What are HSBC's charges on Sept 1st?

cashbuilder_2

I got a letter from HSBC saying they will be making changes/charges to their current account on Sept 1st, but they haven't actually said what the changes and charges will be.

I wondered if others knew, or if it's somewhere on this website and I just haven't seen it, as I have the option of knowing online the same day they take effect, which is rather unhelpful, as I obviously don't want to be charged for something unfairly.

If anyone knows I'd appreciate it.


CB

gt94sss2

See http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/nov-general-terms-and-conditions-with-effect-from-1-sep-2013.pdf

Its nothing major - its largely that the big banks have agreed to refer to overdraft charges using the same terminology and the name of the regulator has changed..

Regards
Sunil

cjiskool

Why does it say- You will not be charged if you cancel before these changes take effect.

henm2

cjiskool wrote: »

Why does it say- You will not be charged if you cancel before these changes take effect.

I don't know. As gt94sss2 says it's just to standardise the terminology across all the banks. My understanding is that there is no actual change in charges for personal banking with HSBC from 1st September.

There is however some big changes in the charges on HSBC business accounts from 1st September with for example some businesses that were not incurring any bank charges now going to be paying at least a £5.50 a month maintenance fee.

Caladan

You have the right to decline the change to the Terms and Conditions, it's just the only way you can exercise that right is by closing your account as banks wont negotiate on T&Cs. That's why it says you can 'cancel.'

Do be aware of the changes to business banking pricing though, they're quite major and will lead to a lot of businesses paying maintenance charges that they didn't have to before (the personal account changes basically aren't changes at all).

cashbuilder_2

Thanks for your help guys.

CB