Will the bank close my basic account if I don't repay the overdraft on my current account?

stupidaspie

I had an overdraft on my student account which ran out two years after I graduated. I've been making token payments since then. After 8 years, the bank (Co--op) is saying the debt might be sold to a third party. I'm prepared for that, but will the Cashminder account which they gave me 8 years ago stay open? I asked someone on the phone and she said something about the account number on the letters I've been getting, which is the for the Current account. I gather that means my Cashminder account will stay open.

SpreadableToast

They're within their rights to close it if they want but if I were you I'd be looking for an account elsewhere pronto.

They can (and quite likely will) use some or all of the credit balance in your Cashminder account to pay off the debt on your student account before they sell it off.  If your money is held elsewhere they obviously can't do this.

gt94sss2

As @SpreadableToast suggests Google ‘right to offset’ and open an account elsewhere

jonesMUFCforever

In the old days your accounts would have been closed off for certain.
In these days of treating 'customers fairly' they would not be allowed to close off your basic account unless you misused that one.
To be on the safe side open a new account elsewhere just in case. You do not have to use it if it is not required. 

stupidaspie

jonesMUFCforever said:

In the old days your accounts would have been closed off for certain.
In these days of treating 'customers fairly' they would not be allowed to close off your basic account unless you misused that one.

No, I haven't. In the past they've suggested that the Cashminder wouldn't be closed unless I did.

jonesMUFCforever said:

To be on the safe side open a new account elsewhere just in case. You do not have to use it if it is not required. 

I did that years ago, but eventually it was closed because I never used it. I think I will open another one, and actually use it.

DCFC79

Id get a second account opened so you have a backup in case the bank where the main account is held has an issue like TSB did last year I think.