Cut Overdraft Costs
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adamp87 said:moneychat said:I spoke to HSBC to help reduce and remove the overdraft charges at the height of the pandemic, they seemed helpful, however towards the end of the budgeting conversation, the man mentions they will remove them but it will be recorded on my credit file so I declined to have the charges removed.
Depends on when exactly they did this, as FCA did step in with some changes to how this could be dealt with. If before they did, then it was standard practise.
Not sure why such a old thread was brought back to life. On something that has only a slim link to the OP.
Life in the slow lane0 -
Re: "So call your bank and ask it to help. The Financial Conduct Authority (the banks' regulator) has said it expects banks to take "positive steps" to help people who are paying more for their overdraft, suggesting that they could choose to waive or reduce interest for customers who are struggling with the new charges, or offer a loan at a lower interest rate."
- Do you have a link please to the FSA saying this? I've talked with my bank as I'm struggling since they went up to 39% charge and did not know that they could reduce or waive the interest. I've paid around £600 unwittingly in charges since August.0 -
NonGwen said:Re: "So call your bank and ask it to help. The Financial Conduct Authority (the banks' regulator) has said it expects banks to take "positive steps" to help people who are paying more for their overdraft, suggesting that they could choose to waive or reduce interest for customers who are struggling with the new charges, or offer a loan at a lower interest rate."
- Do you have a link please to the FSA saying this? I've talked with my bank as I'm struggling since they went up to 39% charge and did not know that they could reduce or waive the interest. I've paid around £600 unwittingly in charges since August.Life in the slow lane0 -
NonGwen said:Re: "So call your bank and ask it to help. The Financial Conduct Authority (the banks' regulator) has said it expects banks to take "positive steps" to help people who are paying more for their overdraft, suggesting that they could choose to waive or reduce interest for customers who are struggling with the new charges, or offer a loan at a lower interest rate."
- Do you have a link please to the FSA saying this? I've talked with my bank as I'm struggling since they went up to 39% charge and did not know that they could reduce or waive the interest. I've paid around £600 unwittingly in charges since August.However, those are pretty vague sentiments really, rather than anything you could actually rely on, but no harm in asking specifically what support they're able to offer, although most would have done this when the new rates were published early last year, when the impact would have been most noticeable.We are also being clear that we expect firms to take positive steps to help customers who may be worse off or in financial difficulties as a result of these changes. We have asked to see their plans for how they are dealing with the most affected customers.
We expect banks to take steps to support them, for example firms could reduce or waive interest, offer a continuation of overdraft borrowing at current rate of interest, or agree a repayment programme – including a personal loan.
Customers who are worried about the impact of any changes should contact their provider.
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I've just had a letter from HSBC telling me they have reduced my agreed overdraft, anyone else heard from them?£216 saved 24 October 20140
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