HSBC student Account - £1000 overdraft, I don't want it can it be removed?

I have opened up a HSBC account and I have automatically been credited with £1000 overdraft which I do not want in my account whatsoever. Is there anyway I can get it removed, as I shouldnt need an overdraft whatsoever during my 3 years of University and I don't want to be tempted to use it or even worse forget that it is overdraft and use it thinking it's my own money.

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Reply 1

username387126

Why don't you just get a normal account. Isn't the only difference with a student the overdraft.

Reply 2

MatthewLM

I'm sure HSBC have a customer contact number. :P

Reply 3

michael321

Original post by persistance

Just show some restraint and ignore it? It shouldn't be too hard. If you check your balance on internet banking or whatever it will clearly show two different figures, "balance" and "available money" or something along those lines - just don't go over the normal balance figure.

In fact, if it's a 0% overdraft, it's actually more financially efficient to just live off the overdraft, and put the rest into a savings account.

Reply 4

screenager2004

Just don't use it and ignore it. Changing account types might affect your interests, charges etc.

Reply 5

mrs.k.wilkinson

Original post by persistance

Of course you can have it removed :smile:

And it is very responsible to do so if you dont want to use it but know you may be tempted ... Just pop into branch and ask them to remove it for you and it shouldnt take long at all. You may be able to do so on the internet banking as well :smile:

Reply 6

taxatoon

Why don't you want it.... It's interest free!
The whole point of getting a student account is for the overdraft surely...

Reply 7

taxatoon

Do you have a lot of money in your account if you don't mind me asking... :P
I only got £750 overdraft with £1000 plus in my account :\

Reply 8

Bi0logical

Dont just ignore it, ring up and tell them to get it removed if you did not request it.
020 7991 8888

Reply 9

MatthewLM

I should perhaps get the overdraft from natwest which will let me make more investments. It's not automatic for natwest accounts, you have to ask.

Yet with the overdrafts they can trick you into breaking their rules where they steal your money, so it's risky.

Don't trust banks.

Reply 10

MatthewLM

You can repay it before the interest begins.

Still it is risky business.

Reply 11

taxatoon

Original post by Hipster

It's not interest free forever.

When is it not?

Reply 12

MatthewLM

The bankers themselves get free money. They spend the money you put in your bank account but much worse is that they have unlimited supplies of paper money from central banks.

Bankers have a monopoly on money. They control it.

Reply 13

michael321

Original post by Hipster

One or two years after you graduate, depending on your bank.

If banks had interest free overdrafts forever, that would basically be free money…that doesn't exist.

Yesyes but for a time it's interest-free. The smart thing to do is to use the overdraft, but depositing the requisite loan amount, then withdrawing it to an instant access savings account, and living off the overdraft, in effect giving you a little bit of free money (probably £200-£300 over three years).

Reply 14

michael321

Original post by MatthewLM

UK banks do not operate on a ponzi scheme... They invest the money you put in your bank, and then get pay and bonuses for doing so.

Reply 15

taxatoon

Original post by Hipster

One or two years after you graduate, depending on your bank.

If banks had interest free overdrafts forever, that would basically be free money…that doesn't exist.

Well that is obvious..
I was talking about when you are a student. Why would you not want interest free overdraft for emergencies and hard times in your three (or more) years at university. Of course you have to pay it back.