Bank charges

Savipot

Hi everyone,

Can someone please help me. Not to sure where the law on banking stands on this one. I've just recieved bank charges of £25 from HSBC for some Standing Orders that didn't go out on my account and I've been charged for this. As there wasn't enough cash in my account at the time the standing order went out and were then returned. This did not put me over my limit. Is this aloud? as I'm not overdrawn is £25 to much? I thought a cap of £12 was put on bank charges a few years back or was that just on credit cards?

Cheers everyone.

YoYoY

Savipot wrote: »

Hi everyone,

Can someone please help me. Not to sure where the law on banking stands on this one. I've just recieved bank charges of £25 from HSBC for some Standing Orders that didn't go out on my account and I've been charged for this. As there wasn't enough cash in my account at the time the standing order went out and were then returned. This did not put me over my limit. Is this aloud? as I'm not overdrawn is £25 to much? I thought a cap of £12 was put on bank charges a few years back or was that just on credit cards?

Cheers everyone.

If the amount involved in the returned Standing Order was £25 or more, then £25 is the charge declared by HSBC and agreed by you for this service.

This is entirely legal.

If this is a 'first offence' then consider contacting your bank and ask nicely if they will consider a refund of this charge on this occassion - banks often offer such a refund on request as a matter of goodwill.

dunstonh

Not to sure where the law on banking stands on this one.

There is no law.

I've just recieved bank charges of £25 from HSBC for some Standing Orders that didn't go out on my account and I've been charged for this. As there wasn't enough cash in my account at the time the standing order went out and were then returned. This did not put me over my limit. Is this aloud?

By returning the items the bank avoided you going over your limit. If they had been paid then you would have exceeded your limit. The bank had to take action due to your inability to budget. Hence they charge. Yes, it is allowed.

as I'm not overdrawn is £25 to much?

You seem to be mixing up overdraft charges with administration charges. Two different things. No, its not too much.

I thought a cap of £12 was put on bank charges a few years back or was that just on credit cards?

That was just on credit cards. The bank charges case went to court and the Banks won. So, no ruling was put in place on bank charges as the OFT gave up.

Savipot

Hi everyone,

Thanks for the help. I've been to the bank and all has been sorted on now. They refunded the £25 as a good will thing because this has never happened on my account before.

Again thank you. :beer:

defty1977

Hi pretty new to this so please bear with me, I have recently moved address, and in the meantime, a statement was sent to my previous address, apparently this has notification saying I had charges on my acccount, I have changed my address with my bank about 2/3 weeks ago, on an unrelated matter I rang my bank this morning, sorted that matter out and he informed me there were charges being taken out on the 14th, I know I will not have funds in my account to cover these charges, (about 70 quid) I informed him and asked if the date could be changed to when I get paid, he said no they will be taken out on the 14th and if there are no funds in my account, it will go into a "unauthorised overdraft" which apparently nationwide give me this, even though I have stated that I dont want one, I intend to pay the charges, but they are unwilling to help me in this matter, so on the 14th I will be charged more charges on top of interest etc, What can I do?

Wywth

defty1977 wrote: »

Hi pretty new to this so please bear with me, I have recently moved address, and in the meantime, a statement was sent to my previous address, apparently this has notification saying I had charges on my acccount, I have changed my address with my bank about 2/3 weeks ago, on an unrelated matter I rang my bank this morning, sorted that matter out and he informed me there were charges being taken out on the 14th, I know I will not have funds in my account to cover these charges, (about 70 quid) I informed him and asked if the date could be changed to when I get paid, he said no they will be taken out on the 14th and if there are no funds in my account, it will go into a "unauthorised overdraft" which apparently nationwide give me this, even though I have stated that I dont want one, I intend to pay the charges, but they are unwilling to help me in this matter, so on the 14th I will be charged more charges on top of interest etc, What can I do?

Yes, unless you can pay them the money by the 14th, then you will probably indeed be incur a further charge.

By accepting their bank account, you accepted their terms. If you did want one of their terms, you should not have accepted them and the bank account that went with it.

So the choice is yours.