Overdraft for under 18

C_Ronaldo

Ive got a question about overdrafts, someone i know who is under 18 is thinking about getting an overdraft, would i be right in thinking that you need regular payments like wages being payed into the account to qualify for an account, do you need to fufill any other criteria at all

beautifulgorgeous_2

Don`t think you can get an overdraft under 18 as you cannot be held responsible for debt until you are an adult.

thumshie

You may find they can't get an overdraft. I think most banks may not offer an overdraft to anyone under 18, as until they're 18 they can't be held responsible for any 'debt' incured.

I know halifax state the following:

Overdrafts are subject to status and are repayable on demand. Credit interest paid monthly. Credit provided by Bank of Scotland plc. Personal customers only who must be aged 18 or over.

katiekittykat

Don't think you can get one under 18

C_Ronaldo

OK thanks for your help, another question though, if they were over 18 would they need regular payments going into the account eg wages to qualify for an overdraft

thumshie

Each bank will have different criteria, and I don't beleive there is a 'one rule', but in general I would say a bank would expect regular payments - or for history with the customer showing past account maintenance- before they offer an overdraft. after all if you not earning there is no chance of you paying it back...

EDIT: But banks do LOVE students.....:)

katiekittykat

C_Ronaldo wrote: »

OK thanks for your help, another question though, if they were over 18 would they need regular payments going into the account eg wages to qualify for an overdraft

Not too sure tbh depends which bank you are with and what type of acccount you have.

Sorry i couldn't be much more help

xx

C_Ronaldo

Its not for me but its for someone i know who i think is with the abbey, he doenst have much money so i cant see him getting an overdraft,

jonesMUFCforever

C_Ronaldo wrote: »

Its not for me but its for someone i know who i think is with the abbey, he doenst have much money so i cant see him getting an overdraft,

Yes a regular wage would have to go through the account. Benefits would not count.

HannaB

If your friend is going to Uni when they're 18, they'll probably get an overdraft thrown at them anyway.

scottp_2

ejones999 wrote: »

Yes a regular wage would have to go through the account. Benefits would not count.

Not in all cases. There are many people I see who are relying solely on benefits with borrowing on Overdrafts, Credit Cards and Loans. As long as they can be proved to be regular, then they can be used as income.
If he/she already has a bank account then the best bet is to contact the bank and see what they can do, but NO borrowing can be had until the person is 18.
Like everyone has said, banks love students. With RBS First year students can have an interest free overdraft of £1250 without proof of income, just proof of study on any UCAS course. This can go all the way up to £2500 year on year dependant on the course taken, and the interest free period can be extended with Graduate accounts too.

Hope that helps