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Ulster Bank Student Overdraft

  • 13-02-2011 10:07pm
    #1
    yesno1234
    Registered Users, Registered Users 2 Posts: 2,338 ✭✭✭


    I'm just wondering on what grounds they can refuse you the overdraft ie what does the approval process entail?

    Also I'm only 17 I'm fairly sure I am not allowed get the overdraft but when I was opening my account the Ulster bank worker said that I should have no problem in getting one, did he just not notice or can I get an overdraft?


Comments

  • #2
    Rebel1977
    Registered Users, Registered Users 2 Posts: 802 ✭✭✭Rebel1977


    yesno1234 wrote: »
    I'm just wondering on what grounds they can refuse you the overdraft ie what does the approval process entail?

    Also I'm only 17 I'm fairly sure I am not allowed get the overdraft but when I was opening my account the Ulster bank worker said that I should have no problem in getting one, did he just not notice or can I get an overdraft?

    Does not matter wat age you are as long as you are in 3rd level education you can apply for one, might have to get guarantee signed by your patents


  • #3
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    yesno1234 wrote: »
    I'm just wondering on what grounds they can refuse you the overdraft ie what does the approval process entail?

    Also I'm only 17 I'm fairly sure I am not allowed get the overdraft but when I was opening my account the Ulster bank worker said that I should have no problem in getting one, did he just not notice or can I get an overdraft?

    3rd Level only and you have to be over 18. I'd say they just never noticed. All UB Student accounts can avail of a 650 interest free over draft. Its tiered as you go further in college. Anything outside of the T&C's will mean the need of a guarantee from a suitable person.


  • #4
    Toboldlygo
    Registered Users, Registered Users 2 Posts: 62 ✭✭Toboldlygo


    As a child or young person, you cannot normally be taken to court for debt. This is because you cannot be legally held to a contract you make when you are under 18. However, there are some exceptions to this rule. You can be held legally responsible for any debts you run up to buy things that you need like food, shelter or clothing.

    Added to which none of the banks would want the negative publicity which would result if they agreed to an overdraft for an under 18 year old. They would be exposed to allegations of irresponsible lending......again!

    Banks are careful not to agree loans or overdrafts with minors so the person in Ulster Bank got it wrong.


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