HSBC - Customer service/Graduate Account

roger_c

Hi Guys

I have a graduate account with HSBC which gives you an interest free overdraft. When I first opened the account in 2004 I was told that the interest free period runs for the first 3 years starting at £1,500 then reducing by £500 per year. I am currently in my 3rd year after graduation and therefore my current interest free overdraft is at £500.

I thought that this would be due to end on July this year. However, I sent a secure message to HSBC via their website asking to confirm the date that my interest-free period expires. They asked me to phone, but did say (I've written exactly as it was sent to me, so pardon HSBC's bad english):

"...in accordance with the terms of your Graduate service, the interest-free portion of your overdraft is reducing on July 2007"

So I phoned this evening to find out the exact date, I was put through to the offshore call centre and the gentleman told me that the interest-free period runs for 5 years and that the email was correct...

Surely the email is incorrect, as the interest-free portion of my overdraft is not reducing from what he said!!! The years 3-5 have an interest free portion of £500, which for me is great, but I asked him to confirm that in writing, and he said that I'd have to call back when their "back office" is open.

The information is conflicting to say the least! I want clarity, because i don't want charges or so be seen to be managing my account badly. Does anyone have any suggestions?

fusela

I had exactly the same issue with HSBC. I contacted them to ask when this date was and they wouldn't tell me.

The exact dates were on a letter they sent me a number of years ago. I asked if they could send me a copy of the letter but they said it would incur a charge.

I closed my account as soon as I paid off the overdraft.

HSBC were terrible at handling this. I am extremely pleased with my new bank!

scottishlass

I had a nice letter from HSBC telling me to increase my regular payments so that I could pay off my graduate overdraft which I've only had for 6 months. I'm still waiting for a reply from their CS department to discuss this.

intalex

If I remember correctly, the deadline was 30th June when I had to pay off my OD. I graduated in 2001, and had to pay the last £500 back by 30th June 2004.

roger_c

Ok so I am getting a bad impression of HSBC's customer service here!!!

capstain411

I am exactly in the same boat as other graduate account holders are! I think the O/D facility is just for 3 yrs ( I would be highly skeptical if CS implies it otherwise). For precise information like this the best thing to do is to call CS during office working hours (so the call is dealt in UK) or to pop into the branch. Overseas customer service agents have very limited level of info about our accounts and they try to give you a answer, sometimes for the sake of giving one, answers they give may be sensible but might not be precise ( I sometimes empathize with them,as common notion is, person talking on phone "Customer service" should know anything and everything on touch of a button, which i think this is impossible with overseas CS) like in this case CS will acknowledge that O/D review is done in July, but will not give precise date.

I got more helpful info about my O/D only when I went into my local branch.So I would recommend the same to others.

Lastly, be very careful, I initially expected the O/D limit to reduce, maxed my limit and invested in ISA. But as OP correctly stressed, the O/D limit will remain the same the interest-free component will vary.

intalex

I'd still say pop in at a branch and ask, just in case things have changed since then. Or have a look at this:

http://www.hsbc.co.uk/1/PA_1_5_S5/content/uk/pdfs/en/stu_grad_int_rates.pdf

capstain411

I would not be too happy if things have changed. I still have my original terms and conditions and that does entitle me for 500 pounds O/D in third year. Surely, if terms and conditions would have changed on my current account, they would have informed me with new terms and conditions.

antuk

Hi all,

I think they may have been right about it being 5 years, ive had mine for 4 years now, the last two years both being at £500. I went into a HSBC branch to ask about postgraduate accounts since im going back to uni in sept and after some checking they told me i wasnt eligable for the postgrad service (can't remember the reasons) but could keep the graduate account and the overdraft wouldn't expire for another year.

jamiesun

You'd better to pop in at the branch, never use and never believe HSBC's telephone banking....I can't recognize the accent they have...