Over draft fees

rob_da_bank

Hi I'm new on here and wondered if anyone can help me.

I bank with hsbc and am not happy with the amount of money that they charge me if i breach my overdraft. I know that I should manage my finances better and avoid these fees ,but life happens sometimes.

Everytime I go over my overdraft they charge me £100 which I feel is discusting, £100 is nothing to a huge banking corperation but to me it is a significant amound of money. I have looked elsewhere on this site and found you maybe you can reclaim your fees.

I have got the template and have calculated the entire amout which is about £300.can you get arrangements fees back as well as the notified charges. I also think a £50 fee for a £300 extention on my overdraft isn't a true cost to the company.

I do want to eventually get out of my overdraft,and to be honest I've only recently (2 months) been in the red as Im using it to pay off somthing else gradually.

anyone who has been or still is banking with hsbc has found themselfs in a simular situation as me would be great but any help would be really appreciated. more so with people who have delt with hsbc



thanks.


http://forums.moneysavingexpert.com/showthread.html?t=772671

P.S heres a post I've posted about cheap car servicing

UK007BullDog

A £100 ???? That seems very high, you are bundling charges together? have you thought of increasing your overdraft. Might not happen anymore though as you went over a couple of times and they will refuse most likely as you are now paying for the priviledge.

You seem to be in some sort of vicious cycle. Paying off something so severely that it makes you go over your budget and you are paying the price there. I think you should go over to the "debt free wannabe" board and post all your debts, outgoings and incommings and people there will help you get back on the straight with your finances.

You could try claiming back but try to open an account somewhere first before you do just in case they make life very difficult for you.

Superheavy

I work at the said bank, and the standard charge for all a/c's going overdrawn is bad enough....standing at £25 a time. It's probably if you go over once, each transaction after that is £25 too.

In order to increase your overdraft now you'd have to sweet-talk someone at the branch, as they're not allowed to do it for you over the phone if you've gone over the limit in the last 6 months.

rob_da_bank

Thanks for the replies, since 2005 I have gone over my overdraft 6 times heres a breakdown of the charges

17-Jun-2005 - £20.00
18-Oct-2005- £15.00
17-Nov-2005- £20.00
17-Feb-2006- £25.00
17-Nov-2007-£100.00
17-Feb-2008- £100.00

and there is a £50 arrangement fee because I increaced my overdraft further,I think maybe what I right do is clear it all set up another account and try to reclaim

thanks again for your help

CannyJock

Change banks and reclaim the charges. Have a look at the Alliance & Leicester accounts, - you get 0% interest on overdrafts for first 12 months.

jonesMUFCforever

CannyJock wrote: »

Change banks and reclaim the charges. Have a look at the Alliance & Leicester accounts, - you get 0% interest on overdrafts for first 12 months.

Does the 0% not assume that you will stay within your limit. If OP does not (and he seems to have a habit of doing it) then will not A&l charge him like any other bank?

CannyJock

jonesMUFCforever wrote: »

Does the 0% not assume that you will stay within your limit. If OP does not (and he seems to have a habit of doing it) then will not A&l charge him like any other bank?

Definitely, but if he's not having to pay interest on the overdraft in the first place then he can hopefully make his money go a bit further. Bottom line is if he's not happy with the charges then why stay a customer?

The obvious reply to his post was to just reply with a "get a grip of your finances, do a budget and stop living outside your means". Always good advice - meantime, he should try and get the best products for his circumstances.

The 0% overdraft facility is only 0% for 12 months, if that gives him a timescale to work with and a bit of breathing space to get things sorted then so much the better - oh yeah and you get £50 if you apply through Quidco (www.quidco.com).

YorkshireBoy

CannyJock wrote: »

Definitely, but if he's not having to pay interest on the overdraft in the first place then he can hopefully make his money go a bit further.

I suspect the debit interest being charged, even at unauthorised rates, will be very small compared to the charges being applied for payments requested (ie DD's/SO's) whilst OP is over his overdraft limit.

The 0% overdraft facility is only 0% for 12 months, if that gives him a timescale to work with and a bit of breathing space to get things sorted then so much the better - oh yeah and you get £50 if you apply through Quidco (www.quidco.com).

The problem is that A&L will see from the credit search that the OP has exceeded his agreed overdraft facility in 2 of the last 4 months. That is bound to impact on a) acceptance, and b) any overdraft facility offered.

And the charges may well be more at A&L, what with their £5 per day Exceeding Overdraft Limit Fee and £25 a time Payment Review Fee.