HSBC to hike overdraft fees from March
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spenderdave wrote: »Yes, 40% interest on overdrafts is one change that won't worry me in the slightest. But I would rather they gave me a bit more interest for not using that facility.
You wait till they go all "German" on us.
We will be charged a monthly fee for the current bank account then on top of that charged a negative interest rate for keeping any sums of money with them in savings accounts.
Here is the first...
https://www.bloomberg.com/news/articles/2019-12-03/german-banks-open-floodgates-to-negative-rates-for-all-savers0 -
thanks so this actually works out better then, i have a 5k overdraft in theory i would pay less, luckily i dont use it but its good to know if i need to ill only be charged 20 quid a month.
You won't only be charged £20 a month as this cap relates only to unarranged overdraft charges, as clarified in the other posts after the one you chose to quote, or the explanatory HSBC document itself.
If you used an arranged £5K overdraft up to its limit then you'd pay just under £2K per year in interest, i.e. £166 per month. Any monthly balance beyond £600 would exceed monthly charges of £20....0 -
thanks so this actually works out better then, i have a 5k overdraft in theory i would pay less, luckily i dont use it but its good to know if i need to ill only be charged 20 quid a month.
Unfortunately a lot of people will think the same ! They're in for a huge shock. It's not that difficult to understand the difference between fees and interest.0 -
Does this imply that if you don't have an arranged overdraft then payments which would take you into overdraft will simply be refused ?Warning: In the kingdom of the blind, the one-eyed man is king.0
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Consumerist wrote: »Does this imply that if you don't have an arranged overdraft then payments which would take you into overdraft will simply be refused ?
I would guess that it will be the same as now.
Depends on the bank and how they view your account.Life in the slow lane0 -
born_again wrote: »I would guess that it will be the same as now.
Depends on the bank and how they view your account.
I don't have an arranged overdraft and, for my taste, this is the way I prefer my banking to be.Warning: In the kingdom of the blind, the one-eyed man is king.0 -
Consumerist wrote: »At the moment my bank tries again later on in the day the payment is due then again the following day before refusing payment and charging Refused Payment fees.
Also things like recurring transactions can take you over.Life in the slow lane0 -
I see lots of talk about a 40% interest charge. Others seem to have missed there's a monthly cap of £20.
Maximum annual charge for an arranged or unarranged overdraft with HSBC will be £240 a year.
Thanks HSBC, I'm moving my account right now! :T0 -
capital0ne wrote: »So you may as well go for £1,000s of pounds overdrawn as you'll only be charged £240 - sounds good to me.
Thanks HSBC, I'm moving my account right now! :T
Better than the £960 it is now....:rotfl:Life in the slow lane0 -
capital0ne wrote: »I see lots of talk about a 40% interest charge. Others seem to have missed there's a monthly cap of £20.
Maximum annual charge for an arranged or unarranged overdraft with HSBC will be £240 a year.
Thanks HSBC, I'm moving my account right now! :T
This thread is real Groundhog Day stuff and seems to attract many with comprehension difficulties or who can't be bothered reading past something they like the sound of, to get to where it's corrected - small wonder some get into financial difficulties....0
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