Year 12s: what will be the first way you research your future options? >>

Co-Op took my student overdraft

I had an agreed overdraft of 1400 with co op.

I checked today and it was gone.

They are shut now the student department, so I have no idea what to do??

They didnt even send me a letter telling me that they were going to take the overdraft.

Reply 1

zaliack

Unfortunately, the standard contract for student bank accounts generally stipulate that they can withdraw your overdraft at any point in time, with or without notice. You should try to find another bank and explain your situation to them, they should be fine with that and offer you a student account, although the overdraft will be lower than the co-ops.

Reply 2

Xannny

The thing is though it was meant to be guaranteed.

Edit -
And I get my loan on Monday however because I have to pay rent on Wednesday too it leaves me in the red big time and I am so lost right now!

Reply 3

zaliack

That's the biggest lie you'll come across from banks though. It's just "guaranteed" in the sense that they will usually give it to every student. Read through your contract if you can find it, it'll say it reserves the right to cancel your overdraft at any moment. Get to a new bank asap. You want your new account up and running as fast as possible.

Reply 4

chai wallah

wtf wtf wtf this isn't them taking their overdraft off you forever - okay fair enough other posters don't know this, but when they open again CALL THEM UP and it will be automatically reinstated. You don't need to find another bank, unless you can find one that'll give you an overdraft instantly.

This happened to me, everything was fine.

Reply 5

The_Oracle95

"I believe that banking institutions are more dangerous to our than standing armies." - Thomas Jefferson

Reply 6

Klix88

Wait until Monday then ring them up and ask. It could just be an error. The Co-op has a much better rep than other high street banks for customer service, so give them the chance to explain or sort it out before considering a move to another bank, That could end up much worse in the long run.

Reply 7

Bubble87

Did you check it online? Double check because the available balance it gives you on there does not include your overdraft. If it was at a cash machine it is included in the available balance. Like previously said give them a ring (customer services on 08448 448844 is 24/7) and you will probably find it is an error and they will sort it out for you.

This was posted from The Student Room's iPad App