When Does HSBC Charge It's Overdrawn Fee?

Marv02

Hi,

My limit on my OD is £10. For some strange reason, I must of miss countculated and I'm overdrawn by £11.41. Now, seeing its the weekend, if I were to put that money into my account first thing tommorow morning, would they still charge the overdrawn fine, which is £25?

Thanks! (PS: it's a standard debit card account, nothing special.)

Lokolo

HSBC_Fair_Fees_Policy wrote:

• We won't charge you more in arrangement fees than the overdraft requested (e.g. a £15 overdraft will not cost you say, £50).
• We won't charge you an arrangement fee for an overdraft request of £10 or less.

You may still be charged the £25. Their system seems to just charge people sometimes, well, according to some people on this forum. I went £8 overdrawn and was never charged so its worked for me.....

And as long as you don't use your account whilst it's in that state, you won't be charged extra. Its based on transactions rather than time.

Lokolo

Just to give an example.

I have £0 in my account and no overdraft

Example 1
- I spend £50 on 1st October. I am now -£50
- I put in £100 on 1st November. No transactions between these dates.
- I am only charged £25.

Example 2
- I spend £50 on 1st October. Now -£50.
- I spend another £50 on 2nd October. Now -£100.
- I spend another £50 on 3rd October. Now -£150.
- I put £300 into my account on 4th October.
- I would get £75 worth of fees.

(this is also assuming you have already used your 1 free overdraft change)

gt94sss2

Its worth being familar with the HSBC fair fees policy - Lokolo has already pasted part of it above.

The whole thing appears here

If you're incorrectly charged for some reason, just quote the policy and they should reverse it.

Regards
Sunil

AnonymousForObviousReason

It's worth putting the money in and following it up with a phone call tomorrow just to confirm they aren't going to charge you. If it's a first offence (above and beyond the terms and conditions) you have a chance they'll wipe it out anyway.

Marv02

Lokolo wrote: »

Example 2
- I spend £50 on 1st October. Now -£50.
- I spend another £50 on 2nd October. Now -£100.
- I spend another £50 on 3rd October. Now -£150.
- I put £300 into my account on 4th October.
- I would get £75 worth of fees.

(this is also assuming you have already used your 1 free overdraft change)

Hi, just to recap, but in the way it happened in RL.

I have upto £10 OD limit. At first it went to -£2. And then it went to -11. Does that mean I still need to pay £25 for going over the £10 limit given to me?

Thanks!

ricky.patel89

As you you have dipped into your unauthorised OD, I expect you maybe hit with another charge.

Marv02

AnonymousForObviousReason wrote: »

It's worth putting the money in and following it up with a phone call tomorrow just to confirm they aren't going to charge you. If it's a first offence (above and beyond the terms and conditions) you have a chance they'll wipe it out anyway.

Hi, mysteriously, I had £10 in my savers account (can't remember that happeneing, but its saved the moment) I transfered that to my current account and I am now overdrawn by £1.41. I already have a £10 limit. Will they accept this, and not charge me the £25? Even though I went over to begin with, but quickly fixed it? I am still overdrawn, but I'm back within the £10 limit.

I only ask as I'm not sure how the £10 limit thing works. Like, if I was -£1 which is within the limit, but then I take out another £1, even though I'm within the limit, would that count as two overdrawn's = £50 etc.

gt94sss2

Marv02 wrote: »

I have upto £10 OD limit. At first it went to -£2. And then it went to -11. Does that mean I still need to pay £25 for going over the £10 limit given to me?

As you're within £10 of your OD limit, I don't think they will charge you an arrangement fee as long as you correct your balance but will charge interest.

If they did charge, it should not be £25 but a pound or two as their fair fees policy includes:

• We won't charge you more in arrangement fees than the overdraft requested (e.g. a £15 overdraft will not cost you say, £50).
• We won't charge you an arrangement fee for an overdraft request of £10 or less.

Did you read the link above?

Regards
Sunil

Marv02

gt94sss2 wrote: »

As you're within £10 of your OD limit, I don't think they will charge you an arrangement fee as long as you correct your balance

Hi, I'm actually within my OD right now, but I did go over it and it stayed like this for a few days. (I didn't notice untill I checked my statment online) It was £1 over the limit set at £10. I only recently corrected it.

My account is still overdrawn, but it is within the limit. This is the part that was confusing me.

Lokolo

Marv02 wrote: »

Hi, I'm actually within my OD right now, but I did go over it and it stayed like this for a few days. (I didn't notice untill I checked my statment online) It was £1 over the limit set at £10. I only recently corrected it.

My account is still overdrawn, but it is within the limit. This is the part that was confusing me.

When you are in your overdraft limit you aren't arranging an overdraft. When you go over your overdraft limit, you are, and then the above points are valid.