HSBC Formal and Informal Overdrafts...Please help

Bei

Hi guys. Hope everyone's ok. Im hopin you could put some insights on this please. Im with HSBC. I have long requested for a formal overdraft to save me getting unwanted charges from them. That would mean i would only have to pay a one-time fee of £25. They never gave me one BUT i am monthly going on overdraft anyway and they always approve this as informal therefore charging me £££'s every month aswell. This has been going on for a year now and what i dont understand is, clearly im having difficulties, i might even fit the criteria for claiming because im always overdrawn. I remember them charging me £175 for charges alone!!! This month, my account went overdrawn as detailed below:
24 May Paid in 50.00 38.24 D
24 May Paid out 3.04 88.24 D
24 May Paid out 4.99 85.20 D
24 May Paid out 2.79 80.21 D
24 May Paid out 2.94 77.42 D
24 May Paid out 2.94 74.48 D
24 May paid out 2.98 71.54 D
24 May Paid out 20.01 68.56 D
20 May paid out 20.43 48.55 D
19 May Paid out 4.75 28.12 D
19 May Paid out 7.99 23.37 D
17 May Paid out 5.00 15.38 D
14 May Paid out 10.05 10.38 D
13 May Paid out 17.00 0.33 D
12 May Paid out 114.23 17.33 D

I have overdrawn £38.24 in total for this statement month and they have just informed me that they are going to take away £48.00 for charges. What i dont understand is, i have available funds on my savings account with them, they should have just taken from it like what they have done to my husbands account last month to help me avoid getting overdrawn and be charge with it, which is i thought any bank would have done as for Responsible Lending. Do i have any right to complain for this particular incidence and for them dissapproving me to have a formal o.d but approving me for informal and get charged for it? Thank you to all in advance. Thanks!!! :A

pmduk

It seems silly to be overdrawing on your current account if you have sufficient savings to cover the amount. Why not clear the overdraft and use the savings on overdraft charges to rebuild your savings?

PNPSUKNET

If you have savings why not get out of your od?

gt94sss2

I thought HSBC only charged a maximum of £150 in fees per month - if they charged you £175 in one month, you should check the reasons with them

However, you have no right to complain that HSBC have not given you a formal overdraft or not automatically transferred money from your savings account to help you avoid the charges.

If you do have savings available - you simply need to keep some of them in your current account to maintain an higher average balance - I suspect once you've managed to avoid going overdrawn for a while, HSBC might then grant you a overdraft - again though, if you have savings readily available you shouldn't need it.. you just need to manage your cashflow better by using internet banking etc (i.e. you could have transferred money yourself from one account to another)

Regards
Sunil