Lessons learned: Why students should read the small print on bank accounts Pricewatch: Your questions answered
Little or never-used bank accounts are occupying the minds of readers this week. First up is Fergus who emailed in connection with a letter Bank of Ireland sent to his 25-year-old son, Mark. When he was a student, Mark was persuaded to open an account with the bank with an introductory offer of a small sum of money “and some sort of phone charger that he was delighted to take”.
This all happened years ago and Mark never actually used the account and no correspondence was ever received at his address right up to the start of April this year. The charger probably doesn’t work now either. Early last month a letter came. It confirmed that there had been no transactions on the account but Mark had been overdrawn for the previous six months.