what does banks mean by "first term" if you want to apply for a student overdraft.

I am considering getting a student overdraft with NatWest, however, I am unsure what NatWest or other banks/financial institution mean by "First term" when applying for student overdraft. Does it mean first year or spring term.etc? can someone help explain what banks mean by "first term" when applying for an overdraft? many thanks

If you look at this page on NatWest's site: https://personal.natwest.com/personal/current-accounts/student_account.html it says "If you're approved, the overdraft limit is £500 for the first term of your first year of study. You can apply to increase the overdraft up to £2,000 after the first term."

I am considering getting a student overdraft with NatWest, however, I am unsure what NatWest or other banks/financial institution mean by "First term" when applying for student overdraft. Does it mean first year or spring term.etc? can someone help explain what banks mean by "first term" when applying for an overdraft? many thanks

I had a look through several documents and Natwest do not clarify it, at least as far as I can tell. Whilst the meaning is fairly obvious, it is still poor form for a bank to not state explicitly what they mean, to avoid any doubt. In my view you were correct to ask if only to double check.

You should email them and ask them specifically what it means regarding the dates and also express concern why its meaning has not been clarified anywhere in their general current account in the terms and conditions nor their glossary document and not even on their website.

I had a look through several documents and Natwest do not clarify it, at least as far as I can tell. Whilst the meaning is fairly obvious, it is still poor form for a bank to not state explicitly what they mean, to avoid any doubt. In my view you were correct to ask if only to double check.

You should email them and ask them specifically what it means regarding the dates and also express concern why its meaning has not been clarified anywhere in their general current account in the terms and conditions nor their glossary document and not even on their website.

How much clearer could they make it?

"If you're approved, the overdraft limit is £500 for the first term of your first year of study. You can apply to increase the overdraft up to £2,000 after the first term."

I really don't see why this thread exists. It's so obvious...

How much clearer could they make it?

"If you're approved, the overdraft limit is £500 for the first term of your first year of study. You can apply to increase the overdraft up to £2,000 after the first term."

I really don't see why this thread exists. It's so obvious...

No, it isn't obvious. Oxford University for example has two definitions of term dates, one which is "Michaelmas" which starts on 1st October and the other which depends on the course.
https://www.ox.ac.uk/about/facts-and-figures/dates-of-term
https://examregs.admin.ox.ac.uk/Regulation?code=rotnalengofterm&srchYear=2015&Term=1

The University of Bristol has a "welcoming" event starting from the 20th Sept (presumably for all students) but also different start dates for different courses which start either earlier or later:
http://www.bris.ac.uk/university/dates/#academic
http://www.bristol.ac.uk/students/your-studies/study-2020/your-course/non-standard-start-dates/

Some universities cannot even guarantee when the start dates are:
https://www.ed.ac.uk/semester-dates/202021
https://www.ed.ac.uk/semester-dates/programmes-with-non-standard-academic-years

So no, it isn't as obvious as you think it is and it would benefit some people to just have it clarified.

I understand that part but the statement is not very specific.

The dates are known to the student and to the bank.
The bank uses the dates provided by UCAS for the specific course the student is undertaking.

The reason for the overdraft increasing only after the first term is to ensure that the student hasn't dropped out of university as many do.

I still maintain that the answer was obvious and this is entirely a non issue.


You know your terms dates, no? They can't give a specific date because the date is specific to you.