HSBC 'Informal Loan' Charges

Tripleeagle · 24 May 2013 at 2:30PM

My HSBC current account has gone from a Child Account to a Regular Account since I turned 18 a few months ago. Given that I don't have a credit card (only a debit card) and that I have never needed to take out a loan, or made any arrangements to do so, I didn't realise that it was possible for me to go into debt with HSBC. Is that what has happened, according to this screenshot? And am I being charged for doing so?

Would it be possible for me to get this money back or have I just been screwed over by my bank?

SeanG79 · 24 May 2013 at 2:37PM

The charges are for going overdrawn on your account without having a formal overdraft in place.

This will be detailed in their T&C's so you haven't been "screwed" by your bank either. You can ask them for a refund of the charges but I wouldn't hold my breath.

debtcutter · 24 May 2013 at 3:02PM

I know people that have got their first bank charge removed, by going into their branch and asking nicely.

I once tried it myself and didn't get it back

Crystallady · 24 May 2013 at 3:30PM

It looks like you've been overdrawn twice and as you don't have an agreed overdraft your bank has charged you for an informal overdraft.
You need to look at your statement for the period 24th April to 23rd May to see how you managed to go overdrawn

happycamel_2 · 24 May 2013 at 3:37PM

Yes, you've been charged for spending more money than you have and borrowing the difference from the bank. This means you've used one of the services they offer for a fee and now you need to pay that fee. You have not been "screwed over".

Pay what you owe and take this as the lesson you evidently need to manage your money properly.

In summary:
1) take responsibility for your actions and their consequences
2) avoid repeating mistakes by learning from them
3) manage your finances closely and you'll achieve more for your money

Finding and using this site at just 18 is brilliant, now you just need to learn a few life lessons and you'll be sorted, good luck.

McKneff · 24 May 2013 at 4:00PM

Ask nicely at your bank, even if you get only one of the charges back, its something.

Look on it as a lesson learned lol

Good luck.

_Andy_ · 24 May 2013 at 5:13PM

"ave I just been screwed over by my bank?"

So they've charged you for the product as per the T&Cs you agreed to - in what way would that be 'screwing you over' exactly?

dktreesea · 27 May 2013 at 2:42PM

If you don't have an overdraft arrangement with them, technically they should not have allowed you to overdraw your account and should have returned the items in question to whoever was trying to get them paid out.

But maybe they thought that allowing you to overdraw your account was better than slapping you with a £35 fee, or whatever they charge these days, for a returned item?

pauletruth · 27 May 2013 at 3:38PM

be grateful halifax were charging £40 a time. ask if its your first time. nothing ventured nothing gained. make sure its cleared or it mounts very quickly.

Caladan · 16 June 2013 at 6:02PM

Talk to your local branch, they're usually quite lenient on young people who are first offenders

opinions4u · 16 June 2013 at 6:59PM

You're a grown up now. Playing by grown up rules.

Taking the bank's money without their agreement is usually expensive. Don't screw them over and they won't charge you.

HSBC 'Informal Loan' Charges

Comments

Confirm your email address to Create Threads and Reply

🚀 Getting Started

Categories

Is this how you want to be seen?

Get our FREE Weekly email full of deals & guides - and it’s spam-free