HSBC and ATM withdrawals

rachier7

Hi everyone,

I need some advice, I have trawled the forums and can't seem to see anything similar.

I have an overdraft of £560 with HSBC. I received my statement to see HSBC had allowed me to withdraw CASH from an ATM with a total of £300ish over the overdraft, charging me £150 in fees.

I am now £920 overdrawn (I had 2 Direct Debits around £80). Now I was fully aware that I would be charged for the 2 direct debits, £25 per transaction.

But to see £150 worth of charges is breath taking. I am fully aware that is is MY bank account and I should take responsibility for the cash I withdraw, however I was under the impression I could not withdraw cash when I have insufficient funds.

I have rang HSBC (nothing has been resolved, and awaiting a callback) to be advised that 'SOME' cash machines will allow you to withdraw and some won't. How can that be justified?

Has anyone ever experienced this? Am I in the wrong with no leg to stand on or can I take this further?

EarthBoy

Are you seriously expecting us to believe that you withdrew £300 over your limit without knowing about it? It must be 1st April, I'll go and check my calendar....

pmduk

So how much did you think was in the account? How on earth can you begin to blame the bank for continually allowing you to withdraw money. At which point do you accept personal responsibility in this, either by checking your balance or, preferably, keeping track of your own transactions.

rachier7

First of all your reply is really rude. I have not said I didn't know id withdrawn money. My question is rather I've not checked my bank but assumed I had credit within my overdraft. I was asking if the advisor is correct in saying some cash points will allow with drawals when their aren't any funds and some wont?

henm2

It is up to you to manage your account. Unless it is a basic account HSBC can allow you to make payments, withdraw cash when over your overdraft limit provided they deem you credit worthy. It is what is called an informal overdraft request each time by yourself chargeable at £25 a time up to a maximum of 6 items per charging month.

grumbler

That's how it works. Your agreed overdraft limit just shows how much you can borrow at lowish interest rate and without fees. That's why there are over-limit fees in place and, normally, tiered interest rate that gets higher when you go over the limit.
And it's your responsibility to make sure that this doesn't happen.
That said, some higher 'shadow' limit is likely to be in place too that the bank won't allow you going over.

rachier7

Thanks everyone. Sorry I know its a stupid question and my responsibility to check next time!

agrinnall

Although it's a question that is often asked I'm not sure that there is any bank that offers a full featured debit card that will prevent transactions taking the account overdrawn. The problem is that the bank can never be certain of your balance because not all transactions hit it straight away, and it may not know about some low value transactions until several days after they have been done and you have walked away with whatever you purchased. They therefore have to honour everything that has been properly authorised by you.

If you aren't prepared to keep track of your transactions and are likely to spend more money than you have then your options are to load up a prepaid card and spend until it's all gone, or to have a card from a basic bank account that doesn't offer an overdraft or the full range of facilities.

Lokolo

Also, HSBCs overdraft fee is £25 per transaction that takes you over. So am I right in assuming that even though you withdrew this £300, you then had transactions beyond this as normal?

System

They are talking rubbish - all ATMs require authorisation from the bank regardless of location. HSBC has allowed the ATM withdrawals.

rachier7 wrote: »

I was asking if the advisor is correct in saying some cash points will allow withdrawals when their aren't any funds and some wont?

Bloomberg

rachier7 wrote: »

Hi everyone,

I need some advice, I have trawled the forums and can't seem to see anything similar.

I have an overdraft of £560 with HSBC. I received my statement to see HSBC had allowed me to withdraw CASH from an ATM with a total of £300ish over the overdraft, charging me £150 in fees.

I am now £920 overdrawn (I had 2 Direct Debits around £80). Now I was fully aware that I would be charged for the 2 direct debits, £25 per transaction.

But to see £150 worth of charges is breath taking. I am fully aware that is is MY bank account and I should take responsibility for the cash I withdraw, however I was under the impression I could not withdraw cash when I have insufficient funds.

I have rang HSBC (nothing has been resolved, and awaiting a callback) to be advised that 'SOME' cash machines will allow you to withdraw and some won't. How can that be justified?

Has anyone ever experienced this? Am I in the wrong with no leg to stand on or can I take this further?

I have no sympathy, nowadays it is easier than ever to keep an eye on your account. You could have checked your balance before taking out the money. You are wrong and do not have a leg to stand on.