HSBC Student Bank Account

chazzybabe

Hi there,
I am 20 years old and I'm about to go into my third year at University. I have a Student account with HSBC with and over draft limit of £1500.

Although I did try to budget, I when it came to end of term I tried to draw money out of the cash machine and it kept letting me have tenner after tenner after tenner, even though it was past my overdraft limit!

This did surprise me because when I was in the same situation before, when I reached my limit, the bank would not let me have any more money. Luckily enough the bank had written to me calling this an 'informal overdraft' and that they had the right to charge me £25 - luckily they didn't!

When it came to summer, I spent most of my days out in various towns and job centres in the hope of finding work, which proved futile! I got into the situation where I had nothing, although this was bad budgeting on my part, I was screwed, I did try to find work, help people to odd jobs and there didn't seem to be a way I could do anything.

I tried borrowing money from relatives, however they couldn't help me, I tired me parents but didn't expect them to help me as they are on state benefits so I basicly rang up HSBC and told them the situation and there was nothing that could be done! I tried asking for a £200 pound overdraft extension to help me contribute a wee bit to parents at home as they were feeding me. I couldn't even get a credit card (never had one before so I am very weary).

Now I am receiving phone calls from the call centre in India which proves annoying as they ring 4 times a day and the language barrier is a problem, but nevertheless, they ask me the same questions every day suck as what is my out goings and what is my incomings and when willI get the money paid (28th). They also ask me why my parents can't helop me and all the time they are ringing me day in and and day out and its proving rather stressful, as I'm in a rather tricky situation as it is, the last thing I need is hostile phone calls!

I have written to the Manager of service quality team in Leeds and my branch in Middlesbrough. This is proving too much for me, and I'm wondering if any body else is in the same sort of situation?

chazzybabe

ohh btw forgot to add im £126 over!

PARIS_5000

They may call in the whole overdraft when you get your student money at the end of the month because you have broke the T & C of the account.

HSBC have the right to do this because the overdraft is repayable on demand so maybe change your bank details with student finance if you cannot afford to pay the overdraft back immediately.

atypical

chazzybabe wrote: »

Now I am receiving phone calls from the call centre in India which proves annoying as they ring 4 times a day

I remember reading about someone who kept getting calls as regularly as you seem to be. The advice from whoever the pundit was was to state clearly that you believe their actions constitute harassment, also send them a letter saying the same.

I don't have the time to Google for the article but perhaps someone else will know better.

chazzybabe

Hey there thanks for feedback. I have sent them a letter, I have written to them today and I have explained the situation, so its not as though I'm keeping any secrets from them. However, what my main point is, why did they let me have the money after my overdraft, and a few months before that it didn't let me. Something slipped, and if this didn't happen yes I would be in S*** street but I wouldn't be over and then the excessive strain would not be needed. I am so going to University Financial Counselling, and if they do take away all my overdraft, I will speak to my friend who writes for the financial times.

TG82

chazzybabe wrote: »

Hi there,
I am 20 years old and I'm about to go into my third year at University. I have a Student account with HSBC with and over draft limit of £1500.

Although I did try to budget, I when it came to end of term I tried to draw money out of the cash machine and it kept letting me have tenner after tenner after tenner, even though it was past my overdraft limit!

This did surprise me because when I was in the same situation before, when I reached my limit, the bank would not let me have any more money. Luckily enough the bank had written to me calling this an 'informal overdraft' and that they had the right to charge me £25 - luckily they didn't!

When it came to summer, I spent most of my days out in various towns and job centres in the hope of finding work, which proved futile! I got into the situation where I had nothing, although this was bad budgeting on my part, I was screwed, I did try to find work, help people to odd jobs and there didn't seem to be a way I could do anything.

I tried borrowing money from relatives, however they couldn't help me, I tired me parents but didn't expect them to help me as they are on state benefits so I basicly rang up HSBC and told them the situation and there was nothing that could be done! I tried asking for a £200 pound overdraft extension to help me contribute a wee bit to parents at home as they were feeding me. I couldn't even get a credit card (never had one before so I am very weary).

Now I am receiving phone calls from the call centre in India which proves annoying as they ring 4 times a day and the language barrier is a problem, but nevertheless, they ask me the same questions every day suck as what is my out goings and what is my incomings and when willI get the money paid (28th). They also ask me why my parents can't helop me and all the time they are ringing me day in and and day out and its proving rather stressful, as I'm in a rather tricky situation as it is, the last thing I need is hostile phone calls!

I have written to the Manager of service quality team in Leeds and my branch in Middlesbrough. This is proving too much for me, and I'm wondering if any body else is in the same sort of situation?

Haha!

Love, I wouldn't worry. I've been in that situation tonnes of times.

Well, I shouldn't say 'don't worry' because financial stability it important, but my advice is to get online banking, if you don't already have it, and delete your phone number. That ends the calls. Is it running away? Not really, because you already know the problem, and they won't let you withdraw more money anyway, so it's not going to get any worse between now and when you get your next loan installment.

If they still keep calling, just change your number for free by phoning your mobile network, or using a different SIM.

Like you, I've tried getting regular work this summer but it just hasn't happened.

Try to get temp work, if only for a few days before you start back, but if you can't, just best to concentrate on what will get you out of this in the long term - your studies - and wait for your next student loan installment.

And be aware that when you graduate, the banks WILL suddenly start charging you the £25 for going over your overdraft limit. You'll wait, and wait, and nothing will happen, so you'll keep on doing it, and then suddenly, out of the blue, they'll sting you. That's what happened to me.

You're in a fortunate situation at the moment because they rarely charge students.

chazzybabe

thank you so there is light at the end of the tunnel?

mellymeep

Its called an informal overdraft arrangement, and I think it must be there for every student bank account because I can do the same. I can take out up to £100 over my formal arrangement of £1000, I used to get the phone calls too, they don't stop until you've re-payed the money unfortunately. I've never been charged for this either, it's quite handy when I'm completely stuck and I call it my emergency fund.