More than 1 student account?

emma_b_4

hi, i have a natwest student account with 1250 odraft
but there internet banking is poo so i have opened a halifax account today, theyve given me £1000 odraft and i asked if there are any penalties for already having natwest they said no you can have two open just not tow at same bank (obviously)

so now i have £2250 in student odraft, i intend to only use halifax but keep natwest open as emergency fund

Karnam

be warned, the halifax student overdraft is decided every year, so you must reapply each year for it, dont assume it will be left in place for you or go up without prompting.

emma_b_4

but will i automatically keep the odraft i have??

Karnam

no. after one year mine was revoked without them asking me and i was forced to have to reapply for the overdraft and pay charges for being overdrawn without an 'authorised' overdraft. apparently it says in the leaflets that you sign that its only one year and after one year you lose the overdraft facility unless you reapply for it. this is pretty much why i left the halifax student account.

emma_b_4

gosh she didnt tell me that!!
ive got three other halifax accounts, with odrafts and they just review them every yr but dont take them off us!!
at least i know in advance though i will ring them in 11 mths time! sneaky so and sos
the woman was a bit sh*tty with me in bank really like oh your a student then when she said you have to transfer £100 into it "when you can find the £" and i sed yes no probs can you do an instant transfer from this account she was soon licking my bum, even more so when she realised i have cash ISA and another account with them ALL in credit..so now they are wanting me to move mortgage and can apparently "fully support me throughout my training"

was great to see smirk wiped off her face

what account have you got now then?
im gonna keep my natwest and halifax open but use halifax its just easier to do £ transfers etc for me she said i would have to apply for the rest of odraft but would probably get it..

jambooboo

I opened a Natwest Student account after I maxed out the overdraft on my HSBC student account with no problems.

Still haven't paid either of them off.

ohit

I have several student bank accounts.

As soon as the 0% overdrafts were "awarded", I transfered the lot straight out.

There seems to be this feeling amongest people that I'm in debt, or will have problems repaying it later, or whatever.

But, all of this 0% cash is in savings account earning decent interest. I round-robin payment transfer around between accounts, and that's that.

I can even use this few grands worth of cash as a buffer for quick profit ventures - e.g. buy Xbox 360's and flog them on ebay for much more.

Fossil_2

Several? Haven't the banks found out yet?

Karnam

ohit wrote:

I have several student bank accounts.

As soon as the 0% overdrafts were "awarded", I transfered the lot straight out.

There seems to be this feeling amongest people that I'm in debt, or will have problems repaying it later, or whatever.

But, all of this 0% cash is in savings account earning decent interest. I round-robin payment transfer around between accounts, and that's that.

I can even use this few grands worth of cash as a buffer for quick profit ventures - e.g. buy Xbox 360's and flog them on ebay for much more.

1) this is breaking the t&c's for almost every single student account available and is therefore fraud as you are signing contracts saying that the student account you are opening is the only one you have, and yet you know perefectly well you have others ewlsewhere

2) selling xbox 360s and capitalising on peoples desire for one is unfair and down right mean!! :mad: not least if the only way you can do so is to commit fraud!!

emma_b_4

when i opened my halifax account i asked them to transfer my debits and direct debits inot the new account from natwest, they said why dont you just keep both open..i said i thought it wasnt allowed and they said only some banks specify that in their terms and conditions.

i dont see the problem in buying things and selling them on ebay, millions do it, i see clothes from Primark on evay all the time, and handbags for example that cost £2 and are buy it now for £15, which is only the same thing (although i may be wrong dont know if the xbox is special not really clued up on the latest boys toys and gadgets!!)

the problem surely will be when you graduate and all the odrafts are owed back at once?
im not getting anymore 2 is enough im only using one account now ive used about £600 of natwest, and i am planning to pay it back at £10 a week (not a lot but better than nothing!)

Merry Christmas!!