HSBC Information as of 06/07/2007

phlash

There are quite a few threads about this, with a few suggestions to what people think is going on. I'm going to attempt to quickly summarise after having been in to HSBC to find out what is going on.

1) As of 16th July 2007 all graduating student accounts (2007 graduates) will commence the process for being switched over to the new graduate account. That doesn't mean all accounts will be processed on that day, the switch over is going well into August. Some people's accounts will be switched on 16th July, then 17th, 18th, 19th etc through to August.

2) You should receive a letter 30 days before this happens informing you so.

3) Interest on any overdraft facility will be at a rate of 9.9%

4) You can switch to their free overdraft service for £9.95/month

5) I'm walking into town in 30 mins to get a £2000 interest free overdraft with RBS.:beer:

Hope this helps,

phlash.

Ant85

Glad you got some sense out of them, went into my branch today to get my statements to change banks and informed them it was due to them charging interest on graduate overdrafts. They didn't have a clue what I was on about - seems their staff have been about as well informed as we have!

Filled in an online application with RBS so hopefully will be moving to them very shortly.

MLC

I rang the telephone banking service last night and I've been told different again. They said my account would be changed in the near future and my overdraft would be charged at 18.9%!! He tried selling me the bank account plus saying it would reduce the APR to 15.9%. They've got no chance! It's a real shame though, I've been a student for the last 5 years and been overdrawn for most of it. They've been great at helping me in times of need, but I'm afraid I have no loyality when they try to rip me off like this. I guees its them that will loose out, I'm just about to start a well paid job and they're not going to get the benefit of my salary going in each month and probably any future savings. I guees many other people will be in the same boat.

MLC

P.S. Has anyone got any thoughts on how RBS compares to the Abbey. I'm sure I've read in the past that Abbey have an excellent customer service record.

maniac886

phlash wrote: »

There are quite a few threads about this, with a few suggestions to what people think is going on. I'm going to attempt to quickly summarise after having been in to HSBC to find out what is going on.

1) As of 16th July 2007 all graduating student accounts (2007 graduates) will commence the process for being switched over to the new graduate account. That doesn't mean all accounts will be processed on that day, the switch over is going well into August. Some people's accounts will be switched on 16th July, then 17th, 18th, 19th etc through to August.

2) You should receive a letter 30 days before this happens informing you so.

3) Interest on any overdraft facility will be at a rate of 9.9%

4) You can switch to their free overdraft service for £9.95/month

5) I'm walking into town in 30 mins to get a £2000 interest free overdraft with RBS.:beer:

Hope this helps,

phlash.

Cheers for that info. Problem is I have been into three different branches and they are all telling me different things. I am gonna wait till a month after they switch and if i start getting charged then I will get shot.

Blacksheep1979

Still no letter here and the branch I asked in told me that it would be interest free and reducing as per last year etc.

guardianangel

Blacksheep1979 wrote: »

Still no letter here and the branch I asked in told me that it would be interest free and reducing as per last year etc.

That was what I was told too!

misskool

Staff in branches have no idea (even specialist uni ones!!!!) :mad:

And to make it worse, they've not even sent out letters.....

phlash

I got the Branch Manager out in my discussions.

It is happening, as from 16th July onwards.

RBS accepted me for a Graduate Account, they're doing the whole switch over process including transferring all my standing orders and direct debits.

Loyalty often costs! lol. Unfortunate though, I've been with HSBC since I was 13 (was Midland then!)

EmmaJ_3

This is just disgusting - I've been with HSBC forever, my dad & grandad worked for them. Even dad has agreed I should switch with this going on though. I also haven't received a letter at all, so I'm wondering how they can change my account next week when they haven't written to me? I rang them 2 weeks ago to change my address, and they said nothing then either.

Does anyone know when the new MSE grad accounts article is due!

phlash

EmmaJ wrote: »

This is just disgusting - I've been with HSBC forever, my dad & grandad worked for them. Even dad has agreed I should switch with this going on though. I also haven't received a letter at all, so I'm wondering how they can change my account next week when they haven't written to me? I rang them 2 weeks ago to change my address, and they said nothing then either.

Does anyone know when the new MSE grad accounts article is due!

Emma, they may not tell you for a few weeks. The change over process starts on the 16th July, but doesn't mean everyone is changed over to the grad accounts on that day. Apparently, according to HSBC Nottingham Duty Manager the change over period will take us well into August. As I've said previously, I've already begun the change over to RBS, who are increasing my interest-free overdraft limit to £2000.

I think they are making a huuuuuuge mistake. For them, it'll be a short term gain, long term loss.