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dude wheres my house

Wheres My Money B$$$$$

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The HSBC spokesman said that graduates were choosing not to pay off their debt for some time. “The idea behind the interest rate was to get them to bring their debt right down now rather than leaving it to their early or even late 20s.” he said.

hmm... HSBC need to change their PR guy, he's supposed to be conditioning the punters into embracing a lifetime of debt, surely?

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hmm... HSBC need to change their PR guy, he's supposed to be conditioning the punters into embracing a lifetime of debt, surely?

...possibly a smokescreen to avoid the real issues of the day.....but this one will damage them..... :o:o:o

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hmm... HSBC need to change their PR guy, he's supposed to be conditioning the punters into embracing a lifetime of debt, surely?

Yes, they should be increasing the free overdraft in the first year, then reduce it in the second year, but double interest on the remainder.

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More than 2,700 students have signed up to the Facebook protest group that Mr Streeting started a month ago, with many saying that they plan to switch their accounts to a rival bank.

Facebook Demo! :lol::lol::lol:

What happended to good old student demo's, sittings and the odd punch up? :blink:

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I wondered if student unions or Universities have ever organised their own form of credit unions?

Possibly a step to help counter the students dependancy on the banks.

Edit: Perhaps they are not a realistic idea as credit unions require a few months of savings to be deposited before small loans are made, but students finances are only debt based with usually no income.

Edited by Saving For a Space Ship

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That's terrible. After graduation myself and all my close friends was completely rammed up to the max (£1500) on our interest-free overdrafts. It was unpleasant enough when they reduced the interest-free amount each year after graduation, let alone being whacked for 10% of the balance with bugger all notice, and then creeping into unauthorised overdraft land and those big fat charges...

What's the point of giving students incentives - joining gifts, free overdrafts over the length of their course, to just piss them off when they're just about to begin their working lives and hopefully start dropping some money into their HSBC accounts.

It sounds like HSBC are in deep doo-doo.

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9.9% on a £1000 is £99 a year, not really that painful

exactly. Whats the point of this? It seems to me that HSBC are simply going to extract a few more pennies out of their grads. If they are in deep sh*t how is this going to solve anything?

Edited by DoctorJ

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VERY badly timed - 2 weeks after the A level results.....most undergraduates due to commence studies in Sept/Oct are busy sorting out their bank account. Most high street banks are trying to woo these youngsters with promises of freebies and generous overdrafts.

I'm guessing most of them will be giving HSBC a wide berth now.

A public relations TRIUMPH! ;)

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What's the point of giving students incentives - joining gifts, free overdrafts over the length of their course, to just piss them off when they're just about to begin their working lives and hopefully start dropping some money into their HSBC accounts.

I asked this very same question when I called Natwest to make an appointment to see a graduate advisor in a branch only to be told I didn't earn enough to see someone face to face and would have to do it over the phone.

After 5 minutes of arguing the toss I asked how much I had to earn to qualify to see an advisor. £25k. Hold on a minute, I do earn more than that. Actually, my wage doesn't get paid into my student account so how do you think you know what I earn? errrrmmm..... Oh dear. You've just made an expensive mistake sunshine.

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After 5 minutes of arguing the toss I asked how much I had to earn to qualify to see an advisor. £25k. Hold on a minute, I do earn more than that. Actually, my wage doesn't get paid into my student account so how do you think you know what I earn? errrrmmm..... Oh dear. You've just made an expensive mistake sunshine.

Did they close your account? Isn't one of the main t&c of these student accounts that you use it as your main account? That'd solve the problem. They could write and tell you each year that they're reducing your overdraft by X% and slowly make you pay it back.

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I don't think most students will be thinking about what happens in the future when they go to open the accounts. They will be thinking of the present and who gives the most free cash. Or staying with their existing bank.

I opened three student accounts on the same day to get the free money and overdrafts. I didn’t even consider what the interest rates would be in the future. I assumed I would earn loads of money and pay everything back very quickly after graduation.

It didn’t work out like that in reality and it took me 4 years to clear them.

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I have just looked at the title of this thread. Wheres My Money B$$$$$

Its actually their money your spending and you should give it back to them. They cant charge you interest on money you dont owe. Turn the tables on them. I know this is easier said than done, but if the opportunity comes to clear your overdrafts take it.

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I have just looked at the title of this thread. Wheres My Money B$$$$$

Its actually their money your spending and you should give it back to them. They cant charge you interest on money you dont owe. Turn the tables on them. I know this is easier said than done, but if the opportunity comes to clear your overdrafts take it.

The thread title was written from the banks perspective. I dont even have an account with them ;)

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I'm guessing most of them will be giving HSBC a wide berth now.

Those who are motivated enough to read a broadsheet newspaper (or its website) and find out about HSBC's stunt might. If I ever see my students with a newspaper at all, it's either The Sun or The Mirror (and I teach in a Russell Group university), sadly.

The other issue is that smaller campuses with only one bank and which aren't within easy distance of another or a cash machine may leave students with little effective choice. The campus where I was an undergrad was six miles out of town in the middle of nowhere, and NatWest was the only bank there. There was no cash machine (though I studied there from 92-95: there probably is now), so if you wanted to use the campus bank branch, you had to have an account with NatWest. Doubtless HSBC has a similar presence on other campuses. The University I now work at is a very large, urban campus with tens, if not hundreds, of ATMs within a two-mile radius: so students there have a genuine choice. But that's not the case everywhere.

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Undergraduates reading The Sun? How depressing.

I was assuming most of them might use the power of the internet to do a bit of research, prior to making a major financial decision. Then again, I'm giving them rather a lot of credit - knowing my sixth formers, they will just sign on the dotted line with the first bank to offer them a new iPod.

I take your point re the branch on campus - that was what led directly to my banking with the NatWest for 3 miserable years as an undergraduate - never again. Mind you, this was in 1991. I was assuming that this would be less of a factor these days due to internet banking etc.

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You can't withdraw cash through Internet banking.

Conspiracy theorists when I was an undergrad argued that the reason NatWest refused to install a cash machine on campus was that it would enable students to hold accounts with other banks and just use the NatWest machine (you could only withdraw cash from the NatWest branch if you had an account with them). It makes sense.

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Yes I AM aware you can't withdraw cash via the internet :lol: .

Even my fairly remote campus university has 2 LINK cash machines now (I was there for a conference a few weeks ago). In fact the bank sub-branch has been shut and replaced with cash machines for paying in and withdrawal.

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Over the last 3 or so years HSBC have got progressively worse.

8 years ago I recommended them to friends and got HSBC lots of business, and they were good. Now I'm moving my accounts (private and business) and so are my friends.

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