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Santander Overdraft (student account) Watch

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    I applied for a student account and was told that once I deposit 500 in, my overdraft goes up to 1500. I have three accounts with Santander:

    Savings
    Basic Account
    Student Account

    I got paid yesterday and my wages were put into my BASIC account, as they always have been. I then transferred 500 of this into my student account, and called my bank. They said I am not eligible for the overdraft since the 500 has to come from an external source, and not from one of my other accounts.

    I find this to be wholly unfair as it's clear I was only recently paid (they even had a look at my deposits) and when I opened the account, they did not explain to me that this would not be allowed. It was made unclear that the 500 pounds has to come from an external source directly into my student account.

    With that said, I may have a workaround. If my dad transferred 500 directly into my student account, would this qualify me for the overdraft? As far as I see - this is 500 pounds being put directly into my student account from an external source. I would then obviously just transfer my original 500 pounds to my dad's account. Or does the 500 pounds have to come from an employer or student finance?

    Has anybody had any issues or experience with this account? I really thought it'd be a straight-forward process - pop 500 quid into my student account and get the overdraft. It's turning out to be much more complex than it needs to be. I'm going to give the bank another call tomorrow and hopefully try to speak with a manager if they do not allow me the overdraft.

    Many thanks

    Liam
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    (Original post by RAFLiam)
    I applied for a student account and was told that once I deposit 500 in, my overdraft goes up to 1500. I have three accounts with Santander:

    Savings
    Basic Account
    Student Account

    I got paid yesterday and my wages were put into my BASIC account, as they always have been. I then transferred 500 of this into my student account, and called my bank. They said I am not eligible for the overdraft since the 500 has to come from an external source, and not from one of my other accounts.

    I find this to be wholly unfair as it's clear I was only recently paid (they even had a look at my deposits) and when I opened the account, they did not explain to me that this would not be allowed. It was made unclear that the 500 pounds has to come from an external source directly into my student account.

    With that said, I may have a workaround. If my dad transferred 500 directly into my student account, would this qualify me for the overdraft? As far as I see - this is 500 pounds being put directly into my student account from an external source. I would then obviously just transfer my original 500 pounds to my dad's account. Or does the 500 pounds have to come from an employer or student finance?

    Has anybody had any issues or experience with this account? I really thought it'd be a straight-forward process - pop 500 quid into my student account and get the overdraft. It's turning out to be much more complex than it needs to be. I'm going to give the bank another call tomorrow and hopefully try to speak with a manager if they do not allow me the overdraft.

    Many thanks

    Liam
    They want you to use your student account as your main account.
    Talk to them and ask for further criteria on what they mean by external source.

    Do you get student finance? If so where is that being paid into? They may be a bit suspicious about that and worried you have other accounts.

    Your dad might qualify, but its up to them.
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    (Original post by 999tigger)
    They want you to use your student account as your main account.
    Talk to them and ask for further criteria on what they mean by external source.

    Do you get student finance? If so where is that being paid into? They may be a bit suspicious about that and worried you have other accounts.

    Your dad might qualify, but its up to them.
    I get student finance which is paid into my student account.

    And wow... I have just checked my account, it says my overdraft is now active of 1500. Ridiculous. I mean, I spent 40 minutes on the phone to somebody telling me the overdraft will not be activated since the 500 didn't come from an external source (even though my wages were paid into it) and I've just checked my bank and says the available balance is now 1700+.

    Guess I got my overdraft. Thanks for the help though. I feel stupid asking about this considering the guy on the phone was certain my overdraft wouldn't activate and now it has...
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    (Original post by RAFLiam)
    With that said, I may have a workaround. If my dad transferred 500 directly into my student account, would this qualify me for the overdraft? As far as I see - this is 500 pounds being put directly into my student account from an external source. I would then obviously just transfer my original 500 pounds to my dad's account. Or does the 500 pounds have to come from an employer or student finance?
    Yes. This also works to show activity on the account for the purpose of keeping the overdraft.

    To be honest I think it would work if you turned up at Santander, asked to withdraw £500, and immediately deposited it again.
 
 
 
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