Charged interest at HSBC for using Overdraft even though student

thewizz2009

Hi

I have just looked at my account and realised i have been charged about £5 a month in interest on my account for being in my overdraft. I used to have a student account but it now simply says bank account, even though i'm still a student.

my overdraft limit was £1500 and ive never been near that, but am being charged now, when i never used to be,Why?

Can i claim these charges back, its around £15 in total, and be put back on student account?

gt94sss2

The first thing to do is just call HSBC (or pop into your branch) and ask them why the account has changed from a 'Student' account to a 'Bank' Account - assuming this was an error they should just change this and refund you anything they have incorrectly charged.

Regards
Sunil

techno_geek

Also remember that, even if your account was a Student account, if your overdraft limit is above the "official" limit for whatever year of study you are at you will be charged interest on any amount you borrow above this "official" limit.

I am a first-year student and have an HSBC student account, and their official limit is £1000 interest-free. My overdraft has just been upped to £1250, and so the last £250 is chargeable at their standard rate.

Sounds like HSBC have messed up somewhere - pop into a branch and ask them to sort it out. You should get any charges refunded without any problems (but don't forget to take your UCAS letter and/or student ID with you just in case they 'forget' you're actually a student!!) :rolleyes: