Student overdraft

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Aidan94
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Report Thread starter 11 months ago
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Heelo guys, a month ago i applied for a student account at halifax and it got approved. I took out £1500 now it is £-1500. But i have two accounts student account and my main account. I am slowly paying it back every week. I wanted to ask once my student grant comes in at january £2400 on my main account will the bank take £1500 from student grant to pay off the overdraft? or cn i pay this overdraft back anytime i want? thank you.
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doodle_333
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your balance is currently -1500, so after your finance comes in your balance will be +900.... but you will still have that overdraft available once you've spent the 900£
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dyna92
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Thank you for reply, I understand but my question was I have student account and main account the money comes on my main account. But I am paying the overdraft separately as I need the student finance money in january. But will the bank take directly £1500 from student finance or I will have balance of £2400 and can pay back all after January.
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doodle_333
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(Original post by dyna92)
Thank you for reply, I understand but my question was I have student account and main account the money comes on my main account. But I am paying the overdraft separately as I need the student finance money in january. But will the bank take directly £1500 from student finance or I will have balance of £2400 and can pay back all after January.
best to keep your replies here rather than messaging me direct as then others can help to clarify

You are saying you have account A with £-1500 and account B with £x and your finance will go into account B? Your bank won't move money from one account to another, your 2400 will remain in account B.

However your student account likely has conditions about how much needs to be paid in/out to show it's your main account. So if you don't pay your finance in they may decide to remove your overdraft facility and ask you to repay immediately. You're better off putting your finance in the overdrawn account and working your way back down to -1500.

Also... don't borrow money or get into debt if you don't understand how it works....
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dyna92
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Thank you for reply, I understand but my question was I have student account and main account the money comes on my main account. But I am paying the overdraft separately as I need the student finance money in january. But will the bank take directly £1500 from student finance or I will have balance of £2400 and can pay back all after January.
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dyna92
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(Original post by doodle_333)
best to keep your replies here rather than messaging me direct as then others can help to clarify

You are saying you have account A with £-1500 and account B with £x and your finance will go into account B? Your bank won't move money from one account to another, your 2400 will remain in account B.

However your student account likely has conditions about how much needs to be paid in/out to show it's your main account. So if you don't pay your finance in they may decide to remove your overdraft facility and ask you to repay immediately. You're better off putting your finance in the overdrawn account and working your way back down to -1500.

Also... don't borrow money or get into debt if you don't understand how it works....
Thank you once again. Yes let's say account A is my main and account b is the student account with -1500 if I pay this back on january full £1500 can I immediately overdraft again on the same day paid? Sorry for the stupid question just need be sure.
Last edited by dyna92; 11 months ago
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martin7
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(Original post by dyna92)
Thank you for reply, I understand but my question was I have student account and main account the money comes on my main account. But I am paying the overdraft separately as I need the student finance money in january. But will the bank take directly £1500 from student finance or I will have balance of £2400 and can pay back all after January.
If the student finance money goes into your "main" account, the bank is unlikely to use it to pay off the overdraft in your student account. But as doodle_333 points out, if your student account has a rule that says you must pay your student finance into it (or some other minimum amount per term) then you need to do that.

Note that where you have more than one account with a bank, the bank will normally have the right of "set-off" -- so that if you owe money in one account they can (subject to certain conditions) transfer money between the accounts to cancel the debt.
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doodle_333
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(Original post by dyna92)
Thank you for reply, I understand but my question was I have student account and main account the money comes on my main account. But I am paying the overdraft separately as I need the student finance money in january. But will the bank take directly £1500 from student finance or I will have balance of £2400 and can pay back all after January.
Read my reply.
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