illegal to have 2 student accounts? Watch

mister
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#1
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i opened a student account with HSBC about 2 months ago, today i opened a student account with natwest
natwest didnt ask me whether i already had an account elsewhere, is it illegal to have 2 student accounts?
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jennyng2000
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no one ank may close it when no loan comes in but its not illegal exactly
edit: depends on terms and conditions mind
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Sports Racer
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Why would it be? A student account is just a current account with some bonuses to attract the younger customers.
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Celifein
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Illegal, no. Against the T&Cs you agreed to when you opened it, maybe.
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secretmessages
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Not illegal. Perhaps against the terms and conditions of opening the account in the first place, as others have mentioned. Natwest for example won't renew your free railcard each year unless you're using the account as your primary student account, i.e. having your loans paid into it etc.
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Steeps
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Illegal... lol can't wait to see the police busting down your door over a current account.

Check your T&C, which really you should have done when creating the account
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GodspeedGehenna
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Yes, as Celifein said, it is against the T&C of most student accounts and therefore illegal.
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Steeps
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(Original post by GodspeedGehenna)
Yes, as Celifein said, it is against the T&C of most student accounts and therefore illegal.
Not illegal, just against the T&C. Worst they'll do is close an account, if in your T&C they say you can't have more than one.

Both of mine say my main source of income must go into that account. So one gets my wage, the other gets my loan payment. Both are happy.
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GodspeedGehenna
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(Original post by Steeps)
Not illegal, just against the T&C. Worst they'll do is close an account.
Is it not a legal signed document?
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FyreFight
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(Original post by GodspeedGehenna)
Is it not a legal signed document?


That doesn't mean that breaking the contract is criminal.
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pcok
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Well my bank manager advised me to get a few! I have two atm, and they are none the wiser. Basically they just want your student loan to go into them, but my bank manager said to just spilt my loan between the three banks, and they don't care where they money has come from, they just want decent amounts of money to be paid into the account several times a year.
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Sparrow Hawk
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you have to check the terms and conditions. I have a natwest account and i read the T and C, and i think it doesn't say specifically that you cant have another student account, but it does specify that th natwest account must be your main account, i.e. you need to put money in it regularly.
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kamie
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You may find that you just have to have regular incomings and outgoings - have your student loan paid in, and money regularly transferred into another account as your weekly or monthly budget. This other account may or may not be a student account.
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Celifein
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(Original post by GodspeedGehenna)
Yes, as Celifein said, it is against the T&C of most student accounts and therefore illegal.
That's not what Celifein said. In fact, I'm pretty sure Celifein said that it isn't illegal.
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Sparrow Hawk
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(Original post by Celifein)
That's not what Celifein said. In fact, I'm pretty sure Celifein said that it isn't illegal.
but if its against the T&C, then, it is kinda illegal, if you have 2 accounts and its against the T&C
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loopylauren
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(Original post by jennyng2000)
no one ank may close it when no loan comes in but its not illegal exactly
edit: depends on terms and conditions mind
Yeah I heard that banks will close your student account if the loan doesn't actually go into it but I've never used my student account (Natwest) and they've never done anything about it. I just use my normal current account.
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jennyng2000
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(Original post by loopylauren)
Yeah I heard that banks will close your student account if the loan doesn't actually go into it but I've never used my student account (Natwest) and they've never done anything about it. I just use my normal current account.
is your normal current account also natwest?
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loopylauren
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(Original post by jennyng2000)
is your normal current account also natwest?
Nah it's Barclays. That's why I thought I might have a problem (from what I've been told by other people) but it's been a year and no problems so far.
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jennyng2000
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(Original post by loopylauren)
Nah it's Barclays. That's why I thought I might have a problem (from what I've been told by other people) but it's been a year and no problems so far.
ah thanks i may go get a natwest account 2moz then cheers
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Celifein
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(Original post by Sparrow Hawk)
but if its against the T&C, then, it is kinda illegal, if you have 2 accounts and its against the T&C
Whether it is or not, that's still not what Celifein said, which is what Celifein was pointing out. :p:

What do you mean by "kinda illegal"? I've never heard violating T&Cs referred to as illegal.

*wonders if the police will knock on her door if she spams TSR*
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