Expired

Advice required on Overdraft Expiry date?

22
Found 20th Dec 2010
Hi, Hope everyone is enjoying the snow as much as my 4 year old nephew.

I was browsing my online bank services and realised my overdraft has a 'expiry date' of march 2011. Now, this is something new to me, what is an expiry date?

if it means my overdraft will no longer be available after this date?? and if so, lets say im 35 quid overdrawn and then the overdraft expires? what happends to the £35 im overdrawn?? do i pay interest on this?

only im on a student account and was told my overdraft would be free as long as im a student

any help will be appreciated. Thanks

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They expire even while your a student, if you still a student then phone up and they can reinstate it although you may need to provide proof

With my Natwest student account each educational year I was studying at university I could ask them to increase the overdraft by £500, and then when I was no longer a student the overdraft was automatically reduced by £500 each year.
Just pop into your local branch if you have any worries, I'm sure they will explain it for you.

Original Poster

dh058977

They expire even while your a student, if you still a student then phone … They expire even while your a student, if you still a student then phone up and they can reinstate it although you may need to provide proof



oh right, makes perfect sense, Im planning on closing my overdraft anyway as i dont really use it much, my only concern is forgetting about the expiry date and using my overdraft a day before it expires, and then getting charged a whopping amount of interest.

Original Poster

sickly sweet

With my Natwest student account each educational year I was studying at … With my Natwest student account each educational year I was studying at university I could ask them to increase the overdraft by £500, and then when I was no longer a student the overdraft was automatically reduced by £500 each year.Just pop into your local branch if you have any worries, I'm sure they will explain it for you.



thanks for the reply, will pop down to HSBC once the snow clears as its total mayhem down south! doubt i can do anything apart from phone them unitl then

qab

oh right, makes perfect sense, Im planning on closing my overdraft anyway … oh right, makes perfect sense, Im planning on closing my overdraft anyway as i dont really use it much, my only concern is forgetting about the expiry date and using my overdraft a day before it expires, and then getting charged a whopping amount of interest.



Mine expired and then i had a years interest free after being a student. Helpful if you have alot to pay off but i didnt!

Im with the Halifax and my overdraft expires/renews at the end of each year.

I dont think its anything to worry about - I get an email/letter a couple of months before the expiry date simply saying that my overdraft will be renewed on such a date..... if they are not going to renew your overdraft for any reason, maybe you have constantly gone over your arranged overdraft then they will have to give you notice of cancellation and give you time to clear your balance.

Best thing to do if it is worrying you is to call the bank and just ask them for clarification etc.

qab

oh right, makes perfect sense, Im planning on closing my overdraft anyway … oh right, makes perfect sense, Im planning on closing my overdraft anyway as i dont really use it much, my only concern is forgetting about the expiry date and using my overdraft a day before it expires, and then getting charged a whopping amount of interest.



To be honest you might as well just leave the overdraft option there, it doesn't cost you anything, and you never know, you might need it someday - hopefully you won't, but you would kick yourself if you cancelled the overdraft and then six months later went £10 overdrawn one day and charged £25 in fees for it.
Just keep the OD in place, don't use it, but have it as an emergency back-up.

Original Poster

dh058977

Mine expired and then i had a years interest free after being a student. … Mine expired and then i had a years interest free after being a student. Helpful if you have alot to pay off but i didnt!




were you with HSBC?? if you dont mind me asking? done a bit of googling and theres not alot of positive things said about HSBC and there student account

Original Poster

nivagni

Im with the Halifax and my overdraft expires/renews at the end of each … Im with the Halifax and my overdraft expires/renews at the end of each year.I dont think its anything to worry about - I get an email/letter a couple of months before the expiry date simply saying that my overdraft will be renewed on such a date..... if they are not going to renew your overdraft for any reason, maybe you have constantly gone over your arranged overdraft then they will have to give you notice of cancellation and give you time to clear your balance.Best thing to do if it is worrying you is to call the bank and just ask them for clarification etc.




I havent recieved any letters yet, but march is a few months away yet, i will definatelly phone them tomorrow, thanks

qab

were you with HSBC?? if you dont mind me asking? done a bit of googling … were you with HSBC?? if you dont mind me asking? done a bit of googling and theres not alot of positive things said about HSBC and there student account



Before going to uni I was with HSBC for years yet at the time they wouldnt give me a student account, lord knows why! I went with smile in the end. Their an online bank, part of the coop bank.
Edited by: "dh058977" 20th Dec 2010

Original Poster

dh058977

Before going to uni I was with HSBC for years yet at the time the wouldnt … Before going to uni I was with HSBC for years yet at the time the wouldnt give me a student account, lord knows why! I went with smile in the end. Their an online bank, part of the coop bank.



i got the same grief when i tried transfering my account to a student account, many excuses were made until i bumped into the manager

btw i have replied to nivagni and sickly sweet but it says my comment is in the moderation queue.. for some reason
Edited by: "qab" 20th Dec 2010

Original Poster

have replied back to nivagni and sickly sweet but for some reason my reply is in the moderation queue...dont know why

qab

i got the same grief when i tried transfering my account to a student … i got the same grief when i tried transfering my account to a student account, many excuses were made until i bumped into the manager



I gave up with them in the end! Smile have always been great. I used to live in Totton before uni and the last straw with hsbc for me was when they put my local branch down as Tottenham court road . . . . . about 100 miles away!

Original Poster

dh058977

I gave up with them in the end! Smile have always been great. I used to … I gave up with them in the end! Smile have always been great. I used to live in Totton before uni and the last straw with hsbc for me was when they put my local branch down as Tottenham court road . . . . . about 100 miles away!




Blimey 100 miles away! you said you chose to open an account with smile; an online bank?? by online bank you mean they have no branches?

qab

Blimey 100 miles away! you said you chose to open an account with smile; … Blimey 100 miles away! you said you chose to open an account with smile; an online bank?? by online bank you mean they have no branches?



Yep! Everything is done online or over the phone, their tag line is "The UK's first full internet bank since 1999. UK 24/7 call centres and free secure online banking" Although you can do some things in coop bank branches.

My best advice would be to go with bank who has a branch on campus or near where your accommodation is. Natwest were brilliant with my student account, I'd highly recommend them if you are looking to move to another bank, but if you are happy enough where you are I wouldn't bother moving. Though, having said that, leave it till next educational year and Natwest will probably offer you a free student railcard for taking out a student account which is a nice bonus.

Original Poster

dh058977

Yep! Everything is done online or over the phone, their tag line is "The … Yep! Everything is done online or over the phone, their tag line is "The UK's first full internet bank since 1999. UK 24/7 call centres and free secure online banking" Although you can do some things in coop bank branches.



That sounds pretty cool!, but ive got a question which may sound slightly stupid, what if you want to bank cash notes? how are you supposed to get them into your account if its an online account?? i take it as you go to a coop branch?

qab

That sounds pretty cool!, but ive got a question which may sound slightly … That sounds pretty cool!, but ive got a question which may sound slightly stupid, what if you want to bank cash notes? how are you supposed to get them into your account if its an online account?? i take it as you go to a coop branch?



Yeah either that or any post office.

Original Poster

sickly sweet

My best advice would be to go with bank who has a branch on campus or … My best advice would be to go with bank who has a branch on campus or near where your accommodation is. Natwest were brilliant with my student account, I'd highly recommend them if you are looking to move to another bank, but if you are happy enough where you are I wouldn't bother moving. Though, having said that, leave it till next educational year and Natwest will probably offer you a free student railcard for taking out a student account which is a nice bonus.




Im living at home with parents and commute by car everyday, its a long drive but prefer it to the train, however, there are days where i have to take the train? do Natwest really give a free railcard with their student accounts? i will definatelly consider that next year

qab

Im living at home with parents and commute by car everyday, its a long … Im living at home with parents and commute by car everyday, its a long drive but prefer it to the train, however, there are days where i have to take the train? do Natwest really give a free railcard with their student accounts? i will definatelly consider that next year



Yeah they do! When i first went to uni the banks were giving away mp3 players and stuff like that just to get your account with them!

Original Poster

dh058977

Yeah either that or any post office.




Cool:)

Original Poster

dh058977

Yeah they do! When i first went to uni the banks were giving away mp3 … Yeah they do! When i first went to uni the banks were giving away mp3 players and stuff like that just to get your account with them!




i got naff all, and im second year so transfered my account from current to student last summer. it may have something to do with me transfering my current account and not joining the branch?

qab

i got naff all, and im second year so transfered my account from current … i got naff all, and im second year so transfered my account from current to student last summer. it may have something to do with me transfering my current account and not joining the branch?



Yeah i guess because you stuck with the same bank they didnt offer anything. I'd go with what SS said and transfer to natwest as not only do you get the rail card you also get a discount card (although only £5 otherwise - http://www.studentdiscounts.co.uk/)

Original Poster

dh058977

Yeah i guess because you stuck with the same bank they didnt offer … Yeah i guess because you stuck with the same bank they didnt offer anything. I'd go with what SS said and transfer to natwest as not only do you get the rail card you also get a discount card (although only £5 otherwise -http://www.studentdiscounts.co.uk/)




ill see what HSBC say tomorrow about this overdraft expiry thing. if its not good news then i think id most likelly transfer to Natwest.


thanks for the help, it is much appreciated, Good Night
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