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  • FIRST POST
    • bimonscificon
    • By bimonscificon 15th Sep 17, 3:25 PM
    • 3Posts
    • 1Thanks
    bimonscificon
    Not told about overdraft charge increase -- do I have a claim?
    • #1
    • 15th Sep 17, 3:25 PM
    Not told about overdraft charge increase -- do I have a claim? 15th Sep 17 at 3:25 PM
    Just found out that in 2010 HSBC moved me from their Graduate account (no interest fees up to 3k) to an Advance account (not sure what the APR is, the agent wasn't very helpful on the phone). Obviously I noticed that the name on my card had changed but wasn't aware I'd now be charged for my overdraft. They're sending me a full list of charges within 5 days and I'm pretty sure it's going to be £££. Has anyone had any experience of claiming interest that they weren't aware they were being charged back? It doesn't technically fall under bank charges. I'm not in financial hardship now, but I've really struggled over the years and relied on the overdraft I thought was free to get me through month by month. First thing I'll be doing next week is paying off that overdraft and switching banks.
Page 1
    • zx81
    • By zx81 15th Sep 17, 3:30 PM
    • 13,192 Posts
    • 13,509 Thanks
    zx81
    • #2
    • 15th Sep 17, 3:30 PM
    • #2
    • 15th Sep 17, 3:30 PM
    Not being aware of the terms of your account isn't grounds for compensation, unfortunately.
    • Nearlyold
    • By Nearlyold 15th Sep 17, 3:36 PM
    • 943 Posts
    • 774 Thanks
    Nearlyold
    • #3
    • 15th Sep 17, 3:36 PM
    • #3
    • 15th Sep 17, 3:36 PM
    Did these charges that you were not aware of appear on your statements?
    • bimonscificon
    • By bimonscificon 15th Sep 17, 4:39 PM
    • 3 Posts
    • 1 Thanks
    bimonscificon
    • #4
    • 15th Sep 17, 4:39 PM
    • #4
    • 15th Sep 17, 4:39 PM
    I am paperless and use telephone banking, not internet banking (was hacked once and it really put me off). Honestly, as it wouldn't have been vast sums of money in any given month, I wouldn't have noticed. Luckily, this month I got a text warning me I was approaching my limit and it flagged £9 payment as the reason why -- and when I queried I found out this was interest.
    ZX81 that seems odd -- means that banks could then make changes to the terms of your agreement without your knowledge, no? (as they did with me).
    • bimonscificon
    • By bimonscificon 15th Sep 17, 4:43 PM
    • 3 Posts
    • 1 Thanks
    bimonscificon
    • #5
    • 15th Sep 17, 4:43 PM
    • #5
    • 15th Sep 17, 4:43 PM
    I think banks do have to make you aware of any fees or charges when you start a new account though right? I just opened a joint account with the Halifax and before I could even get a £50 overdraft I had to watch a video and confirm quite a few times I understood what interest rates were.
    • bengal-stripe
    • By bengal-stripe 15th Sep 17, 5:16 PM
    • 3,139 Posts
    • 2,018 Thanks
    bengal-stripe
    • #6
    • 15th Sep 17, 5:16 PM
    • #6
    • 15th Sep 17, 5:16 PM
    Just found out that in 2010 HSBC moved me from their Graduate account (no interest fees up to 3k) to an Advance account......
    Originally posted by bimonscificon
    Surely you must have been aware, when after graduation your Student account was converted into a Graduate account (with particular advantageous conditions) that the Graduate account only had a limited life span. Of course, once the Graduate account had come to an end, those special conditions like free overdraft would also end.

    You must have graduated some ten years ago. Do you really think the Graduate account with it's free overdraft was yours for life?
    Last edited by bengal-stripe; 15-09-2017 at 11:55 PM.
    • zx81
    • By zx81 15th Sep 17, 8:46 PM
    • 13,192 Posts
    • 13,509 Thanks
    zx81
    • #7
    • 15th Sep 17, 8:46 PM
    • #7
    • 15th Sep 17, 8:46 PM
    ZX81 that seems odd -- means that banks could then make changes to the terms of your agreement without your knowledge, no?
    Originally posted by bimonscificon
    No.

    I didn't suggest they made changes without telling you. I suggested you were unaware of them.
    • Moneyineptitude
    • By Moneyineptitude 15th Sep 17, 11:30 PM
    • 19,304 Posts
    • 9,413 Thanks
    Moneyineptitude
    • #8
    • 15th Sep 17, 11:30 PM
    • #8
    • 15th Sep 17, 11:30 PM
    Just found out that in 2010 I noticed that the name on my card had changed but wasn't aware I'd now be charged for my overdraft.
    Originally posted by bimonscificon
    Seven years ago the bank will have doubtless sent you a letter detailing the terms and conditions of your "new" account. The time to query any "new" charges would have been when they first appeared, not almost a decade later. Your statements would have detailed these charges each month, "paperless" or not.

    You really have absolutely no chance of any refund and I strongly suggest you check your statements each month for whoever you change your account to. Overdrafts are not free elsewhere either.
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