Bank Account Question?

Question

I have been at university for a year so I have a student bank account with interest free overdraft facility. I have decided to take a break from studying so i have gone into full time work.

If i still carry on using the student bank account, could my bank do anything if they were to find out that I was no longer a student.

Answer 1

Read the small print

Answer 2

Check the original papers they provided.  See if there is a clause stating what services are linked to your student status (probably only the minimum balance needed).  Also, call the bank and see if they have a similar account available for non-students and what the qualifications are.  Many banks offer special terms (interest-free overdraft, no service fees, etc.) if you have your pay check put on direct deposit.  If they have similar accounts, it should be relatively easy for them to make th eswitch.

Answer 3

What Your Doing Is Bank Fraud

It Would Have Been In Your Contract To Inform Them When A Change In Your Circumstance Occurs e.g. Leaving College (Even If Its Just For A While)

You Need To Tell Them Right Away.

If They Were To Find Out You Arn`t A Student They Could Charge You For Every Cent You Saved While On Your Student Account While Not A Student.

They Could Also Take You To Court.

Answer 4

If they find out, yes they could. I would check with the bank first, or at the very least avoid using the O/D facility.

There could be another possibility too. The bank may be giving Interest free OD facility to working people too. If that is the case, you won't lose anything, by converting it to a regular non-student account.

Answer 5

It sounds like fraud to me.

Answer 6

Why not just tell the bank? Its honest and will save you a lot of aggro later.