Still have a student current account after 11 years

Kriss11

I opened a Student current account in 2010 when I started Uni.

This came with a £1000 overdraft at 0% interest.

Fast forward 11 years later and my account is still a student account with the same £1000 0% overdraft that I have hardly touched.

I always assumed it would change eventually, but it just never did.

My question is a moral one, should I let the bank know I'm no longer a student, or leave it as it is?

eskbanker

Morally you already know that notifying the bank is the right thing to do, so are you looking for justification for not doing so?

jbrassy

I doubt the bank had much thought about morals when it mis-sold PPI or sold 100%+ LTV mortgages to people who can't afford them. 

Leave it as is if I were you.

Kriss11

eskbanker said:

Morally you already know that notifying the bank is the right thing to do, so are you looking for justification for not doing so?

Good point, I guess what I'm really asking is would there be ramifications if I didn't inform them of their mistake.

Zanderman

If you don't want to raise the issue with the bank, ever, and if you don't really need the overdraft then just switch the account to another bank.  It would no longer be a student account then.  Problem solved.  And, if you pick the right bank you might get a switching incentive. 

blue.peter

For the definitive answer, you should look at the student account Ts & Cs. I wouldn't be at all surprised if there is an obligation in them for you to notify the bank of your change of status, especially if the student account is on terms more favourable than are generally available to non-students. They'll probably also set out the consequences of not doing so, if any.

[Deleted User]

If you can be bothered.
Did you undertake to tell the bank that you were no longer a student?

adamp87

This is such a strange question to be honest.

Morally you already know it’s wrong so if it’s bothering you act on it.

Personally I’d just ride it out until they click on. And be wary they could click on quickly and pull your 0% overdraft 

WillPS

Presumably you had to tell your bank how long your course was when you opened the account, so you're in the clear morally I would say. The three student accounts I had all correctly matured to graduate/normal accounts. I certainly wouldn't have gone chasing them to take my 0% overdraft off me if they didn't.

Jami74

I opened my student account with Natwest in 2012 and took full advantage of the 0% overdraft. It is now a reward account but it still says student account on the debit card for some reason (new one arrived this morning)  . I cancelled the overdraft when the fee structure changed but it would have definitely charged me interest if I had used it.

WillPS

Jami74 said:

I opened my student account with Natwest in 2012 and took full advantage of the 0% overdraft. It is now a reward account but it still says student account on the debit card for some reason (new one arrived this morning)  . I cancelled the overdraft when the fee structure changed but it would have definitely charged me interest if I had used it.

Where does it say 'Student Account' on the debit card, out of interest?

All the Visa Debit cards I've had with Natwest have been generic purple ones, although the Solo cards I had as a child did have the name of the account on them.