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HSBC scraps free overdrafts for this year's graduates

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  • maniac886
    maniac886 Posts: 3,599 Forumite
    maniac886 wrote: »
    If they do start charging the 9.9% I am definately switching accounts!

    If I have a balance of £1500, would this account cost me around £12 a month in interest?

    Is that about right??:confused:
    "He's a maniac, maniac that's for sure,
    He will kill your cat and nail him to the door" :eek:
    Murphys No More Pies Club Member #95
  • Blacksheep1979
    Blacksheep1979 Posts: 4,224 Forumite
    1,000 Posts Combo Breaker
    maniac886 wrote: »
    If I have a balance of £1500, would this account cost me around £12 a month in interest?

    Is that about right??:confused:

    unfortunately, yes
  • maniac886
    maniac886 Posts: 3,599 Forumite
    unfortunately, yes

    Balls!

    I may either stick it all on 0% card or switch to a 0% graduate acc. Either way I want to pay off the overdraft within the next 12 months. HSBC will deffo lose a fair amount of customers over this.

    Thanks to the OP for posting the info, otherwise I would have no known!
    "He's a maniac, maniac that's for sure,
    He will kill your cat and nail him to the door" :eek:
    Murphys No More Pies Club Member #95
  • crazy_guy
    crazy_guy Posts: 823 Forumite
    Well i've jumped ship from HSBC and applied for a new grad acc - b*stards eh! I hope Martin will be publicising this in his weekly email!!
  • melancholly
    melancholly Posts: 7,457 Forumite
    1,000 Posts Combo Breaker
    crazy_guy wrote: »
    Well i've jumped ship from HSBC and applied for a new grad acc - b*stards eh! I hope Martin will be publicising this in his weekly email!!
    i nominated the original post for 'post of the month' hoping it would draw more attention to it........ hope so or lots of people will be caught out!
    :happyhear
  • cufc_mike
    cufc_mike Posts: 587 Forumite
    This is absolute nonsense. About 2 months ago I went into the HSBC Bank and asked for my interest free overdraft to be decreased from £1,500 to £1,000. The lady I spoke to informed me that there was little need in me doing so. She explained that my interest free overdraft would be frozen at £1,500 for a further year after I graduated, and would then decrease £500 every year for 3 years, meaning that by 2011 my interest free overdraft will have decreased the final step from £500 to £0.

    What am I supposed to do now, suddenly find £1,500 to avoid paying the charges that they throw upon us all of a sudden? This shouldn't be allowed, it's certainly not ethical!
  • maniac886
    maniac886 Posts: 3,599 Forumite
    Its weird that they are starting this new rate, because I still have recieved no letter at all informing me of when this change is going to happen. Has anyone else not got the letter from HSBC yet?
    "He's a maniac, maniac that's for sure,
    He will kill your cat and nail him to the door" :eek:
    Murphys No More Pies Club Member #95
  • Blacksheep1979
    Blacksheep1979 Posts: 4,224 Forumite
    1,000 Posts Combo Breaker
    nope, and if they don't send one and start charging me then they're in for a world of fun...
  • maniac886
    maniac886 Posts: 3,599 Forumite
    nope, and if they don't send one and start charging me then they're in for a world of fun...

    Same here, I'm gonna kick up a fuss if they start to charge me the 9.9% without any notification whatsoever!
    "He's a maniac, maniac that's for sure,
    He will kill your cat and nail him to the door" :eek:
    Murphys No More Pies Club Member #95
  • Just swap bank, dont know what on earth posses people to bank with HSBC anyway they are C**P

    Get a 0% overdraft with a+L and then pay the f*ck*r off
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