Keep getting charged!

bwals92

Hi all!

I have a standard free bank account with HSBC.
Now, I like to keep my money organised, and I used online banking to do this. However, I feel that there is a lack of organisation tools to seperate money into different categories/budgets. To combat this, I set up two saver accounts, one that I store all the money I need for my bills, and the other to store my pay/short-term savings. My main bank account basically acts as the front line for my money. When I withdraw money, this account is affected, when a DD bill is being payed, this account is affected.

Unfortunately, due to my way of managing money (which is adequate for the time being), I find myself going overdrawn a lot, unable to send the money from my other accounts in time. I usually end up doing the day after. Now, the charges - they really p*ss me off. I get charged for an informal overdraft every time this happens (twice a month?). Lets say I go overdrawn by £24 at 10pm, and then transfer money from my HSBC savers to my HSBC main account at 1pm the next day. A couple of weeks later, there will be a charge of £24 due to be taken from my account.

Informal overdrafts - technically paying to borrow money from HSBC without asking. Now, from my point of view, HSBC already have the money that I'm borrowing in a linked savers account. Am I correct?

Is it fair then to argue my charges each time this happens, enforcing my point of view? After all, I'm pretty sure other banks provide online banking with facilities to tend to my budgeting needs, and the use of 2 savers accounts is purely due to lack of HSBCs online tools.

What do you think?

tanith

But you aren't managing your money well and are consequently getting charged as you are not transfering money into your current acc early enough to pay your DD. Why if you know you will go overdrawn by £24 at 10pm are you transfering money to cover it the next day? It doesn't make sense.. The money is technically with HSBC but not in the acc that money is going out of.. of course they are going to charge you.

bwals92

I am a very busy man. I rarely have time to log in to HSBC online banking, and if I were to transfer it on time all of the time, I would have to do it every single day. I am managing my money well - in fact - I get told I am very secure and careful with money. Just because I delay transferring it until the following day, I get charged - even though my money was with HSBC the whole time. It does make sense.

Another example:
I went overdrawn by £30, planned to transfer it before midnight (which is the latest you can do it without getting charged). I didn't have my secure key on me, so I had to wait until I got home. I managed to transfer it at 00:11am the following day. 11 minutes late, and I got charged.

The fact of the matter is, I am working around HSBCs online banking's limitations by organising my money over 3 accounts. If I didn't have to do this, and had some way of identifying cash, then I would not be charged, because it would all be in the main current account. See?

Also, I rarely get charged for unexpected DDs, my problem comes from withdrawing money and planning to transfer it, yet forgetting or leaving it until after midnight.

Mikeyorks

bwals92 wrote: »

What do you think?

That you need to keep a better buffer in your current account - and to stop blaming HSBC?

You know when you're drawing cash and you know the timing / value of DDs. So predicting what you need in the current account to stay on black, rather than red - isn't too taxing?

lolavix

You may be very busy, but that's not the bank's fault is it? At the end of the day, your terms and conditions will state that you will be charged if funds are not there to cover the debits due out. I can't see where you think the bank is in the wrong.

You may have the money in savings accounts, but it is not their responsibility to transfer this to cover your payments.

Have you asked if they can do an auto transfer? Some banks can, but they tend to charge an annual fee and can depend on what account you have.

bwals92

Mikeyorks wrote: »

That you need to keep a better buffer in your current account - and to stop blaming HSBC?

You know when you're drawing cash and you know the timing / value of DDs. So predicting what you need in the current account to stay on black, rather than red - isn't too taxing?

Okay. I keep on top of all my DDs, without a doubt. I have many things coming in and out of my account, and I do transfer money to the account when needed. I am simply saying that occasionally (once a month, if that) I miss the opportunity to access my accounts in time, and I get charged. We're human. We forget, we procrastinate, we're not robots.

I am not saying I do this every time a transaction takes place in my account, just once in a while.

gt94sss2

Mikeyorks wrote: »

That you need to keep a better buffer in your current account - and to stop blaming HSBC?

Ditto - and/or have an agreed overdraft in place so you don't incur any overdraft fees (but a few pence in interest instead).

I am a very busy man. I rarely have time to log in to HSBC online banking

bwals92, if this is the case - your system of budgeting may not suit you. I don't see this as a HSBC limitation - any bank would charge you if you fail to pay money in when its due (i.e. before midnight with HSBC).

At least they make it easy by showing direct debits etc, due to go out of your account the next day under pending transactions..

Regards
Sunil

meer53

If i were you, i'd forget the saver accounts and have all my money in the account it needs to be in. Would you really expect HSBC to monitor your accounts for you, to check what you have spent and then move the money for you ? I don't think even Coutts offer that service do they ? Someone may be able to correct me if i'm wrong !

Your system for budgeting isn't working, you can't blame the bank for that.

Little_Mo_70

bwals92 wrote: »

Hi all!

I have a standard free bank account with HSBC.
Now, I like to keep my money organised, and I used online banking to do this. However, I feel that there is a lack of organisation tools to seperate money into different categories/budgets. To combat this, I set up two saver accounts, one that I store all the money I need for my bills, and the other to store my pay/short-term savings. My main bank account basically acts as the front line for my money. When I withdraw money, this account is affected, when a DD bill is being payed, this account is affected.

Unfortunately, due to my way of managing money (which is adequate for the time being), I find myself going overdrawn a lot, unable to send the money from my other accounts in time. I usually end up doing the day after. Now, the charges - they really p*ss me off. I get charged for an informal overdraft every time this happens (twice a month?). Lets say I go overdrawn by £24 at 10pm, and then transfer money from my HSBC savers to my HSBC main account at 1pm the next day. A couple of weeks later, there will be a charge of £24 due to be taken from my account.

Informal overdrafts - technically paying to borrow money from HSBC without asking. Now, from my point of view, HSBC already have the money that I'm borrowing in a linked savers account. Am I correct?

Is it fair then to argue my charges each time this happens, enforcing my point of view? After all, I'm pretty sure other banks provide online banking with facilities to tend to my budgeting needs, and the use of 2 savers accounts is purely due to lack of HSBCs online tools.

What do you think?

What about having the two accounts for:
1) incoming pay/outgoings - dd/bills etc
2) short term savings
That way you won't need to spend time transferring the money to cover the bills.

Saves your time and stops charges! Bosh

bwals92

meer53 wrote: »

If i were you, i'd forget the saver accounts and have all my money in the account it needs to be in. Would you really expect HSBC to monitor your accounts for you, to check what you have spent and then move the money for you ? I don't think even Coutts offer that service do they ? Someone may be able to correct me if i'm wrong !

Your system for budgeting isn't working, you can't blame the bank for that.

I do not expect them to monitor/make changes to my accounts. I'm simply asking if it's a fair argument to - every once in a while - try to get the charges removed on the basis that I cannot ALWAYS maintain/keep up with transactions.

And I do not blame HSBC! Who said this? I simply say that other bank's online banking gives access to tools that helps seperate and organise money. I do not know which one this is, but I saw an advert on the TV. I would be greatful if anyone could tell me which one this is.

Also, I tried the one-bank thing but found it very hard to identify what money was for. If I did it this way, I would probably end up spending too much. As of present, I never spend too much, but I do get charged.

gt94sss2

bwals92 wrote: »

I do not expect them to monitor/make changes to my accounts. I'm simply asking if it's a fair argument to - every once in a while - try to get the charges removed on the basis that I cannot ALWAYS maintain/keep up with transactions.

Not really - a bank might write off the charges once or twice in goodwill but they would expect you to have learned from that and modify your behaviour.

As I said above, if you want to continue doing this a formal/arranged overdraft is the way to go.

Banks do have the 'right of offset' and HSBC once used this to help me avoid charges (a very large cheque clearing early when the funds were sitting in my savings account) but are generally criticised when they do.. so probably use it less now unless they themselves are owed money.

Regards
Sunil