Exceeding the overdraft limit with HSBC

kay0981

Hi guys,

I'm new on here, so sorry if I'm posting this in the wrong forum.

I have a student account with HSBC, with a 2,000 pounds interest-free overdraft. I am currently pretty much maxed out, but I urgently need to make another transaction which will put me 7 pence above the agreed overdraft limit.

I know 7p is pretty much nothing (and it will be paid back in a week) but I just want to know whether there will be any consequences if I exceed my agreed overdraft limit, even by the tiniest amount like 7 pence. All the information I have on this is outdated, and I can't find anything helpful on the HSBC website.

Thanks a lot in advance!!

Kay

John1993_2

You need to check your terms and conditions, but yes, they can choose to impose costs on you from the first penny. There's not likely to be any buffer, as the overdraft itself is supposed to be the buffer.

Your best option is to ask for an increase, or get down first thing and pay some cash in at your branch to cover this new transaction.

Apples2

There are plenty of stories of people incurring £30 unauthorised overdraft fees for going a few pence over.

This is commonly used as an example of where a payday loan could be used to good effect, though I am not advising that.

chalkie99

Surely you can find a Pound coin in your pocket or cadge one from a friend and just pop into an HSBC branch to pay it in, thus leaving you 93p in credit, free of charges and with an unblemished record?

sharp82

I know First Direct used to give you 24hrs to cover anything over your unauthorised limit. Not sure if HSBC is the same though

worried48

Surely there's some friend who would lend you a quid? Or the bank of Mum / Dad?

If not, do you play any instrument, or sing, however badly? Just turn up in town and set up for as long as it takes to get a quid (plus the bus fare, perhaps). By the time anyone comes to move you on, you'll have enough anyway. If you make yourself a cheeky notice along the lines of "not homeless, not hungry, just in need of £1 to stop me going over my overdraft limit" I bet you'll have it in the time it takes for one person to actually stop and read the notice.

dotdash79

I'm quite sure that HSBC won't place a charge on your account for more that you are in your unauthorised overdrawn.

In fact have a look here:

http://www.hsbc.co.uk/1/2/overdrafts/overdrafts-charges

chrisuren

I've gone over my overdraft with Halifax before by 3 pence. It ended up costing me £30.03p.

Speak with them, could you not just pay 7p into the bank account? Freeing up the 7p overdraft...?

ChopperST

Most banks have an unwritten rule that they'll reverse any charges provided its not happened more than once in a 12 month period, give them a ring and explain the situation and like others have said pay £1 into the bank (or 7p for that matter!).

Eyes_wide_open

I'd go into the bank and pay a pound in. If you have to make a phone call and even if they decide then not to charge you, it's still hassle that I could live without.


Xx

JuicyJesus

HSBC do not charge for unauthorised overdrafts of less than £10.