HSBC Overdraft 'arrangement' fees

PBA

msaquib wrote: »

Can anyone provide a link where it says - Existing customers overdrafts will now be reviewed annualy with an arrangement fee of £25.00.

M

PDF of tariff of charges: http://www.hsbc.co.uk/1/PA_1_5_S5/content/uk/pdfs/en/bank_acct_cards_trav_q4.pdf;jsessionid=0000XXkdgE1dGIeKA6Fzz9MC-gT:11j71ffl3

Looks like the fee is only charged if you apply to increase your overdraft more than once every 6 months, not an annual fee for an overdraft.

msaquib

PBA wrote: »

PDF of tariff of charges: http://www.hsbc.co.uk/1/PA_1_5_S5/content/uk/pdfs/en/bank_acct_cards_trav_q4.pdf;jsessionid=0000XXkdgE1dGIeKA6Fzz9MC-gT:11j71ffl3

Looks like the fee is only charged if you apply to increase your overdraft more than once every 6 months, not an annual fee for an overdraft.

Hi,

Cannot open the PDF file? invalid link.

m

tom188

well it worked for me but http://www.hsbc.co.uk/1/PA_1_5_S5/content/uk/pdfs/en/bank_acct_cards_trav_q4.pdf

digiguru_3

Well I got charged last month for this 25 overdraft arrangement fee. What happened is I was getting married during the last 6 months, and arranged an overdraft extension for a month when a few cheques came out when we realized we were slightly overspending right at the end of the process. I went in to a store to do this, and was assured there would be no fee (but there was a big sell to buy insurance and mortgages - which I politely declined)

I just got off the phone with their late night asian callcenter, where I told them that I wasn't happy with the charge. The rep said "I'm sorry we can't refund this charge." After I asked her to explain the charge and told her my story she re-iterated she can't refund the charge. I got a little shirty and just exclaimed that I didn't need a refund - just give me the money!

This sorted it, she asked her manager and got it waiver-ed. I got off the phone glad that i'd had it refunded, but still feeling a little !!!!ed off. She said that if I go into debt between feb and july of next year, or chnage the overdraft i'll get charged again.

Needless to say - i'm looking for an alternative account now.

mintedmatty

im an ex-staff member at hsbc and basically the ARFs were brought in dec 2006. it may have changed since i left but the annual £25 fee you will only incur if you exceed your od limit or ask for an increase in the 12 months prior? this may have changed since i left 6 weeks ago tho? i doubt it tho

JohalaReewi

@mintedmatty - from comments on this forum and my partners experience, this is not so. My partner never used her overdraft and didn't ask for a review but got the 'your overdraft has been reviewed' letter and the £25 fee. Not surprisingly, the 'reviewed' overdraft limit was unchanged.

gingercat95

Caladan wrote: »

I.


In HSBC, the Annual review was introduced NOT to generate revenue via charges (Most people get by on their agreed overdraft, the fee is only generated if overdraft increases are requested frequently), but to ensure the overdraft is necessary for the customer.


The UK has been desensitised to paying for banking to the extend that people complain about every fee they're expected to pay. We offer overdrafts free, debit cards, cheque books, counter service, internet banking, telephone banking, statements, even tax returns, all for nothing.

Is it therefore wrong of us to charge for reviewing your lending position (which like I said we only do if it's frequent), or for spending 20 minutes writing out a bankers draft and performing the necessary checks?

Yours,
Customer Services Officer - HSBC

Well it's hardly free or where does the 2.4billion profite HSBC made last year come from? The bank uses my money and everyone else's money to go about it's business of making huge profits. Also overdrafts aren't free, there is this charge plus each time an overdraft is used charges are made.

Margin_Walker

Just to clear things up. I work for HSBC now and the annual review fee is definately only charged if you have amended or exceeded you overdraft limit in the six months before the review. If this is realy not the case you should contact them as the charge may have been applied in error.

This policy is nothing new, it was adopted in late 2006

pauljoanss

Last year the £25 was applied without permission and I kicked myself for not reading the letter one month earlier.
This year they are about to apply it again but I will fight it. The way the fees are written is just too confusing but it appears that I am being charged because I used it once in the last 6 months and now I am "requsting" a new term, this counts as "using" the facility twice. What rubbish, and they charge 17% above based rate when you "use" the facilty.

angel_cakes_2

I phoned HSBC today as I was disgusted that they want to charge me £25 for arranging something that is already in place. I kicked off big style at the poor indian guy who didn't have a clue what to say to me and after putting me on hold then told me he would get that removed - hoorah!

Have had my overdraft for years and have never been charged this before so was fuming. Hopefully all sorted and if they try it next year I shall be phoning India again!!