overdraft renewal? Watch

TSK08
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#1
Report Thread starter 9 years ago
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i had a letter from halifax saying i need to renew my overdraft and to ring them etc

i dont want a bigger overdraft - just the one i have got... do i need to ring them???

if i dont ring will they close the account and stick charges on it?

any help?

p.s i have made sme payments but not a lot lol..
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cpj1987
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Probably best to ring anyway. I'm with First Direct at the moment, and twice this year they've kindly charged me £25 to look at my overdraft and go 'yes, you can keep it'.
I'm changing bank as soon as Natwest hurry and open my accounts. :p: Phone Halifax and make sure they don't charge you.
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student070289
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This is good advice. It probably varies. At some banks, the amount of overdraft is depedent on the year of study - usually more is awarded as you progress up the years. I'm with Lloyds TSB and with their Student Account, customers are given a fixed overdraft of £1500; it does not increase year on year, but is interest free for the full duration of the course and for three years after graduation.
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TSK08
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ok thanks guys - i'll give them a ring tomorow

i can pay it off tomorow if needed - just thought that i had it for the duration of the 3 years at uni!!!

hate halifax anyhow! i might even pay it off and go with lloyds TSB... need to close this account first though to open another?
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student070289
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need to close this account first though to open another?
Yes. I tried to open a Student Account with Hallifax. I was rejected on some unknown factor, but they will check to see whether you have another account of the same type before permitting you to open a new one.
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evantej
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(Original post by TSK08)
ok thanks guys - i'll give them a ring tomorow

i can pay it off tomorow if needed - just thought that i had it for the duration of the 3 years at uni!!!

hate halifax anyhow! i might even pay it off and go with lloyds TSB... need to close this account first though to open another?
No. You can open another account, but if you tell Lloyds TSB that you have a student bank account then they will gladly transfer any direct debits you have (and even your overdraft in some cases), and eventually close your Halifax account; you will need to give consent at multiple stages of the process, however.
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evantej
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(Original post by student070289)
Yes. I tried to open a Student Account with Hallifax. I was rejected on some unknown factor, but they will check to see whether you have another account of the same type before permitting you to open a new one.
They have no way of knowing whether you have an account with another bank unless you admit to it, or they are part of the same financial institution such as Halfix and RBS, and even then it is not always guaranteed. I was rejected from Halifax but accepted by RBS even though I have an account with Barclays.
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sandettielightvessel
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(Original post by evantej)
They have no way of knowing whether you have an account with another bank unless you admit to it, or they are part of the same financial institution such as Halfix and RBS, and even then it is not always guaranteed. I was rejected from Halifax but accepted by RBS even though I have an account with Barclays.
Halifax are owned by the Bank of Scotland.

NatWest are owned by the Royal Bank of Scotland.

(Original post by TSK08)
hate halifax anyhow! i might even pay it off and go with lloyds TSB... need to close this account first though to open another?
... and since the Bank of Scotland are now part of Lloyds TSB, it won't be long until they're one and the same thing .
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