MSE News: Hidden HSBC £150 monthly overdraft fee limit

Former_MSE_Dan

This is the discussion thread for the following MSE News Story:

"Overcharged customers have the right to refunds after a little-known HSBC policy reveals a £150 monthly limit on its overdraft fees..."

Read the full story:
Hidden HSBC £150 monthly overdraft fee limit

UPDATE: 12 pm 19 Nov
HSBC press office has informed us the £150 cap on fees only applies to its Arrangement Fee for paid transactions and not to Returned Item Fees for unpaid transactions. It originally made an error in telling us the cap applied to both charges.

If you have already contacted HSBC about charges over £150 which included unpaid transactions it has said it may be able to refund the difference but will look at it on a case by case basis. If you do not get a refund please send MSE Wendy a PM to see if we can help. Please note there will need to be a record of you phoning HSBC customer services between 13 Nov 09 and 12pm on 19 Nov 09.

Lokolo

This would mean someone who has arranged an unauthorised overdraft more than 6 times in a month gets a refund....

Crazy.

MrLeeLee

Ah damn, got hopeful when I saw this as I have had charges in the past from HSBC, but just looking back on my charges they don't seem to have charged more than £150 in one month, however they have charged £125 for one month, then £125 the month after. Guess it's a way to get around it.

The wait goes on for me...

Lokolo

MrLeeLee wrote: »

Ah damn, got hopeful when I saw this as I have had charges in the past from HSBC, but just looking back on my charges they don't seem to have charged more than £150 in one month, however they have charged £125 for one month, then £125 the month after. Guess it's a way to get around it.

The wait goes on for me...

Is this because you have money coming out 5 times a month when in your unauthorised overdraft?

razza1980

I got charged £200 charges from HSBC last month as they said £150 overdraft charges and the other was arrangement fee's are they allowed to do that on top as well?? They keep fobbing me off with Hardship claims saying i have to wait until court case has finished.

Former_MSE_Wendy

UPDATE: 12 pm 19 Nov
HSBC press office has informed us the £150 cap on fees only applies to its Arrangement Fee for paid transactions and not to Returned Item Fees for unpaid transactions. It originally made an error in telling us the cap applied to both charges.

If you have already contacted HSBC about charges over £150 which included unpaid transactions it has said it may be able to refund the difference but will look at it on a case by case basis. If you do not get a refund please send me a PM to see if we can help. Please note there will need to be a record of you phoning HSBC customer services between 13 Nov 09 and 12pm on 19 Nov 09.

cjpaz

I hate them just as much as i hate my self for building myself up for the big fall. I have just phoned them after doing all my 'homework' last night and the guy on the phone told me what i have just read!!! But he knows that they are onto a loser. He just said to me that the fees are justified for the moment. I asked if it was right to be charging over £150 quid a month, despite what it was for, and he just refered me to the terms and conditions that i 'would have signed when i joined' and then said that for the moment the fees were fair. Roll on Wednesday!!! Does anyone know if this is the last stage of it or have they scope to drag the case out more? Gutted now, they have just taken £600 quid overdraft off me too!!!

natweststaffmember

cjpaz wrote: »

I hate them just as much as i hate my self for building myself up for the big fall. I have just phoned them after doing all my 'homework' last night and the guy on the phone told me what i have just read!!! But he knows that they are onto a loser. He just said to me that the fees are justified for the moment. I asked if it was right to be charging over £150 quid a month, despite what it was for, and he just refered me to the terms and conditions that i 'would have signed when i joined' and then said that for the moment the fees were fair. Roll on Wednesday!!! Does anyone know if this is the last stage of it or have they scope to drag the case out more? Gutted now, they have just taken £600 quid overdraft off me too!!!

If the Banks' appeal fails there is likely to be more litigation which deals with specifically whether the charges are fair or unfair and it will be the banks' who have to prove they are fair not for the OFT to prove that they are not.
Currently Next Week's decision is whether the wording of the terms which allows a bank to make a charge can be assessed for fairness under the Unfair Terms in Consumer Contract Regulations 1999.

1152

first time at posting! I have contacted HSBC over the last two days about it's £150 cap, spoke to James Thorpe(PR bloke from HSBC) they accept they made the comment (by mistake) but still refusing to repay combined charges over £150 stating they are fair charges and reflect the amount of work that it entails!!!!!!haha. Anyone any ideas about what else i can do other than lodging a formal complaint as i've already done this.

cjpaz

1152 - Have you registered for you bank charges back matey? There is nothing you can do to get that money back i dont think. Like the guy said to me, 'at the moment they are fair' beacuse we have signed up to them!!!

1152

thanks for response.....yes registered for bank charges last year. resigned to the fact I will have to wait for the charges but feel HSBC have tried to court positive(ish) publicity when all they have done is mislead and tell untruths