Natwest Student Account Overdraft

Can someone please explain this overdraft business to me? I have a Natwest student account, how do I get the overdraft, when will I recieve it and if I go into minus, how long do I have until I have to pay it back? :confused:

Reply 1

teaboy

*Miss-Brightside*

1. You just go into your local branch and say you want an overdraft. After proving you're in education, they should give it to you (it automatically updates your account).

2. You should receive about 1200.

3. Your overdraft will be reviewed, probably, when you leave University. Even after however, they will likely decrease your overdraft amount (say, from 1500 to 1000) and continue in such fashion until you no longer have it. Of course, you can still have an overdraft, but you will be charged interest on whatever you owe (student overdrafts are interest free).

Reply 2

teaboy

P.s, Natwest are really good as a bank, so make sure you manage your account well (e.e., try not to use all your overdraft and keep the bank informed of any changes in your life e.e., telephone number, address etc., the bank likes it when you look at them almost as a friend.. it makes them more disposed to giving you things in the future!

Reply 3

HacklyFracture

Just to add, you can have an interest free graduate overdraft for a certain number of years after you graduate. That gives you that amount of time to pay it off interest free. Not sure how long for though.

Reply 4

natweststaffmember

Just to add the first year limit is £1250.00 in year one. The natwest student thread does explain the overdraft on Post 1 :wink:

Reply 5

beccaarr

Over drafts are evil. EVIL.
Mine hates me =(

Reply 6

*Miss-Brightside*

natweststaffmember

Just to add the first year limit is £1250.00 in year one. The natwest student thread does explain the overdraft on Post 1 :wink:

Yeah but say I use like £200 of the overdraft, when do I have to pay that back by? Are they quite strict?

Also what do I take with me to the branch?

Thanks!

Reply 7

sandettielightvessel

Whilst the overdraft facility remains, you can use it - it only starts to reduce after you graduate.

Your account number and sort code should be enough - I've been asked for anything else.

Reply 8

Quantum James

*Miss-Brightside*

Yeah but say I use like £200 of the overdraft, when do I have to pay that back by? Are they quite strict?

You wont have to pay your overdraft back untill you've gradduated, im with Nat West and have been pretty deep into my overdraft for 2 years, and i'll only have to pay it back when i've gaduated, and hopefully earning some money! :biggrin:

James

Reply 9

T-Zee

Im also in abit of a pickle! Ive got 55p left in my account and have also got my overdraft available, so I was wondering if I take out £20 so it can last me till the 21st of december, thats when i go home for xmas holidays.

So when the new student loan comes through in january will they take it out from there?

hope somebody can reply.

Reply 10

*Miss-Brightside*

T-Zee

Your account will be -£20. The student loan money will make up the -£20, so say you get £1000, the money in your account will be £980.

Reply 11

tymbnuip

I don't quite understand this whole overdraft thing. My problem is that I have £176 in my account and have accommodation fees worth £370 to pay by January 15th. (That was meant to be payed by December, so I can't get them at all to delay it again until the next instalment of the loan goes through). So if I get an overdraft on my account, does that mean that I can write a cheque for the Accommodation office, go minus in my balance, but still be theoretically paying them as I will have gone into my overdraft? (I don't understand money :p:

) Like, it seems that the overdraft doesn't show up as a positive figure in your balance (i.e. you gain £1000 suddenly), but rather you have the ability to go minus in your balance up to your overdraft limit? So can you pay a payee if you're going into minus figures to do it?

Reply 12

sandettielightvessel

You have £176 in your account and issue a cheque for £370. When your accommodation office presents* the cheque, they will get the full £370. Your balance will reduce by £370, and will become -£194. So yes, you will have a minus balance - i.e. you owe the bank £194.

* i.e. when they take it to the bank and pay it into their account

Reply 13

batesy19

Hi, i have the full first year overdraft of £1250. I noticed in a booklet the other day it said that, that limit could possibly be made more if I were to contact them about so. Just wondered has anyone had this done as of yet and were there requirements such as having a job or will Natwest be generous if i ask nicely and explain why i would like more.