Would I be comitting fraud?

July 25, 2005 8:46 AM

I'm thinking about starting a new student bank account in the UK as well as my current one. But I need some advice.

I already have a student account with RBS, however my local branch is over an hour away, and I like to sort things out in person, so this makes things a bit of a pain. So, I'm thinking of starting a new student account with Natwest.

The problem is that I have an overdraft with RBS (now into unauthorised territory), and I don't know whether to declare that as my main bank account, especially considering Natwest is now part of RBS.

Would Natwest be willing to transfer the overdraft over to the new account (the overdraft is larger and will null the unauthorised overdraft)?

Also, in the application form it vaguely mentions that you must agree to this being your only student account, would I be able to get away with having both?

posted by iamcrispy to Work & Money (3 answers total)

Also, in the application form it vaguely mentions that you must agree to this being your only student account, would I be able to get away with having both?


If you open a NatWest account it will show up on the database that you are an existing customer of RBS.

From the sound of your post, you're young-ish. So as a 40-something with a bit of life experience behind me, and at the risk of sounding like a Daily Mail reader, I'll say this:

To start a banking relationship on the basis of trying to "get away" with something is probably not a great idea in the long term. I know banks get a bad press generally, but by and large millions of people have good working relationships with their banks for many, many years. The underlying basis of that relationship is usually one of 'trust and confidence' on both sides.

And no, I don't work for a bank, but in my job I deal with the fallout of people trying to "get away" with things and it usually comes back to bite them on the bum at some point.
posted by essexjan at 9:32 AM on July 25, 2005

I wonder how often the average student bank manager sees someone come in to see if they can get away with having a second student account in order to get hold of double free overdraft & freebies? They aren't going to let you be the one that actually does get away with it. In fact, I tried it myself in 1991 with Nat West.
posted by biffa at 10:30 AM on July 25, 2005

I did know a few people who had several bank accounts (and overdrafts) (and credit cards). I think they opened them all at the same time just before they started university, though. Or maybe they were lying.

They will look on you very suspiciously if you try to open an account halfway through the year. On the other hand, if you want to do is transfer your account, which you have a legitimate reason to do (and every right), I'd just go to Natwest and be upfront about what you're doing.

(Also, getting into unnecessary debt as a student is a very very bad idea, as you'll need plenty of breathing room when you graduate; don't ever think of your overdraft as free money)
posted by cillit bang at 12:30 PM on July 25, 2005