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URGENT Co-Op student account overdraft help Watch

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    OK. So it goes a bit like this. Co-Op does not have a "graduate account", so if you graduate after 3 years, the student account is supposed to be extended for 12 months after graduation, then the overdraft is set at 0 unless otherwise prearranged.

    I suddently got a letter while I was on holiday telling me I need to repay my overdraft by the 31st of Dec (ie tomorrow), this is despite having a letter when I graduated in June telling me I have 12 months to pay it off.

    Oh, and I just flew back tonight from abroad. Not a pleasant welcome home.

    Obviously I'm going to the bank ASAP tomorrow but just wondering if anyone here have had a similar problem with the Co-Op and also I'm unsure what happens if the overdraft is cancelled and the overdrawn balance becomes "informal". I've never gone over the limit before.

    Thx
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    I would recommend that you transfer your money into a bank that does include a graduate account overdraft. Look into all the major banks and what they have to offer then work as hard as you can to transfer the money tomorrow.

    Hope this helps!
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    (Original post by The_Jakal)
    I would recommend that you transfer your money into a bank that does include a graduate account overdraft. Look into all the major banks and what they have to offer then work as hard as you can to transfer the money tomorrow.

    Hope this helps!
    Well the crisis has been averted for now at least. I complained that the banks action was a serious breach of trust and their own terms and conditions (I took 2 letters, one dated in June saying that I have 12 months after graduation, and 1 in Dec saying I had until the 31st). They told me it was an "automated computer error" and agreed to stick to the original 12 months overdraft after graduation with immediate effect.

    But yes, I will be looking into transfering my overdrafts there to another bank with graduate accounts with a staggered repayment plan. Only thing is, I have £2000 overdraft with the Co-Op account, which is pretty large and one of the reasons why I got it in the first place; so I'd have to pay some of that off first anyway.
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    They did the same to me. They tried to only allow a 2 year interest free student account for me instead of the 3 years agreed. I had to write letters of complaint to get this changed. They did the same to my brother and he wasn't as lucky as I and had to start paying it back a year earlier than he was meant to. I honestly think it's a scam. I recommend anyone with co-op to change banks, I know I am as soon as I pay off the overdraft!
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    Similar thing happened to me. Mine was with Smile (Co-op) and had a student account. Graduated last year so been in full-time employment since then. Due to receiving virtually no student loan I used all my overdraft (£2000).

    I got a letter a few months ago telling me I had to pay it back in full within a month! contacted them and I managed to get them to accept an instalment plan. Ended up paying £500 each month for four months and will make my last payment this month.

    So if you can avoid getting a student overdraft, do it! they don't give a toss.
 
 
 
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