HSBC - reply regarding bank charges

AdamH25

Hi,

I wrote to HSBC requesting a full repayment of all charges they have made since the beginning of the year.

The reply basically said the charges were deemed as fair, and just explained why they were made etc. However being charged £50 for going £7 Overdrawn really doesn't seem fair to me.

They have said I can write to the OFT if I want to.

There has been no offer of any money, so I'm not holding out much hope.

The charges are one big vicious circle at the minute, everytime I'm paid. It clears it. Then a week later I'm hit by the previous months charges. Which sends me overdrawn. Causing more charges next month.

I really don't know what to do anymore. I'm working as many as I can at the minute, but the bank charges are killing me.

Is there anything I can do? Anywhere to write to?

Thanks for any advice

Adam

reall

Dear adamh25,

I can suggest that you look at your statements to find out whether there are companies/people who you can arrage to pay them less if possible to make up the shortfall which you seem to be aware is happening on a regular basis.eg £5.00 on 10 different people could help.contact them and explain your in financial difficulties,trim your budget where possible eg.entertainment,tv packages,eating out(frequency),packed lunches or more days then you would,cheaper gym/leisure clubs etc..
You can also make an appointment with bank manager to see if they can issue you with an authorised overdraft limit to the existing account which can be cheaper fees wise.
Perhaps changing to a new bank...do not tell them, set up an account and slowly move direct debits/standing orders to this new account so that this account is in credit at all times.eg.£100.00 and debits being 80.00. i suggest a basic account like co-op cashminder or nationwide as their cards will not allow you to overdraw your account.

Hope this helps
Reall

AdamH25

Thanks for the advice.

I think I definitely need to set up a new bank. Where my incom etc is paid into.

Im still not sure what to do with regards to HSBC though.

Thanks

Adam

zppp

If you are not happy with their response, request a final response and go to the Financial Ombudsman Service.

dunstonh

The FOS are no longer considering complaints about bank charges being unfair unless its about incorrect application (i.e. an error) or you meet the financial hardship criteria.

The best thing to do is to stop using the bank account for debits when you know that doing so is going to increase your charges.

JuicyJesus

AdamH25 wrote: »

The reply basically said the charges were deemed as fair, and just explained why they were made etc. However being charged £50 for going £7 Overdrawn really doesn't seem fair to me.

HSBC don't charge for going less than £10 overdrawn. Are you sure this is the case?

themull1

I was once charged by HSBC for going 28p overdrawn, unless they,ve changed their policy in the last few years.

AdamH25

dunstonh wrote: »

The FOS are no longer considering complaints about bank charges being unfair unless its about incorrect application (i.e. an error) or you meet the financial hardship criteria.

The best thing to do is to stop using the bank account for debits when you know that doing so is going to increase your charges.

What's the criteria for financial hardship? This all started because I lost my job in february.