HSBC to hike overdraft fees from March

BaritoneUK

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

The £20 per month cap is for an unarranged overdraft, I think the interest is separate.

BaritoneUK

First Direct has now followed suit...

https://www.evernote.com/l/AAGppZX_zi5JkJYPKKFtV0y9CXDIy2MDX1Y


This is going to be very hard for those of us who have been using our overdraft since student days. We now have 2 months to sort this out. It's quite upsetting.

Thrugelmir

BaritoneUK wrote: »

First Direct has now followed suit...

https://www.evernote.com/l/AAGppZX_zi5JkJYPKKFtV0y9CXDIy2MDX1Y[/URL’s


This is going to be very hard for those of us who have been using our overdraft since student days. We now have 2 months to sort this out. It's quite upsetting.

Been well telegraphed though. Shouldn’t be a surprise.

capital0ne

BaritoneUK wrote: »

The £20 per month cap is for an unarranged overdraft, I think the interest is separate.

That's exactly what I said in my earlier post but someone seemed to contradict that, no wonder so many people end up in financial difficulty if they can't even understand the basics! :A

eskbanker

capital0ne wrote: »

BaritoneUK wrote: »

The £20 per month cap is for an unarranged overdraft, I think the interest is separate.

That's exactly what I said in my earlier post but someone seemed to contradict that

Yes, HSBC, who ought to be expected to know!

As do the FCA, whose new rules mandate a charging structure based solely on a single interest rate, to simplify the multiple permutations of fixed and variable costs applying previously....

So, one more time for the hard of thinking: the £20 is the monthly cap on interest charged for an unarranged overdraft. It's not a separate charge, and it's not applicable to arranged overdrafts.

Lex068

Can anyone tell me how much I will be paying interest rate wise monthly on a £750 overdraft

I always go into my arranged overdraft every month. The interest wasn’t that bad before. Normally like £6-8 per month maybe less

I have already sent an email to complain. Everyone should do the same

YorkshireBoy

Lex068 wrote: »

Can anyone tell me how much I will be paying interest rate wise monthly on a £750 overdraft

I always go into my arranged overdraft every month. The interest wasn’t that bad before. Normally like £6-8 per month maybe less

I have already sent an email to complain. Everyone should do the same

Aren't they roughly doubling the rate from 19.9% to 39.9%? If that's correct then the cost will roughly double won't it? So that's £12-16 per month for you isn t it?

Unless you have the Advance account and your rate is 17.9%?

Thrugelmir

Lex068 wrote: »

I have already sent an email to complain. Everyone should do the same

Might make you feel better but a complete waste of time and effort. Your energy would be better spent solving the problem permanently.

Lex068

YorkshireBoy wrote: »

Aren't They roughly doubling the rate from 19.9% to 39.9%? If that's correct then the cost will roughly double won't it? So that's £12-16 per month for you isn t it?

I think it’s probably going to more like £20+ which to me seems like a lot.

Lex068

Thrugelmir wrote: »

Might make you feel better but a complete waste of time and effort. Your energy would be better spent solving the problem permanently.

You might be right I don’t really want to leave but this might be the time. I was quite happy and content before but nothing lasts forever