Halifax Student Account - Advice Please!

kitatravs

Hi there,
Am new to MSE so please excuse me if I'm asking a bit of a silly question!
I have got a student account with Halifax with a rather large overdraft, and Im just looking for a couple of pieces of advice really.
Firstly, I've heard Halifax are beginning to take peoples overdraft facilities away from them - is this likely to happen to me even though I have a student account?!
If so, I am going to have to think about moving banks (have been thinking of doing this anyway as being charged £48 in total for going pence over my overdraft is mad ) - is this possible? Is it possible to change banks and transfer the overdraft or do I need to pay it off before I move? And if I move, can I transfer to a different student account?

Thanks in advance for your help!!

kitatravs

money_maker_3

How many times and how much did you go over your overdraft to get these fees? As student fees are much lower than normal account fees I think they are about £12 each, but I could be wrong. And you will find that all banks have these fees if you go over an agreed limit that has been set. As far as I know, Halifax are not just randomly taking peoples overdrafts away, only a limited number have been reduced.

ldn-100

You can move your student account and overdraft at any point whilst you are studying and even when your studies are complete, to take advantage of longer periods to pay back at 0%. The problem with doing a transfer is that most providers start you at low overdraft limits and their terms and conditions prevent you from having more than one student account at any one time.

kitatravs

I've gone over my overdraft twice, most recently being charged £20 for going over and then an additional monthly Unauthorised Overdraft Charge of £28 - they have told me each time you go over you get both these charges.

The funny thing is the last time I went over was in the beginning of 2007 and instead of the additional £28 they charged me a percentage of what I went over by (which was much cheaper).

I thought as long as you got the money into the account by 3pm the same day you went over they wouldn't charge you (like for my LTSB) but apparently, according to a rather rude woman I spoke to yesterday, this isn't the case.

regularsaver1

you need the money in the day before any debits as debits can be taken at 3am. cheques don't clear until 9am

the overdraft won't usually be reduced unless you don't pay your student loan into account so are not showing how you can repay.