Lloyds TSB under 19's account - Unplanned overdraft

hustle90

I'm 17 and have an under 19's account with Lloyds TSB. I was expecting a payment of £100 to go in on Monday, however this payment has not gone in. I was advised by the payee that the payment would be going through anytime this week.

The problem is, I spent roughly £30-£40 yesterday (Monday) on the Internet not knowing that the £100 payment had not gone into my account. I have now looked at my account online today and am £35 overdrawn.

I looked at the form that I was given when i opened my account and it seas ''Under 19's account cannot have a planned overdraft and any unplanned overdrafts will NOT incur any fees'', so I know that Lloyds aren't going to charge me, however I'm worried that this may effect me in the future. Is there a chance they can close my account because of this and/or not give me a student account/overdraft etc when I turn 18 this year.

Thank you to anyone that takes the time to respond.

skyrider007

Don't worry too much. If it was your first time going overdrawn without having an agreed overdraft, they should not charge you any fees. Even if they do, it is easy to get it back. Just make sure you pay some money into the account so it is in credit.

PROLIANT

You are under the age of 18 they cannot charge you a fee or record bad data about you as all of the terms are backed by the consumer credit act and as you are not 18 they can not force it upon you.

hustle90

skyrider007 wrote: »

Don't worry too much. If it was your first time going overdrawn without having an agreed overdraft, they should not charge you any fees. Even if they do, it is easy to get it back. Just make sure you pay some money into the account so it is in credit.

Thanks. I highly doubt they will charge me any fees as Under 19's Account has a 'No Fee' policy for an Unplanned Overdraft. I was more worried about if this can effect me in the future, when for example trying to get credit or a student account with them.

I don't currently have £35 to pay off the overdraft until Thursday (Being a student sucks :rotfl:) so they'll have to wait until then.

skyrider007

hustle90 wrote: »

Thanks. I highly doubt they will charge me any fees as Under 19's Account has a 'No Fee' policy for an Unplanned Overdraft. I was more worried about if this can effect me in the future, when for example trying to get credit or a student account with them.

I don't currently have £35 to pay off the overdraft until Thursday (Being a student sucks :rotfl:) so they'll have to wait until then.

I bank with HSBC and in the days when I've had a "Right Track" account with a Solo card I went overdrawn by 2 pounds twice. Ofcourse they waived the charge and on one occasion automatically transfer fund from my savings account to pay off the O/D.

When I turned 18 and started going to uni my account was converted to a full Student Service which provided me with a Maestro Card and interest-free overdraft facility.

You'll be fine. :j

hustle90

skyrider007 wrote: »

I bank with HSBC and in the days when I've had a "Right Track" account with a Solo card I went overdrawn by 2 pounds twice. Ofcourse they waived the charge and on one occasion automatically transfer fund from my savings account to pay off the O/D.

When I turned 18 and started going to uni my account was converted to a full Student Service which provided me with a Maestro Card and interest-free overdraft facility.

You'll be fine. :j

Thanks.

bradc

PROLIANT wrote: »

You are under the age of 18 they cannot charge you a fee or record bad data about you as all of the terms are backed by the consumer credit act and as you are not 18 they can not force it upon you.

Well a friend of mine (15 years old) sent a cheque 5 months ago to a company however they only decided to cash it last week and unfortunately a few pounds less than the value of the cheque was in the account at the time. Natwest sent him a letter and charged him £38.00 I advised him to contact customer services and in the end they did pay it back.

PROLIANT

bradc wrote: »

Well a friend of mine (15 years old) sent a cheque 5 months ago to a company however they only decided to cash it last week and unfortunately a few pounds less than the value of the cheque was in the account at the time. Natwest sent him a letter and charged him £38.00 I advised him to contact customer services and in the end they did pay it back.

Well then they are breaking the law.