HSBC current account charges

oz0707

I've just had a 'Important - changes to your terms and conditions' pamphlet through with my latest statement.

It mentions new charges from 1 SEP 2013. From reading it appears the price list will also be available from 1 SEP 2013. How can I accept the charges if i'm not sure what they are?

Basically, are hsbc going to charge me for having a current account always in credit, regularly funded? I'd imagine i'd have heard more about this if this was the case? End of free banking headlines and all that.

Cheers

opinions4u

Without having the same document in front of me, I wouldn't have a clue.

innovate

oz0707 wrote: »

Basically, are hsbc going to charge me for having a current account always in credit, regularly funded?

What does your pamphlet say about this?

oz0707

We are making changes to our General, Current Account and Savings Account Terms and conditions (the 'Terms); Banking Made Easy and the price lists that apply to your account, which will take place on 1 September 2013.

If you'd like to discuss these changes please call us on freephone ---- if you'd like a full copy of the terms (including your price list) or Banking Made Easy, they will be available from 1 september 2013 on hsbc.co.uk/legal or you can call us on ----.

If you choose not to accept the changes, you have the right to close your account at no charge before they take effect by calling us on the number above, but as a valued customer we hope this is not the case.

If we don't hear from you we'll assume that you accept these changes.

- goes on to talk about changes in regulator, how they talk about overdrafts and chages to their e message system-

Gromitt

It could be that they are going down the road of First Direct - banking charges if you don't have "additional products" or deposit £x per month, or keep £x in a current account.

Or it might not.

My last one from FD was about changes to the payment system and making existing T&Cs "easier to read and understand"... Maybe they are doing that.

Or maybe not

innovate

what is the freefone number please?

Lith

Doubt it be about 'paid account' like someone said probs about the FD issue...

Wouldn't worry about it, they haven't sent you any letters with prices/charges/fees about your account... i've had an HSBC account for ages don't fund it every month because why would i ? and they have never contacted me be it phone/email/letter NOTHING

i do owe on the HSBC credit card tho which i pay off every month around £200 - maybe that's why they won't bother me? lol


-- End of free banking in UK WOULD NEVER HAPPEN

-- Think of how many people are on the 'dole' or Housing Benefits and so on... i sense an uproar if it ever happens and HSBC would lose many many customers that are on benefits.

Hominu

Lith wrote: »

-- End of free banking in UK WOULD NEVER HAPPEN

-- Think of how many people are on the 'dole' or Housing Benefits and so on... i sense an uproar if it ever happens and HSBC would lose many many customers that are on benefits.

More likely the government would demand that people on benefits get free banking as they can't afford, whilst people who work pay for their banking - the same as all the other perks you get when you are on benefits and why some people don't want to go work as they would be worse off.

I do think that eventually, all banks will charge in some way for their services, if only to ensure that people have a full relationship with a single bank rather than having 10 bank accounts to get the perks of each. Santander have started the ball rolling, others will follow.

Lith

But at what cost?


can you see HSBC closing 1000000 accounts because they don't work?

isn't closing an account bad for a bank ?

and what 'free' banking is there? if all known stanrdard current accounts' are free anyway ?

i dont have an overdraft
i dont need mobile banking
i dont need this i dont need that


Long as its a full auth 4659 debit card then im happy.


i cant see this taken off maybe in 15 years but now? seriously doubt it.

Hominu

Lith wrote: »

can you see HSBC closing 1000000 accounts because they don't work?

Like I said, banking would remain free for people that don't work, and only be chargeable for people in work. The bank wouldn't close any accounts, and its highly unlikely all the customers are going to close there accounts and start stuffing their money under the mattress for something like £2/month. I'd say most people will moan and complain, but just accept it as its a tiny amount. Then about 18 months later, they'll increase it to £2.50/month. Other banks will catch on to the new stream of money making and free banking will be history.

Lith wrote: »

isn't closing an account bad for a bank ?

Only if its actively being used. An account thats sat there doing nothing is not useful for a bank and provides no profit.

dan3811991119

on the other hand it could be something daft like there increasing the amount they charge for bounced direct debits