Halifax Student/Graduate Overdraft

rip94

Hi

I opened a Halifax around 2008, and converted it to a student current account when I started university in 2012, getting a fee-free overdraft of £1000. However, I can't seem to find any information regarding this becoming repayable.

I'd saved enough to pay it off, but then ended up buying a house so never actually paid it off. My credit rating is relatively good, so I'd always figured that when the time comes and they recall it, if I have the money at the time I'll pay it off, if not I'll just do a balance transfer or something.

Thing is, they've still not mentioned it. My account still says 'student current account', and it's over 6 years since I first had access to the overdraft. I notified them of my course length (finished in 2016) when I converted to a student account so assumed it would automatically convert a to graduate account, but it hasn't. I'm hesitant to contact them in case I should've actually paid it off years ago, but I also don't want to pay it off if I don't need to because it is useful to have access to the extra cash when needed.

Anyone had experience of having a Halifax overdraft recalled or know whether I should have notified them when graduating?

Thanks in advance.

Flobberchops

They would usually have captured the expected end date of your university degree when they set up the account, and it would be they who would contact you to notify that your account would shortly be migrated to a graduate account or standard current account. The fact that this hasn't happened suggests a clerical or system error has happened, either your course dates weren't entered properly (the advisor recorded 2061 as the end date instead of 2016, or something like that) or the usual system that flags up accounts due for migration has missed you.


Arguably you have a moral duty to inform the bank that you're benefiting from facilities you no longer qualify for, but realistically, would they penalise you if they found out? It's not likely. Just bear in mind that any overdraft is repayable on demand, so do have the cash handy if they ever decide to call it in.