Overdraft with no income? Watch

londoncricket
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#1
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Hi all,

I am a full time student and I have no official income. Does this make me ineligible for any current account overdrafts? For student accounts, there are some pretty attractive overdrafts for the duration of undergraduate courses. For example, (fee free, even if for a short period of time) overdrafts that I could be eligible for with 0 income?

Thank you!
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Powersymphonia
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(Original post by londoncricket)
Hi all,

I am a full time student and I have no official income. Does this make me ineligible for any current account overdrafts? For student accounts, there are some pretty attractive overdrafts for the duration of undergraduate courses. For example, (fee free, even if for a short period of time) overdrafts that I could be eligible for with 0 income?

Thank you!
Banks decide whether to give you an overdraft on a case by case basis. It depends on things like your credit rating, the bank's policy and the terms and conditions of the account you open. The best thing to do is to go into a local branch of a bank and sit down with an advisor to discuss your options, they are most qualified to help.
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Reality Check
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(Original post by londoncricket)
Hi all,

I am a full time student and I have no official income. Does this make me ineligible for any current account overdrafts? For student accounts, there are some pretty attractive overdrafts for the duration of undergraduate courses. For example, (fee free, even if for a short period of time) overdrafts that I could be eligible for with 0 income?

Thank you!
When you say 'no official income', do you mean no income other than your student funding? Student bank accounts are designed for students who only have their student finance funding as income, so this wouldn't automatically preclude you from an overdraft (subject to the bank's assessment of your credit worthiness etc). It would be unlikely for you to be offered an overdraft on a standard current account with no income, but a student account is quite different.
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999tigger
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(Original post by londoncricket)
Hi all,

I am a full time student and I have no official income. Does this make me ineligible for any current account overdrafts? For student accounts, there are some pretty attractive overdrafts for the duration of undergraduate courses. For example, (fee free, even if for a short period of time) overdrafts that I could be eligible for with 0 income?

Thank you!
Doesnt really make sense. If you are a full time student then you should be able to have a graduate or undregraduate account. Are you a different sort of student? Maybe at college? You need to provide more detail. Why do you get no income?
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londoncricket
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(Original post by Reality Check)
When you say 'no official income', do you mean no income other than your student funding? Student bank accounts are designed for students who only have their student finance funding as income, so this wouldn't automatically preclude you from an overdraft (subject to the bank's assessment of your credit worthiness etc). It would be unlikely for you to be offered an overdraft on a standard current account with no income, but a student account is quite different.
I mean no income other than what my parents give me to help towards living costs, my savings and my student loan for my tuition fees.


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londoncricket
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(Original post by 999tigger)
Doesnt really make sense. If you are a full time student then you should be able to have a graduate or undregraduate account. Are you a different sort of student? Maybe at college? You need to provide more detail. Why do you get no income?
I will be an undergraduate student next year. By no income, I mean I have no job. I get money from parents and use some of my savings. I am eligible for an undergraduate account, I was just wondering whether I am eligible for an arranged overdraft on a student account?


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Tiger Rag
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(Original post by londoncricket)
I will be an undergraduate student next year. By no income, I mean I have no job. I get money from parents and use some of my savings. I am eligible for an undergraduate account, I was just wondering whether I am eligible for an arranged overdraft on a student account?


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Yes you will.
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londoncricket
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(Original post by Tiger Rag)
Yes you will.
So when there is the 'What is your annual income?' field, what should I put? Should I put 0, or the sum of my savings and what my parents would give me?

Thank you!
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