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  • 21-11-2006 6:02pm
    #1
    esperanza
    Closed Accounts Posts: 689 ✭✭✭


    I was able to get an overdraft from Bank of Ireland within 24 hours through their Banking 265 service. The overdraft facility is €900 and I was told that there was no charge for this. Is this true? There has to be some hidden charges, I guess, does anyone know what they are?

    (I have a student account).


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    #2
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    You should ring Banking 365 but AFAIK there is no charge for having an overdraft facility on ur a/c if your a student


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    #3
    Idleater
    Registered Users Posts: 6,236 ✭✭✭Idleater


    stepbar wrote:
    You should ring Banking 365 but AFAIK there is no charge for having an overdraft facility on ur a/c if your a student

    I am pretty sure that there is a charge if you avail of the facility.

    Be careful because o/d rates are pretty high compared to personal loans, so they should not be used for any sort of medium - long term loans. I.e. if you are buying something on an o/d that you could get a normal loan for, you might be better off doing just that.

    L.


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    #4
    Colonel Sanders
    Closed Accounts Posts: 7,669 ✭✭✭Colonel Sanders


    There is probably no charge for having the facility available to you howver as the poster above says there are surely fees (hefty ones at that) if you avail of the facility.


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    #5
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    nereid wrote:
    I am pretty sure that there is a charge if you avail of the facility.

    Be careful because o/d rates are pretty high compared to personal loans, so they should not be used for any sort of medium - long term loans. I.e. if you are buying something on an o/d that you could get a normal loan for, you might be better off doing just that.

    L.

    Summary of our 2006/2007 Student financial package;

    Free banking transactions*
    Nine-month interest free grant advance overdraft**
    Nine-month interest free travel loan up to €2,000**
    Student loans at discounted lending rate of 9.7% APR**
    Option to apply for student credit card for those over 18 years with up to €850 limit (see full details below)**
    Students can also apply for Bank of Ireland 365 ATM card with Laser/Cirrus/Maestro options which gives access to ATMs and retail outlets worldwide
    Banking 365 Phone & Online
    Mobile Phone Text Top Up & ATM Top Up
    A range of discounted foreign exchange services
    SmartSave Savings Account
    Free Student Travel Card (link to Student Travel Card section of the website)
    Up to 700 free text messages* (link to free text section of the website)
    Details of Bank of Ireland Student Credit Card:*

    0% introductory rate on purchases for first 6 months
    Interest Free Credit- for up to 56 days if account is paid in full by due date
    No Annual Account Fee
    No Penalty Charges
    No Cash Advance Fee- if your account is in credit or has a zero balance after transaction
    Student Card Interest Rate - 16.8% APR for purchases*
    Flexible Credit Limit - €400 for first and second years and up to €850 for third years and above
    Built in safeguard so that you can not go over credit limit
    Terms and conditions apply to the 3rd level student bank account.
    *Terms and conditions apply
    ** Lending criteria and terms and conditions apply to all applications for credit cards, overdrafts and loans. Applications must be aged 18 or over. Rate quoted is correct as at 15th August 2006 and is subject to change. Grant overdrafts and Travel Loans must be fully repaid within 9 months to avoid interest charges.
    ***Terms and conditions apply to ATM, Laser, Cirrus and Maestro facilities.

    http://www.bankofireland.ie/html/gws/students/third_level/account_for_you/index.html

    Special student loans
    Travel Loan

    Cushioned by a Bank of Ireland Travel Loan of up to €2,000, your first few weeks abroad will be a lot easier.

    If you repay us anytime within nine months, we won't charge you a cent in interest. However, bear in mind if you take any longer, you will pay interest. You can apply at any Bank of Ireland branch - just ask.

    Grant Advance Overdraft
    Get grant money up-front as an interest-free overdraft.

    Why wait for your grant when we can give you the money in advance. And as long as you repay it in full within nine months, you won't pay any interest. If you take any longer, you will pay interest. To apply, all you have to do is enquire at any branch. To make sure you don't miss the nine month limit, ask your college to arrange for your grant cheque to go directly into your account.

    Lending criteria, terms and conditions apply.

    Parental/guardian indemnity may be required.

    http://www.bankofireland.ie/html/gws/students/third_level/student_loan/index.html


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