HSBC Debit Card Question

Jam555s

Hi there, i have an account with hsbc, with a credit bal of £1.24 and no overdraft

for a laugh i was at the cash machine, and the system allowed me take out £10, meaing im £8.76 overdrawn,

is this a shadow overdraft, and will i be charged £30 odd quid for being overdrawn?

Hazzanet

Jam555s wrote: »

for a laugh i was at the cash machine, and the system allowed me take out £10, meaing im £8.76 overdrawn

I'm not sure - it could be an expensive laugh really. Mighta been cheaper to get tickets to a comedy club

Jonbvn

If you do not have an authorised O/D set up, then they will hit you for a lot of charges.

Not the brightest of things to do for a laugh!

smithja

The government have been saying for a while that they wish on basic bank accounts, what you refer to as a shadow overdraft of £10. This is because people with these accounts are denied counter service in some instances, and apart from going to a Post Office, you cannot access the last of your own money, I think there is a good chance this is what it is and you wont get charged.James

Jam555s

anyone else?

gt94sss2

Is it a HSBC Basic Bank Account?

If so, according to the table included in this booklet, HSBC offer a £10 'free buffer zone' for Basic Bank Accounts (correct as of April 2007) - they appear to be one of only 4 institutions to offer this.

If you have a normal HSBC account, have a look at the HSBC 'Fair fees policy' which includes:

• You will not have to pay fees for being overdrawn by £10 or less.
• You will not have to pay more in fees than you are overdrawn by in your charging month, so a £15 overdraft will not cost you £50.

Regards
Sunil