HSBC -Decline my transactions if I dont have the funds

KMW1976

Hi

Im in the process of reclaiming 'overdraft arrangement fees' from HSBC. I submitted my claim early last year and am patiently waiting for the High Court to rule in the favour of the average Joe for a change!!

Anyhow, I cancelled my overdraft facility with HSBC in late 2008 and requested that if I attempt a transaction and there are insufficient funds in the account that they decline the transaction. Needless to say I am still being charged £25 each time I accidently forget to check my balance before I make a withdrawal or buy some shopping- The bank has said that they cannot add this feature to HSBC accounts! I really dont understand. If I dont have the money I really dont want them to give it to me. Simple as that - these arrangement fees are totally out of order if we are not given an option to 'opt out' of these so call arrangements. All I want is to have access to the money that I have in my account. I dont want to borrow anything and if I dont have the money for something I wont buy it.

Has anyone else heard that they cannot get the bank to decline transactions if they dont have the money. It seem ridiculous.

jay3_2

You say that you asked HSBC to decline these transactions if they would make you overdrawn, but did they actually agree to this arrangement?

If not, I'm afraid you have yourself to blame.

As I've said elsewhere on this forum, it is perfectly simple to avoid this type of charge - do not spend what you do not have in your account. If there is any doubt that a transaction may take you overdrawn wqithout permission (i.e. borrow money without prior agreement), then do not make it, or ensure that there is enough in the account to cover unforeseen necessary expenditure.

With online banking these days it is easier than ever to manage your money. And remember, it is your responsibility to manage your money, not the bank's.

willo65

Deal in cash or just cash withdrawals then you won't have said problem.

ILW

KMW1976 wrote: »

Hi


Has anyone else heard that they cannot get the bank to decline transactions if they dont have the money. It seem ridiculous.

I cannot see why you cannot take responsibility for it yourself.

dirtydavey

ILW wrote: »

I cannot see why you cannot take responsibility for it yourself.

I have no idea how people can keep on top of what comes into and out of there banks on a minute by minute bases. I work all day. DD and SO are set up to come out of my account, I can never be sure how much they will try to take and when they will take it. So knowing if a payment will clear is impossible. And even if you do reralise that you have no money its very hard to then try to stop the said companys taking the moeny.

Any way my advise to the originbal poster is to change banks. I had this same problem with HSBC, so I moved banks. Remember that you are paying for a service and if you do not get what you aksed for, satop paying for it. You would not continue to shop in a place that never had what you wnated. MOVE BANKS. Its the only way they will learn. The CO-OP have what they call a simple account. if the payments are requested and the money is not there it will decline them.

terryw

dirtydavey wrote: »

I have no idea how people can keep on top of what comes into and out of there banks on a minute by minute bases. I work all day. DD and SO are set up to come out of my account, I can never be sure how much they will try to take and when they will take it. So knowing if a payment will clear is impossible. And even if you do reralise that you have no money its very hard to then try to stop the said companys taking the moeny.

Any way my advise to the originbal poster is to change banks. I had this same problem with HSBC, so I moved banks. Remember that you are paying for a service and if you do not get what you aksed for, satop paying for it. You would not continue to shop in a place that never had what you wnated. MOVE BANKS. Its the only way they will learn. The CO-OP have what they call a simple account. if the payments are requested and the money is not there it will decline them.

Yep, simple accounts are very very suitable for many people as temptation is not put in their way or they do not have to concern themselves with keeping their own account of available money. The downside is that there is no margin for negotiation if an unexpected bit of expenditure comes your way.

terryw.

Sharon87

Why don't you have one account for DDs and SOs and one for spending money.

Work out how much the DDs and SOs come to each month and transfer that in and a bit more, as a bit of a buffer. That way you can check what money you have for spending for non-bill things.

jay3_2

Sharon87 wrote: »

Why don't you have one account for DDs and SOs and one for spending money.

Work out how much the DDs and SOs come to each month and transfer that in and a bit more, as a bit of a buffer. That way you can check what money you have for spending for non-bill things.

Sorted!

As for "I have no idea how people can keep on top of what comes into and out of there banks on a minute by minute bases. I work all day". I also work all day and have DDs and SOs and all sorts coming out of my account. You don't need to log in & check every hour, just make an arrangement like the one suggested above. But don't expect a financial institution to do it all for you- take responsibility.

KMW1976

Thanks for the advice.
Ive shopped around a bit and have found that Co-op, Natwest and Halifax all seem to have good accounts.
In response to some of the more critical replies - I understand what you're saying but the amount I have gone overdrawn on most occasions is under £5 and more often not the reason for me going overdrawn is that the bank has taken fees (£25) from my account - not from my spending. Ive even called the bank an asked them to delay the charges for a day - they withdraw the charges on the 5th of the month and my pay goes in on the 6th. This results in a further £25 fee as they calculate me being overdrawn twice.
HSBC have now said that they do not have the ability to decline transactions.
To me it seems ridiculous that a global banking corporation are unable to do this.
Oh well, I will just move banks.

knowledgepower1

HSBC are somehow losing the plot,they are too rigid for my liking.They wont even let you get money out if you dont have your cheque book. I wanted to get 800pounds the other day and I was told I had to get my chequebook but I ve got my card and you can ask me any question and even request for my pin to authorise it. They refused outrightly,I just went to their computer and tranfered the money to Natwest and got the cash on the counter.

dirtydavey

KMW1976 wrote: »

Thanks for the advice.
Ive shopped around a bit and have found that Co-op, Natwest and Halifax all seem to have good accounts.
In response to some of the more critical replies - I understand what you're saying but the amount I have gone overdrawn on most occasions is under £5 and more often not the reason for me going overdrawn is that the bank has taken fees (£25) from my account - not from my spending. Ive even called the bank an asked them to delay the charges for a day - they withdraw the charges on the 5th of the month and my pay goes in on the 6th. This results in a further £25 fee as they calculate me being overdrawn twice.
HSBC have now said that they do not have the ability to decline transactions.
To me it seems ridiculous that a global banking corporation are unable to do this.
Oh well, I will just move banks.

Yes they told me this too.

I asked them if I set up a SO to a offshore account for 1000 punds what would they do. Funny they said they would declaine it.

HSBC talk rubbish. You can talk to one team, and they will tell you one thing, and another will tell you somthing else.