HSBC Student Account - Going over Overdraft Limit...

ChancellorOfAndromeda

For those who know (specifically HSBC Student Account):

If you go over your overdraft limit (e.g. limit is £750 and you go over by £100), will you be charged (charges/interests?)?

The thing is, I called them up and everytime (I called them more than once to get different "opinions"), they said there would be no interests or charges (only charges if it's a returned DD).

So, what is the deal? Do you get charged or not? Because I was very surprised that they wouldn't charge you for going over (unless it's a returned DD).. Lloyds on the other hand wouldn't even let you go over and wouldn't let you even withdraw over the limit - and yet HSBC lets you withdraw over the limit.

P.S. It's a new account (just opened in September with automatic £750 overdraft - I'm over the limit by about £20).

JuicyJesus

http://www.hsbc.co.uk/1/2/current-accounts/student-bank-account?HBEU_dyn_lnk=EveryDayBanking_Homepage_StudentBankAcc_Link

"No overdraft arrangement fees".

There's your answer.

iAMaLONDONER

ChancellorOfAndromeda wrote: »

For those who know (specifically HSBC Student Account):

If you go over your overdraft limit (e.g. limit is £750 and you go over by £100), will you be charged (charges/interests?)?

The thing is, I called them up and everytime (I called them more than once to get different "opinions"), they said there would be no interests or charges (only charges if it's a returned DD).

So, what is the deal? Do you get charged or not? Because I was very surprised that they wouldn't charge you for going over (unless it's a returned DD).. Lloyds on the other hand wouldn't even let you go over and wouldn't let you even withdraw over the limit - and yet HSBC lets you withdraw over the limit.

P.S. It's a new account (just opened in September with automatic £750 overdraft - I'm over the limit by about £20).

Did they increase your overdraft?

grumbler

JuicyJesus wrote: »

http://www.hsbc.co.uk/1/2/current-accounts/student-bank-account?HBEU_dyn_lnk=EveryDayBanking_Homepage_StudentBankAcc_Link

"No overdraft arrangement fees".

There's your answer.

It's not that simple:

1st informal overdraft in any 6-month period:

Free*
Subsequent informal overdrafts:
£25*

No Arrangement Fee is payable if, in the last
6 months, we have not agreed to an informal
overdraft request from you. See our Fair Fees
Policy below for full details.

HSBC Fair Fees policy
We always aim to be fair in the way we charge for our services, therefore:
• We will not charge an Arrangement Fee for a formal overdraft.
• We will not charge an Arrangement Fee provided that, within the last 6 months, we have not agreed to an informal request from you for an overdraft.
• We will not charge an Arrangement Fee for an informal overdraft request of £10 or less.
• We will not charge Arrangement Fees for informal overdrafts if covering funds are paid in before the end of the day.
• We will give advance notice before Arrangement Fees are debited from your account.
• If debited Arrangement Fees (or interest) cause your account to go overdrawn or further overdrawn we will not make a further charge.
• Arrangement Fees charged will never be higher than the informal overdraft requested (eg, a £15 overdraft will not cost you £50).
• We will not charge more than one Arrangement

Student and Graduate Price List and Interest Rates applies to Student, Graduate, HSBC Advance (Graduate) and Gap Year services (PDF)

iAMaLONDONER

grumbler wrote: »

It's not that simple:
Student and Graduate Price List and Interest Rates applies to Student, Graduate, HSBC Advance (Graduate) and Gap Year services (PDF)

Thanks

Do you know how I could get info on their OD policy?

I might go to HSBC but I'd hate to give up a 1k overdraft just to get say 500