HSBC Current Account & Daily Charges

Phennarch

Morning guys,

I'm rather newish here and I imagine this has been posted before but I cannot find it. This is also probably the wrong place but my best guess!

I've been a bit of an idiot and misbudgeted, as a result a particular important purchase put me £60 overdrawn. I've just recieved a text from HSBC to let me know they will charge me £5 A DAY until I get my account back in the black. I'm assuming this is legal? Is there anything I can do to stop this? Despite what it says in my signature I've kept my account clean and in the black for the past couple of years or so and I think it's rather unfair I'm being hit with this, especially when payday is not until the 15th December.

Any help/advice would be much appreciated.

PeacefulWaters

Get back into credit ASAP. Short term loan from family?

Phone call to bank. Apologise. Ask for mercy. Politely.

Phennarch

PeacefulWaters wrote: »

Get back into credit ASAP. Short term loan from family?

Phone call to bank. Apologise. Ask for mercy. Politely.

Fair enough - As silly as it sounds, I didn't think about ringing the bank. I went into my local branch yesterday all sheepishly and apologetic, and the girl at the counter basically said I have no chance and it's my own fault (which it is but still).

Thrugelmir

Phennarch wrote: »

I'm assuming this is legal?

All bank accounts have very clear and explicit terms and conditions. When opening the account this what you signed up to.

SnowTiger

It appears that HSBC caps unauthorised overdraft charges at £80 "in any charging month."

http://www.hsbc.co.uk/1/2/overdrafts/overdrafts-charges:

The maximum you can be charged for informal overdraft usage fees is £80 in any charging month.

Presumably your overdraft will span two statements. Does that mean £160 of charges?

Isn't there anyone you could borrow the money from or something you could take to the pawn shop?

I would suggest taking a cash advance from your credit card, but your signature suggests that's not possible.

YorkshireBoy

From the HSBC 'price list'...


"Please note that...we operate some discretionary policies in relation to how charges (including daily Informal Overdraft Usage Fees) and overdraft interest rates apply to overdrafts."

http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/general-price-list.pdf


The fact that such policies are discretionary is why you need, as mentioned earlier, to be polite and apologetic. Don't go in stating you think they're unfair, because their response would be "well if you think they're unfair why did you make an informal overdraft request?".


Good luck!

James_B.

You seem to have several gaming machines. Selling one or all of these would probably help.

Phennarch

Thanks for the help & advice guys, much appreciated.


I'm out of debt with HSBC now, and have started paying back my one and only credit card. I've moved into a smaller place (I now rent a room in a shared house for £433 a month) and have sold the majority of my possessions. All I own are my clothes(3 shirts and 2 trousers for work, and 2 polo shirts & 2 trousers for home), a coat, a £30 PC that I bought from work, and my Xbox One (Purchased from a friend for £100 - They bought it for their 8y/o son who actually had the audacity to throw a tantrum because he wanted a PS4!). Lastly, have now joined my works pension scheme and am paying the maximum possible into that.