HSBC bank charges

crazypearce

To cut a long story short, 4 years ago I made a Student account with HSBC with an agreed £500 overdraft. I have reduced this amount to £400 with some spare cash I had. This overdraft was interest free and was really helpful to keep me rolling over.

Recently, my account seems to have change to a Graduate account. The problem? The way the overdraft works has now been changed. On the old Student account it was basically blocked from going over the agreed limit to prevent fees. The new Graduate account (which I wasn't even aware I had) now lets me go past our agreed limit but then charges me £15 for transaction that goes over the limit.

I now have 8 charges at £15 for a total of £120 for going over the limit with 8 small charges for about £1 each. Does anyone know if there is a way to get out of these charges seeing as far as I'm aware I wasn't even told that my bank account had changed? Maybe it's my fault for missing something, but the way they have gone about it seems fairly sneaky.

So yeah, if anyone can offer some help I'd be greatly appreciated. I only have £150 left in my bank to last me till 21st December so it's obviously pretty impossible for me to deal with these charges so close to Christmas! So bloody annoyed right now because I can see them trying to take the charges out on the 14th December only to have it fail due to insufficient funds and then charge me again for failing to pay. I really don't want to get into a massive downward spiral.

Thanks for the help (I hope!)

Wywth

crazypearce wrote: »

To cut a long story short, 4 years ago I made a Student account with HSBC with an agreed £500 overdraft. I have reduced this amount to £400 with some spare cash I had. This overdraft was interest free and was really helpful to keep me rolling over.

Recently, my account seems to have change to a Graduate account. The problem? The way the overdraft works has now been changed. On the old Student account it was basically blocked from going over the agreed limit to prevent fees. The new Graduate account (which I wasn't even aware I had) now lets me go past our agreed limit but then charges me £15 for transaction that goes over the limit.

I now have 8 charges at £15 for a total of £120 for going over the limit with 8 small charges for about £1 each. Does anyone know if there is a way to get out of these charges seeing as far as I'm aware I wasn't even told that my bank account had changed? Maybe it's my fault for missing something, but the way they have gone about it seems fairly sneaky.

So yeah, if anyone can offer some help I'd be greatly appreciated. I only have £150 left in my bank to last me till 21st December so it's obviously pretty impossible for me to deal with these charges so close to Christmas! So bloody annoyed right now because I can see them trying to take the charges out on the 14th December only to have it fail due to insufficient funds and then charge me again for failing to pay. I really don't want to get into a massive downward spiral.

Thanks for the help (I hope!)

Pay off your OD and use the £500 for emergencys and the occassional budgetting error.

Don't, as you are currently doing, use the OD and find you then have no margin for those emergencys or occassional budgetting errors.

Atidi

crazypearce wrote: »

I now have 8 charges at £15 for a total of £120 for going over the limit with 8 small charges for about £1 each.

Surely some mistake.

Under HSBC's fair fees policy, they agree amongst other things that:

• We won't charge you more in arrangement fees than the overdraft requested (e.g. a £15 overdraft will not cost you say, £50)
• We won't charge you an arrangement fee for an overdraft request of £10 or less

http://www.hsbc.co.uk/1/2/overdrafts/details