The Student Room Group

What happens to a student account/overdraft after you finish uni?

Hi

I have a student account with one of the banks. I'm around 1300 in overdraft (limit is 2000). After I finish uni and am no longer a student what does the bank then do to the student account and the overdraft. Will they convert my account to a normal current account and if i am in overdraft what will happen, will they ask for it back immediately or will they charge interest on the amoun that I am in overdraft and if so will that be alot?

thanks
Reply 1
Avatar for Shani
Shani
6
They will periodically lower your overdraft limit, expecting you to slowly bring the balance down. You should contact your bank for the exact terms as they will differ.
natwest you get a 1 yr period in which it remains the same and you get to pay it back, kinda cool
Reply 3
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iPhone
15
Depends on the banks terms and conditions.
Reply 4
Avatar for VickyTink
VickyTink
17
I've heard of one bank automatically converting you to a graduate account, which has a bigger overdraft limit (slightly) therefore, they're noticing you might not have a steady income. No bank should expect you to pay your overdraft off as soon as you finish your course...it's not how the world works!

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