HSBC - now charging £25 a year fee for overdraft!

cloud_dog

Iamthesmartestmanalive wrote: »

There not the first and they wont be the last

The banks have been forced by a minority of the financial inept to penalise everyone

I and everyone else who controls their finances are being well and truly !!!!!! by those who spend what they want when they want

This is one of the worst posts / reply's I think I've ever read and truely puts your tag to shame.

This is merely a way of the banks recovering lost revenue from being able to excessively penalise people with unreasonable charges. I have no issue with reasonalbe charges, after all they run a business.

cloud_dog

gt94sss2

jolenejolene wrote: »

This is not what I was told in branch. I have not made any requests for any change whatsoever in the last 5 years at least. I was told that they have to review overdrafts yearly now and that there is a charge of £25 'arrangement fee' to do this. That is what I was told in person. One charge had already been taken.

Its worth querying because their website includes:

1. A formal overdraft request is when you approach us in advance to set up an appropriate overdraft limit for a period of time of up to 12 months.

2. Overdrafts we agree to may cost you an arrangement fee on some of our accounts. If you anticipate that you may want to make frequent informal overdraft requests, it may be cheaper for you to apply in advance for a formal overdraft.

but also

3. You will not have to pay for your first agreed overdraft request (formal or informal) in any 6 month period. Each further request in a 6 month period may incur an arrangement fee.

Hence, if its just continuing an existing overdraft facility with no changes it doesn't sound as if you should be charged.

I hope not and would be interested in the answer as well - as I have had the 'same' overdraft facility for about 10 years..

Regards
Sunil

rowlers

resurecting an oldish! thread I too have just been charged this arrangement fee with any forewarning! I have not made any changes/request to my overdraft - is this just a random burglary from my account!!!

I have sent a secure message - hopefully we will get a reply soon and report back!