HSBC Student Overdraft

Paul_Spoons

My son has, for the second year in a row, not been allowed to extend his overdraft. He uses it during the year but never goes over and has funds regularly deposited into the account. The bank cannot explain why or state the reason for their rejection of his request. Apart from changing banks, what can he do to secure the overdraft? Has anyone else had similar problems with HSBC

[Deleted User]

They don't need to (and won't, for confidentiality purposes) explain their reasons.

He can try another bank but his priority needs to be to live within the existing overdraft - and better, not go into it at all.

D3xt3r5L4b

Why does he need to use it?

MinuteNoodles

Time to get some summer work. Plenty of farms looking for labourers.

Paul_Spoons

He's a student!  Rent and costs to pay. Agree about getting a summer job.  My concern is the lack of transparency over how and what determines eligibility for the increase in overdraft.  It is marketed as being available but, currently, not for him.  How is he supposed to achieve/meet the criteria if it is disclosed anywhere?

[Deleted User]

By increasing his income, sensible use of credit elsewhere, financial stability, good credit history, ER - all the normal things.

But you won;t ever get a lender's specific criteria

Paul_Spoons

Agreed - all done bar the "earning income" bit!  Perhaps that's the criteria he's falling down on?  Thanks for the answers/comments.  All very useful

Mrs_Ryan

I wonder if it’s a general crackdown on student overdrafts as I’ve been having the same issues with Barclays for quite some time. I’m just about to go into third year and I’m still at first year overdraft limit level. 

I’ve had several complaints upheld regarding incorrect information/basically not knowing their backsides from their elbows but still every person you speak to tells you something different and they don’t seem to do anything about it.