Incorrect info from bank re overdraft

pathill83

On 18th June I received a message on online banking regarding a student account I have. The message was that it would change to a Graduate account on 26th July (today) and would have an overdraft facility of up to £1500. I called on two occasions to ask whether the overdraft would automatically be applied or whether I needed to apply and was told on both occasions that it would be automatic, that I need do nothing and that I could use the overdraft facility from today's date. Checking online today the overdraft facility has not been applied and I have been told that it will not be because of a managed loan I have with the bank.
After being told the overdraft would automatically be applied I was delighted as I have had problems with credit in the past. Now the bank has refused the overdraft I have a large financial problem as I took out a loan last month which is due to be repaid this month and without the overdraft there is no way I can cover the loan and my bills this month let alone money to live on for shopping etc. I took out the loan and have spent more than I normally would this month because I was told I would have the overdraft facility available to me. In hindsight perhaps I should not have spent the money before the overdraft facility was actually there on the account but I was told twice by two different people that it was automatic so why should I not trust two different people- if it was only one then I could understand that it might be a mistake but not for two people to tell me the same thing. Please help as my bank have told me there is nothing they can or will do and I deep in the proverbial as a result- my bank have really let me down both professionally and financially.

stclair

Did you not think to check your avaialble balance?

What would you have for money had you not recieved the message on the 18th?

Finally nothing is automatic in the banking world it will always be subject to status.

pathill83

i did check my available balance today thats when i found out that there was no overdraft. hsbc call centre staff told me on two seperate occasions that i would not have to apply for the overdraft. its easy for someone who works in this industry to say that nothing is automatic and that is it subject to status, but surely i should be able to trust my bank? not having the overdraft means i will be going overdrawn on my current account and of course will end up paying charges so i hold the bank responsible as i will not be able to pay off a loan due this month due to the interest free overdraft not being allowed contrary to being told twice that it would be available. what more could i do apart from believe my bank?

stclair

The best way forward would be to raise a complaint.

http://www.hsbc.co.uk/1/2/popups/how-to-complain;jsessionid=0000ppL-OT9Ri_iaCxQm1HrpFi6:11j77hvaa

Ask the bank to listen to the calls etc.

pathill83

yeah i have done that this morning- shame it takes 5 working days though!

stclair

pathill83 wrote: »

yeah i have done that this morning- shame it takes 5 working days though!

Yeah it will take a while if you want them to listen to the calls. However its a step in the right direction.