HSBC Overdraft
Hey guys. I'm applying for my student account at HSBC. I need that £500 overdraft that is guaranteed to be available at account setup. Does anyone know how long HSBC normally take to put the money in your account? I need it urgently so i hope they don't take longer than a day or 2.
Overdrafts are only used when you have spent all of your actual money...they don't pay in any money.
again...you only use your overdraft when you have no actual money in your account, it's not a payment of £500 into your account on top of your money. It being arranged just means that you can go overdrawn by £500 (your account showing -£500) and HSBC will allow you to do this without charging you a ton of money.
Im currently doing a research piece and would love your help answering a 2 min survey about student accounts, rough answers will do if you dont currently have one. http://www.surveymonkey.com/s/2VZ7BPM
Gateshipone is correct.
They do not give you the money you simply have to ask the bank to extend your 0% overdraft and then you spend on your account so that it goes into the - (minus) amounts.
They do not give you the money you simply have to ask the bank to extend your 0% overdraft and then you spend on your account so that it goes into the - (minus) amounts.
Recently opened an account with Santander.
So far only have a £250 overdraft. What you have to remember is by Sept, they will raise your overdraft to the first year limit. For Santander that would be £1000.
And the money isn't put into your account, it is basically how much you can overdraw from your account.
So far only have a £250 overdraft. What you have to remember is by Sept, they will raise your overdraft to the first year limit. For Santander that would be £1000.
And the money isn't put into your account, it is basically how much you can overdraw from your account.
Original post by jjKid
Recently opened an account with Santander.
So far only have a £250 overdraft. What you have to remember is by Sept, they will raise your overdraft to the first year limit. For Santander that would be £1000.
And the money isn't put into your account, it is basically how much you can overdraw from your account.
So far only have a £250 overdraft. What you have to remember is by Sept, they will raise your overdraft to the first year limit. For Santander that would be £1000.
And the money isn't put into your account, it is basically how much you can overdraw from your account.
They probably will increase, but as you say it's a limit. They are under no obligation to increase it at all - and sometimes won't. Natwest won't increase mine above £500 and I'm going into 3rd year.
An overdraft is a liability.
Original post by callum9999
They probably will increase, but as you say it's a limit. They are under no obligation to increase it at all - and sometimes won't. Natwest won't increase mine above £500 and I'm going into 3rd year.
That sucks!
Perhaps something to do with your credit rating? or are they literally just unwilling to increase your overdraft?
When opening my student bank account with Santander, I was assured that my overdraft would be increased by the time I started University. So I'm hoping it does.
Not that I want to depend on your overdraft...but it's nice to know it's there.
Original post by jjKid
That sucks!
Perhaps something to do with your credit rating? or are they literally just unwilling to increase your overdraft?
When opening my student bank account with Santander, I was assured that my overdraft would be increased by the time I started University. So I'm hoping it does.
Not that I want to depend on your overdraft...but it's nice to know it's there.
Perhaps something to do with your credit rating? or are they literally just unwilling to increase your overdraft?
When opening my student bank account with Santander, I was assured that my overdraft would be increased by the time I started University. So I'm hoping it does.
Not that I want to depend on your overdraft...but it's nice to know it's there.
I'd imagine it's more to do with me transferring most of the £500 out of the account and then rarely using it! The only reason I got it in the first place is for the railcard.
To the person above, overdrafts are only a liability if you are an idiot and/or inept at finance. Contrary to popular belief, there are rather a lot of students who can handle overdrafts responsibly with ease!
Original post by callum9999
To the person above, overdrafts are only a liability if you are an idiot and/or inept at finance. Contrary to popular belief, there are rather a lot of students who can handle overdrafts responsibly with ease!
A liability is something you are responsible for. Rent is also a liability, as are children. However you use your overdraft, if you use it it is a debt, therefore a liability
Original post by Vohamanah
A liability is something you are responsible for. Rent is also a liability, as are children. However you use your overdraft, if you use it it is a debt, therefore a liability
One definition of the word is that, yes. The far more common definition of the word "liability" (in this context anyway) however is something that causes you trouble.
Original post by callum9999
One definition of the word is that, yes. The far more common definition of the word "liability" (in this context anyway) however is something that causes you trouble.
Given the context of the OP, which seems to indicate the poster is expecting £500 immediate cash to do with what they will, I can't imagine the overdraft being anything other than a liability to them in both senses of the word
Original post by Vohamanah
Given the context of the OP, which seems to indicate the poster is expecting £500 immediate cash to do with what they will, I can't imagine the overdraft being anything other than a liability to them in both senses of the word
Well as you don't remotely know them, that's up for them to decide whether it will be a liability for them or not. Though the person I complained about didn't say it's a liability for the OP, they said it's a liability full stop. Which as I said, isn't true for those who have a basic level of common sense and financial management skills.
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