Jump to content
House Price Crash Forum
Sign in to follow this  
mbga9pgf

Hsbc Changes Overdrawn Charges

Recommended Posts

Just got a lovely letter from HSBC informing me the terms and conditions are loosening slightly for overdrafts: (apply after 1 Oct 05)

- The account has not exceeded an agreed overdraft limit in the past six months or;

- the ammount you exceed an overdraft by, is £10 or less; or

- You go overdrawn without an overdraft limit, provided the ammount is no more than £50 for a total period of 14 days in one month.

Costs?

Well, they are increasing the fine to £25!!!!!!

Now, is it just synical old me, or is HSBC cashing in on the fact they reckon people are going to start going overdrawn left right and centre?

Share this post


Link to post
Share on other sites
Just got a lovely letter from HSBC informing me the terms and conditions are loosening slightly for overdrafts: (apply after 1 Oct 05)

- The account has not exceeded an agreed overdraft limit in the past six months or;

- the ammount you exceed an overdraft by, is £10 or less; or

- You go overdrawn without an overdraft limit, provided the ammount is no more than £50 for a total period of 14 days in one month.

Costs?

Well, they are increasing the fine to £25!!!!!!

Now, is it just synical old me, or is HSBC cashing in on the fact they reckon people are going to start going overdrawn left right and centre?

If you can't do the time don't do the crime. Banks are not a charity.

Edited by Dicky

Share this post


Link to post
Share on other sites

Got the letter myself last week. It got me thinking, why the heck do I have a current account with the following:

0.1% Credit Interest Rate vs 14.8% Standard Overdraft Rate

£25 "Overdraft Review Fee" Punishment/fine/penalty for exceeding any pre-agreed overdraft limit.

Given an average balance of £1000, exceeding the agreed overdraft limit just once it will cost you 25 years worth of credit interest!

Edit: typos

Edited by madenph

Share this post


Link to post
Share on other sites
Got the letter myself last week. It got me thinking, why the heck do I have a current account with the following:

0.1% Credit Interest Rate vs 14.8% Standard Overdraft Rate

£25 "Overdraft Review Fee" Punishment/fine/penalty for exceeding any pre-agreed overdraft limit.

Given an average balance of £1000, exceeding the agreed overdraft limit just once it will cost you 25 years worth of credit interest!

Why not change banks?

I'm with First Direct and have never had a problem. I used to be with Natwest and they were a right wunch.

The counter service in most banks is a joke these days. My wife banks with Halifax and they won't even let you take out cash over the counter, unless you want more that 500 quid.

Share this post


Link to post
Share on other sites
Just got a lovely letter from HSBC informing me the terms and conditions are loosening slightly for overdrafts: (apply after 1 Oct 05)

- The account has not exceeded an agreed overdraft limit in the past six months or;

- the ammount you exceed an overdraft by, is £10 or less; or

- You go overdrawn without an overdraft limit, provided the ammount is no more than £50 for a total period of 14 days in one month.

Costs?

Well, they are increasing the fine to £25!!!!!!

Now, is it just synical old me, or is HSBC cashing in on the fact they reckon people are going to start going overdrawn left right and centre?

Gnatwest charge £28 (for any unauthorised overdraft)

Share this post


Link to post
Share on other sites
Guest absolutezero
Gnatwest charge £28 (for any unauthorised overdraft)

I have found the best thing to do with any overdraft fees is to ring up the bank and threaten to close the account.

Funny how "since you are very good at running your account we can waive the charges on this occasion" when you do this..

FYI: Only been overdrawn once (their fault for losing a cheque).

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.