can they take away my overdraft

marcos_2

Hello i would like to move my primary bank account elsewhere, that is the one i get paid into. im fed up of the HSBC and have applied for A&L as advised by many. question is i have a £1500 overdraft with HSBC if i stop paying my wages in to it will they take that off me?? also do the banks run a credit check when you apply to open an account??

this is my first post guys i appreciate any help and look forward to speaking to you all. thanks.

homersimpson_3

overdraft is like any other debt and is payable on demand. you need to show hsbc how you will pay overdraft if you stop paying wages in. they may take it off you and also demand you pack it back. banks and building society do run credit checks when you apply for accounts. if you're unhappy why just not apply for overdraft with bank to which you move account. building socities are fine with overdrafts provided you explain why you want it increased/decreased (e.g. please increase by x amount because I'm going to college part-time) and how you plan to pay it back (and stick to it).

bargains83

Usually Banks will often match the facilities you have with the bank you are moving from. The best thing to do when your new A&L account is open is to take a recent HSBC statement into branch showin your o/d limit, explain the situation and ask them to consider matching it.

Walletwatch

Marcos

Welcome to MSE. To answer your query, even if you decide to reverse your decision to quit HSBC, and retain them as your salary account relationship, they still can very well decide to withdraw your overdraft facility, as it is a privilege they offer you, and not your right anyway.