AIB Student Overdraft? Legit?

arleitiss

Hey, so unexpectedly I need money, around 400 Euros. I have part time job, but that's not enough as I need money next saturday. I was offered once student overdraft over phone, I said no but now I remembered it so I about to use it.
So questions are:

1) How much do I have to pay in a month? can I pay whatever amount I want? I am in college for 2.5 more years.

2) Is it really no interest rate? so as much as I borrow, I give back exactly same amount with no extra?

Thanks.

Agent_99

arleitiss wrote: »

Hey, so unexpectedly I need money, around 400 Euros. I have part time job, but that's not enough as I need money next saturday. I was offered once student overdraft over phone, I said no but now I remembered it so I about to use it.
So questions are:

1) How much do I have to pay in a month? can I pay whatever amount I want? I am in college for 2.5 more years.

2) Is it really no interest rate? so as much as I borrow, I give back exactly same amount with no extra?

Thanks.

An overdraft is a short term credit agreement not a loan, you go overdrawn 400€ and any monies that are lodged into your account go against it there is an interest rate applied to any borrowing you will need to check with AIB to see what it is. I wouldn't recommend living in an overdraft for the next 2.5 years but there are some people live in their overdraft all the time.

arleitiss

Agent_99 wrote: »

An overdraft is a short term credit agreement not a loan, you go overdrawn 400€ and any monies that are lodged into your account go against it there is an interest rate applied to any borrowing you will need to check with AIB to see what it is. I wouldn't recommend living in an overdraft for the next 2.5 years but there are some people live in their overdraft all the time.

But AIB said it's 0 interest rate?
But if I apply for overdraft of 400 euro, and I have only 20 euro on my account, can I basically take 420 euro off my account then?

seanman is me

Hi,

I have being using this facility from aib since I began college a few years ago.

Its very handy, allowing you to debit your account up to 600 without any guarantor and 1200 with i think.

As long as you will have income coming in from time to time, you will be able to plan accordingly as not to max your o/d too quickly and to budget accordingly.

There are no o/d interests fee on student overdrafts, so basically it is free money whilst you a/c remains an aib student a/c.

Also you can remain maxed out at minus 600 if you like for the duration that you are a student , but then I presumes fees may become applicable for the overdraft facility.

arleitiss

seanman is me wrote: »

Hi,

I have being using this facility from aib since I began college a few years ago.

Its very handy, allowing you to debit your account up to 600 without any guarantor and 1200 with i think.

As long as you will have income coming in from time to time, you will be able to plan accordingly as not to max your o/d too quickly and to budget accordingly.

There are no o/d interests fee on student overdrafts, so basically it is free money whilst you a/c remains an aib student a/c.

Also you can remain maxed out at minus 600 if you like for the duration that you are a student , but then I presumes fees may become applicable for the overdraft facility.

Great thanks, I will use this, it seems good .

Ayrtonf7

I know sean says its nice to use and im sure it is for the first time. But Id recommend trying to steer away from it. To me its pretty much like working for nothing.

I know quite a few people from work living in it and they always seem to be stuck for money. Also I cant imagine it looks well from the banks point of view.