Help me get away from the HSBC

mjoyeux

I have an account with HSBC and have done for about 14 years now, I just converted my account when I went to uni to a student account and then to a graduate account when I finished.

Two years after graduating I'm still not out of my overdraft and I'm thinking now I should be more proactive with my money.

I'm incurring charges every month for going over my overdraft limit (£2000), which is ending up costing me a small fortune - money which could definitely be better spent.

I was wanting to move from HSBC and to another account, can any one recommend any other account which would take on my overdraft and transfer all my direct debits? Preferably one which isn't going to charge me £100+ a month... which leaves me going in ever decreasing circles. I earn about £23k a year.

I have a credit card and graduate loan with the HSBC too, but I understand that apparently me closing my bank account with them doesn't affect them.

RayWolfe

You will have similar charges from most banks.
Try to repay your overdraft then all these problems will disappear.
As a graduate, you are clearly intelligent enough to be able to work out what you are doing wrong and should be able to correct the situation. It's not as if you are a pauper.

simax

Surely Alliance and Leicesters 50p a day charge capped at £5 a month with 0% overdraft is going to be the winner for you?

Just depends on if they'll take on the OD when you apply.

Apply via Quidco and you'll probably get cashback too! :-)

mjoyeux

Thanks Simax, I was hoping some one would recommend that. Capped fees are good enough for me. Cheers! It'll be satisfying to close that HSBC account!

YorkshireBoy

A&L would be a gamble (and I fear a wasted application).

In order to consider matching an existing overdraft held elsewhere they'll ask to see proof of good account management, ie your HSBC statements. Two things are working against you here...

1. You're incurring charges with HSBC. A&L won't like that!!

2. The account should be returned to credit at least once per month (for x days). At £23K per annum, you don't draw £2K per month.

It's your call, but I wouldn't bother applying to A&L in your position. Far better to address your spending. After all, £23K is a reasonable salary isn't it? What about a part-time job?

Inactive

You need to stop blaming the bank ( HSBC ) and address the real cause of the problem.;)

They have never ever charged me one penny piece.:rolleyes:

mjoyeux

I do acknowledge that it is partly my fault, I just begrudge them taking £50 a month from me for being over drawn. A charge which I am sure would be better put elsewhere...

I'm see that I am the cause of the problem and working towards sorting it. :-D

One step at a time.

wilto

It's your own fault mjoy! You've taken £2k of their money on overdraft, now your free overdraft has gone you have to pay. Simple as!

Earning 23K a year you should be able to chip away at that overdraft around £400 a month quite easily.

ShelfStacker_3

wilto wrote: »

It's your own fault mjoy! You've taken £2k of their money on overdraft, now your free overdraft has gone you have to pay. Simple as!

It's not even that, he's gone over his OD and is getting charged for it. Plus £30 a month (roughly) in interest.

Personally I'd get a 0% super balance transfer card and pay off the OD that way. But really HSBC or any bank are not to blame here. I earn about half of what you do but have never ever been charged for going over my OD limit by HSBC. You need to address the problem of how you've managed to go over your overdraft limit and keep using it; on £23k a year you should really have few problems!

Superheavy

If you do decide to switch, then make sure you keep statements detailing all your charges for going over the overdraft limit. After all, the test case will probably come through sooner or later, and if it does rule against the banks, those with the most charges will be laughing loudest.

Inactive

To be absolutely blunt, I don't think HSBC will lay awake worrying to much if you do leave them.