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'we are upgrading your student account'

I just got an email from RBS telling me they are upgrading my account:

'With immediate effect, you can apply for an interest-free arranged overdraft of up to £2000 (subject to eligibility), at any point during your studies. We hope that having this extra flexibility makes it easier for you to manage your money'

this for real? my overdraft atm is 1250, I can upgrade it to 2000 just like that? £750 in my account the next day? i think i just came

Reply 1

mattwilkins

Original post by theonelink

£750 in my account the next day?

An overdraft is not free money. It is the provision to borrow money from the bank. Borrow as in you have to pay it back. If you think your overdraft is money the bank has given you you're in for a nasty shock in a few years when they ask for it back.

Otherwise, yes, it sounds like you will just be getting an increase in overdraft facility. It's not that uncommon.