Got one student overdraft, can i get another?

seaweasel

Usually it's your loan or grant but any income is fine. Presumably they just move their loan and/or wages around the different accounts to keep the banks happy.

Karl.H_2

seaweasel wrote: »

Usually it's your loan or grant but any income is fine. Presumably they just move their loan and/or wages around the different accounts to keep the banks happy.

Yeah, that seems logical. I was planning to do that but have been put of applying because I don't want to lose my Halifax Student Account, as it's very good. I am sure they cannot take it away from me, or can they? Lloyds TSB's goodies seem appealing. To stay under the radar, I will use my accommodation address, however the problem then is I don't have any I.D. with that address on it.

pixiedust_2

Any account can be withdrawn, and if it is, you could be asked to pay back any moneys owing before you'd planned on doing it. I've read lots (and lots!) of sets of T&C's over the last few days, looks like it depends on the bank, some state that you can only hold one student account, like HSBC, others just request that your student account is credited a minimum of 3 times throughout the year, either from student funding or contributions etc etc.

princesslizzie

Karnam wrote: »

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.

*feels guilty & ignorant*:shhh:

seaweasel

princesslizzie wrote: »

*feels guilty & ignorant*:shhh:

Well don't, British banks screw money out of their customers at every opportunity.

Karl.H_2

True. I feel like getting Lloyds TSB's free goodies, but I don't want my current student account put at risk.

guardianangel

Karl.H wrote: »

True. I feel like getting Lloyds TSB's free goodies, but I don't want my current student account put at risk.

Just do it and don't use it.

Karl.H_2

guardianangel wrote: »

Just do it and don't use it.

What I will do is set-up the account and using a standing order, transfer money to the account monthly, and have Lloyds transfer the money back. Then, I can use my overdraft to put into a nice warm Savings Account. :money:

big-azza

Karl.H wrote: »

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.

My wage goes in to one account and then it is split to another 2 accounts (£200 each) and i share the loans and grants in to the rest of them.

Myths_and_Photographs

Hey, This seems like a cool site. Students grouping together for once. I have been trying to apply for loan and its been an absolute nightmare and totally unsuccessful and I really felt like I was on my own for it. Its great to actually hear other students are in similar boats to me so I can read peoples responses. My problem is that I owe the university about £1000 and they will not let me go back in September if I don't pay it. I have a job so I am earning quite a lot over summer. The problem is...My university want the money now. My parents don't that have much money at hand So I have been desperately trying to get my hands on a loan or set up another account with an overdraft. So far I've been totally unsuccessful. It would only be a temporary thing because at the end of summer I would have earned probably all of it back and then I get my student loan in September and I will be returning to work over Christmas so in theory I should be absolutely fine. The problem is setting up a bank with an overdraft. Halifax have refused me. A number of other banks have refused me. I applied to Bank of Scotland and they are sending the rest of my application in the post. I just don't want to go through the efforts of writing an application and then find they are gonna reject it. How did people manage to set up 2 overdrafts? Because I don't have any luck with it.