC finance?

Correct.

You can fund your account in any way you wish, most will state either SLC payment or some other regular income, such as wages or parental contributions.

Banks can not dictate what a customer can and can't do, hence they make these demands to put off students opening numerous student accounts, the statement "you must hold only one student account" usually refers to student accounts with that specific bank, not accounts elsewhere, although many misinterpret this.

Personally I had just the one student account in my first year, Natwest, I had previously had a current account with them and it was upgraded.

In my 2nd year I decided to open up a further 2, LTSB and Halifax, moving my loan between the 3, and using all 3 on a regular basis. Natwest is the least used now, but I use a Natwest Credit Card.

Recently I opened the 4th, Smile. Online application process took a while, as had to mail them all my ID and proof of course, but worth it for £1700.

I have no intentions on opening any more in my final year. Though having said that with the markets at such good value this week I can't say I haven't been tempted.

pixiedust_2

Hmm... I guess having more funds available tho would end up meaning I'd spend more... Unless do it to take advantage of opening offers and try really really hard to avoid the ODs...

Choices choices!

guardianangel

It depends how you are with money. I always knew my limit so I was ok. But I do know people who took advantage and are regretting it since Barclays and HSBC both now charge for their overdraft. I have been lucky in being able to pay back my overdraft before they started charging me. Be careful though, banks can be cheeky sometimes.

Karnam

To apply for Student Service you must:

• not hold any student accounts elsewhere.

the above information is taken from the HSBC website. i too had a HSBC student account and i read the T&Cs and it couldnt be clearer to me that by 'elsewhere' they mean no other student accounts at other banks.

while everyone may do it, that doesnt make it right or legal.

big-azza

Ive finished my first year at Uni and am ready to start year 2. At the last count i have got 5/6 student accounts [Halifax * 2, HSBC, Natwest, Lloyds TSB, Barclays]. Im going to close the HSBC student accout because they just wont increase my overdraft from £500 and then open an account with Alliance and Leicester. I only owe the banks just over 3k which i think is not bad and i will be paying half of it of next month when i get some money that my mates owe me. So to answer the question of whether you can open more than one student account is yes !!


PS - Just dont get caught LOL

Karnam

big-azza wrote: »

PS - Just dont get caught LOL

this sentence pretty much sums up the basic mentality behind breaking t&cs of a student account and flouting overdrafts; screw them, ill commit as much fraud as i like and take the money and run.

seaweasel

Karnam wrote: »

while everyone may do it, that doesnt make it right or legal.

Karnam wrote: »

this sentence pretty much sums up the basic mentality behind breaking t&cs of a student account and flouting overdrafts; screw them, ill commit as much fraud as i like and take the money and run.

Whether it's right or not is subjective, personally I don't have a problem with it given the attitudes and business practices of British banks. IANAL but I doubt it could be construed as fraud, the contract between a bank and a customer is a civil matter.

It's easy to make judgments about this sort of thing when you have the means not to resort to it, let me give you a hand off your high horse.

Karl.H_2

big-azza wrote: »

Ive finished my first year at Uni and am ready to start year 2. At the last count i have got 5/6 student accounts [Halifax * 2, HSBC, Natwest, Lloyds TSB, Barclays]

How has that worked, because I was under the impression that you have to have your loan paid into the account, or have your account credited.