Advice needed re unreasonable HSBC overdraft charges

JamieStapleton

So they do have an obligation, through statements you say. Please help clarify this point then.

My account is set for online statement but paper for 'charges and fees'. HSBC offer separate communication options for statements and charge/fees. For these overdraft charges all I ever received was a letter indicating I have overdraft interest set to be deducted. No indication that my overdraft had been exceeded or that I was about to be subject to unauthorised arrangement fees.

Is it also possible I get just the answer rather than the irate sarcasm. Cheers.

syrok

dixon-bainbridge wrote: »

That would be a pretty small minority of people. Plus if you were going abroad surely you'd organise yourself before you go?

That what happened to me. Anyway I think we are missing the point. The question is, if it's reasonable to charge £25 per transaction without informing the customer? I think not.

pinkteapot

syrok wrote: »

That what happened to me. Anyway I think we are missing the point. The question is, if it's reasonable to charge £25 per transaction without informing the customer? I think not.

Exactly what charge would you consider reasonable?

gt94sss2

syrok wrote: »

I asked them, HSBC doesn't provide such service while at least Halifax and Natwest will text you if you go overdrawn.

HSBC do provide a text alert service - though there may be a fee involved (depending on the type of account you have)

Regards
Sunil

syrok

pinkteapot wrote: »

Exactly what charge would you consider reasonable?

how about to cover the lending cost + profit margin. "fair charges" is a popular subject nowadays so why can't overdraft charges be fair?

syrok

gt94sss2 wrote: »

HSBC do provide a though there may be a fee involved (depending on the type of account you have)

Regards
Sunil

that's funny, hsbc rep said they don't have facilities for that

gt94sss2

syrok wrote: »

The question is how do they justify those charges? I mean HSBC charges you £25 per transaction even if you go £1 overdraft, at the same time paying you 0.01% interest on your positive balance.

HSBC don't "charge £25 per transaction even if you go £1 overdraft, at the same time paying you 0.01% interest"

For one, I don't think they charge anything if you are less than £10 overdrawn and 2) they don't charge uou more in charges than you are overdrawn..

If you think that's the case, perhaps why you ran up so many charges.. EDIT: have a look at what they call their Fair Fees Policy

Regards
Sunil

noh

JamieStapleton wrote: »

So they do have an obligation, through statements you say. Please help clarify this point then.

My account is set for online statement but paper for 'charges and fees'. HSBC offer separate communication options for statements and charge/fees. For these overdraft charges all I ever received was a letter indicating I have overdraft interest set to be deducted. No indication that my overdraft had been exceeded or that I was about to be subject to unauthorised arrangement fees.

Is it also possible I get just the answer rather than the irate sarcasm. Cheers.

If that is how your options are set you should receive written notice of the fees to be charged and the date they will be debited.

meer53

syrok wrote: »

That what happened to me. Anyway I think we are missing the point. The question is, if it's reasonable to charge £25 per transaction without informing the customer? I think not.

Customers are informed. It's in the terms and conditions which they sign to say they agree to when they open their account.

talana

syrok wrote: »

How about being in hospital, or went abroad with no internet connection. hsbc charges £25 per transaction so just in one week you can own them hunders of pounds.

I meant some that might apply to the OP who was clearly around and about spending money heavily over Christmas.

Being in hospital - possibly. But equally, you wouldn't be spending any money either.
Going abroad - so you'd do that would you? Go away and not check your balance beforehand or figure out just how much you can afford to withdraw from local ATMs? Arrange travellers cheques etc etc before you travel.