Free Or Am I Being Charged On Top (hsbc)

MoNeyTaker

Hi iv always had one bank and iv always had money in there so iv never had to borrow from my current account (didnt even know you could untill now)

Anyway iv had a 2nd bank account for a few months now and thats with HSBC and one day i withdrew money not knowing i had no money in there but still i was able to withdraw 75 quid.

Will HSBC charge me ontop of the 75 quid for borrowing the money. Or is it just a case of them deducting the 75quid when i put money back in there?

I have a HSBC current account (advanced).


Thanx

natweststaffmember

I have to admit ignorance, but do you have an overdraft with HSBC? Have you spoken to the bank and asked them the question?

MoNeyTaker

Hi dont know what an overdraft is and i havent asked the bank. But im just looking for a quick answer. I dont really want to know how much they charge just want to know if they charge you on top of what you have taken out. Is there really such thing as free borrowing with banks?

Rgerads

natweststaffmember

MoNeyTaker wrote: »

Hi dont know what an overdraft is and i havent asked the bank. But im just looking for a quick answer. I dont really want to know how much they charge just want to know if they charge you on top of what you have taken out. Is there really such thing as free borrowing with banks?

Rgerads

I would ask the bank as they are usually 24/7 by telephone because I don't know the answer to your question and they would be the quickest to answer the question. There is something which is free borrowing from the banks (student accounts/graduate accounts) but that would be for an authorised overdraft. Sorry I cannot help more.

bengal-stripe

If you have an overdraft, the permission to go into the Red, (check your statements) and the £ 75.00 are within the limit of that overdraft, then there is only the interest to pay. (Sometime accounts have an ‘Interest free overdraft‘ facility, then it is totally free as long as you stay within the limit).

If you don’t have an overdraft, then you are likely to be charged with one ore more of the dreaded bank charges.

You really should get yourself familiarized with the workings of a bank account.
Or you just putting it on???