Student Bank Overdraft

Hi,

I got a call today from my Santander Bank, saying my account has been immediately closed.

I went to the branch to speak to a worker, and I was told my account had been closed for ‘abusing my overdraft’ on my student edge account and that it gonna be unable to get another bank account…

What should I do?? Is their anyways I can get another bank? I won’t be able to get my salary or any other payments. Making it impossible for me to pay this back.

Any help is appreciated.

Original post by 15FordeJ

Hi,

I got a call today from my Santander Bank, saying my account has been immediately closed.

I went to the branch to speak to a worker, and I was told my account had been closed for ‘abusing my overdraft’ on my student edge account and that it gonna be unable to get another bank account…

What should I do?? Is their anyways I can get another bank? I won’t be able to get my salary or any other payments. Making it impossible for me to pay this back.

Any help is appreciated.

The bank should have advised you on some of this.

You'll need to set up a new account with another bank and then notify your employer and all other payees of the new account details

https://www.currentaccountswitch.co.uk/ can also help

Did they explain what they meant by abusing your overdraft? Did they mean that you hadn't met the conditions for an overdraft: "pay in £500 and continue to pay in at least £500 into your account every 4 months" or had they detected fraudulent behaviour?

Reply 2

15FordeJ

OP

1

Original post by PQ

The bank should have advised you on some of this.
You'll need to set up a new account with another bank and then notify your employer and all other payees of the new account details
https://www.currentaccountswitch.co.uk/ can also help
Did they explain what they meant by abusing your overdraft? Did they mean that you hadn't met the conditions for an overdraft: "pay in £500 and continue to pay in at least £500 into your account every 4 months" or had they detected fraudulent behaviour?

All the women said was I abused my overdraft…
She said a letter would come soon but even today I tried to open different bank accounts and all rejected. I’m assuming I’m getting a CIFAS or a CCJ either way I’m ****ed. I have no idea what to do, I can’t work or get money to pay it now without a bank.

I was £10 over my arranged overdraft but going in and out for the last year. Haven’t been out my overdraft in nearly 2 years. I use my card everyday. I think they think I was planning on not paying it back at all as I haven’t made efforts to get out of it.
The man who called originally said it was due to a CIFAS or bad credit and then when I spoke to the women she said the abuse thing. Not a single penny from fraud or that sort of stuff has ever touched my account so I’m so confused.

Original post by 15FordeJ

All the women said was I abused my overdraft…
She said a letter would come soon but even today I tried to open different bank accounts and all rejected. I’m assuming I’m getting a CIFAS or a CCJ either way I’m ****ed. I have no idea what to do, I can’t work or get money to pay it now without a bank.

I was £10 over my arranged overdraft but going in and out for the last year. Haven’t been out my overdraft in nearly 2 years. I use my card everyday. I think they think I was planning on not paying it back at all as I haven’t made efforts to get out of it.
The man who called originally said it was due to a CIFAS or bad credit and then when I spoke to the women she said the abuse thing. Not a single penny from fraud or that sort of stuff has ever touched my account so I’m so confused.

Have a look at https://www.moneyhelper.org.uk/en/everyday-money/banking/basic-bank-accounts

If you have credit problems then a basic bank account should be an option

Also contact the money helper people for help. You need to work out a plan to resolve your overdraft debt to get your credit rating restored.

Talk to your university student support team about hardship funding. They may be able to help if you need some money right now.

Reply 4

Rhewer1

8

Original post by 15FordeJ

Hi,
I got a call today from my Santander Bank, saying my account has been immediately closed.
I went to the branch to speak to a worker, and I was told my account had been closed for ‘abusing my overdraft’ on my student edge account and that it gonna be unable to get another bank account…
What should I do?? Is their anyways I can get another bank? I won’t be able to get my salary or any other payments. Making it impossible for me to pay this back.
Any help is appreciated.

Hi, basically any bank has the right to terminate your account with them if deemed appropriate. However, for student accounts this is very uncommon like very uncommon. Like another person said, your best bet is a basic bank account which everyone in the UK has a right to. You can look at some other banks with student offers, but you might get one with a very reduced overdraft limit without interest. If you have an income (not student loans) a bank will do a an income-debt ratio calculation. I would advise you not to go into your overdraft too often if your student loan doesn’t cover it, with more on top. Essentially don’t worry, just find a new bank that will allow you to open up a basic account and go from there. (2nd year finance and banking student) if you do require more guidance on your situation don’t hesitate to reply to this message or inbox me personally. :smile:

Student Bank Overdraft

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