#1
Any one know the laws on bank overdrafts and how many you can have a once? I am a Uni student and am thinking about opening 2 or more interest free overdrafts with different banks. Then take the overdraft and bung it all into a high interst rate ISA for a year or two.

Would this be ok?
#2
You're only meant to have one, however most people I know who went to uni had atleast 2, just dont tell the banks
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#3
Some banks check your details to see if you have other accounts, some don't. As far as I know there's nothing illegal about having 2 current accounts, but the banks may be able to close your account if they find out.
#5
Quote by Jiro from GLAY
Well currently I have a ****ty 50GBP overdraft on my lloyds account. Does that mean I shouldnt really get another overdraft from another bank and instead just upgrade my existing overdraft?

You may as well upgrade your existing one. But be careful you have some left spare, just in case you need quick access to some cash. Don't max it out. Also, have a look into getting as much of the free stuff as you can.

I have 2 student accounts and nothing's happened so far. I haven't set up any overdrafts yet though. I was only going to have one. I got a Natwest one, but Lloyds, who I was with already, sent me a letter asking if I wanted to upgrade to a student account. I replied back saying no. They gave me one anyway.
#6
This wouldn't be ok, most banks require that you put money into the account occassionally when you've got a interest free overdraft, otherwise they will come knocking on the door for the money back and will shut your account.
Unless you plan to treat it like a bank account as opposed to a loan, you'd be asking for trouble.
And if you are that desparate for cash, get a part-time job, unless you're in an incredibly work/hours intensive course.
#8
From experience they tend to get a bit angry if you dont pay something in once every 6 months.

The odds of them finding out you have an account with another bank are low mainly due to the data protection act preventing them from discussing your account with anyone who isn't you, so I wouldn't really worry too much about that, although if you are caught you will have to pay it back straight away. Have a look at the terms and conditions, it's all in there.
I've Made You A Drawing of a Giraffe Fucking an Elephant. Notice How His Moustache Looks Just Like Mine.

Your Mother's Got a Penis