Will I be charged an overdraft fee? HSBC

mattyw831

Hi there. Think I've posted this in the correct place.

I bank with HSBC and just realised that I have gone overdrawn for the 1st time ever by £9.50 in total. I have no formal arrangement so it is an informal overdraft. Bit worried as won't be able to clear it until end of the month. I'm usually good with money but had alot of stress the past few months and failed to notice.

I read that there is a £5 per day charge (upto a maximum of £80 per month) for going overdrawn, however I am under the £10 buffer according to an article on MSE here http://www.moneysavingexpert.com/news/banking/2014/08/hsbc-revamps-overdraft-fees-are-you-a-winner-or-loser but on HSBC's site it say the £10 is for one day only and does not indicate how long I can be overdrawn for past that initial 1st day.

The article also says that they cannot charge me more than I have gone overdrawn so I'm a bit confused as to whether I will be charged or not. So anyone with knowledge of this advise me please? Whether there is no fee at all, whether I will be charged £5 per day, or whether I will be charged £10 for being almost £10 overdrawn? And if there is no fee yet, how long can I remain overdrawn for even though I'm under that £10. Hope that makes sense as I do get into the habit of waffling on.

Nothing else will be coming out from my account until next month after I get paid. Just a bit of advice to clear up my confusion as don't want fee after fee being slapped on my account

Thanks all

Dobbibill

Checking the T&Cs here, it seems to be if you are overdrawn by less than £10 then you won't pay any charges.

Be careful, nothing else leaves your account unexpectedly causing you to incur charges.

mattyw831

Thanks for that. If I've read that correctly I have up to 30 days to clear before I incur a charge? So I should be ok