HSBC Overdraft Charges

unosafe94

Years ago, this Martin guy explained on the morning show you could write some sort of letter to the bank to get that money charged to you back. Does it still apply today?

I was speaking to a banking agent at HSBC this morning about the £22 charge applied to my account, and it was due to an overdraft limit. Is there a way to get that money back? I barely use my account and when I do, its only for one off online purchases and I transfer monies to it and order via the card associated.

Also, I have attempted to close my account before. Will an option of a switch be better for me? If so how because I only have a current account. Thanks! I'm a noob

eskbanker

unosafe94 wrote: »

Years ago, this Martin guy explained on the morning show you could write some sort of letter to the bank to get that money charged to you back. Does it still apply today?

I was speaking to a banking agent at HSBC this morning about the £22 charge applied to my account, and it was due to an overdraft limit. Is there a way to get that money back?

It's extremely unlikely that you'd be able to reclaim such charges these days except in very specific circumstances, but if you wish to research your chances, read up at https://www.moneysavingexpert.com/reclaim/bank-charges.

unosafe94 wrote: »

I barely use my account and when I do, its only for one off online purchases and I transfer monies to it and order via the card associated.

Also, I have attempted to close my account before. Will an option of a switch be better for me? If so how because I only have a current account.

Switching current accounts is straightforward via the Current Account Switching Service and some banks offer incentives to do so, for further details on process and current offers see https://www.moneysavingexpert.com/banking/compare-best-bank-accounts.

HSBC won't let you close your existing account (via switching or any other method) unless you pay off anything you owe them....

JuicyJesus

Banks don't have to refund charges for unauthorised overdrafts; these charges were deemed largely fine back in a court case in 2009.

Chances are if you pressed the matter they might refund you as a one off. They also may not. That's entirely for them and they wouldn't be wrong to not refund you.

OceanSound

By how much were you overdrawn, £ 1, £10, £200? If it was a small amount and they charged you £22, then you may have a strong case.
Generally, its best to apply for or extend overdraft beforehand. Halifax has changed overdraft charges structure. See: https://www.moneysavingexpert.com/news/banking/2017/07/lloyds-banking-group-overhauls-overdraft-fees
I think if you switch to halifax there is a £75 incentive (used to be £125). Worth pondering.