HSBC Graduate Overdraft - no longer interest-free!

Infidel

Is FOS the financial ombudsman service? If so, i have sent them an email (i know i should really call, but calling from a mobile is expensive and as i'm being screwed over by HSBC i have even less money for phone credit).

Basically i just want to know if it's possible to transfer a negative overdraft balance (of less than £1000) to another bank with a free or cheaper than 18.8% overdraft. Or must i pay off my HSBC overdraft before i can move?

Crabman

Infidel wrote: »

Is FOS the financial ombudsman service? If so, i have sent them an email (i know i should really call, but calling from a mobile is expensive and as i'm being screwed over by HSBC i have even less money for phone credit).

Basically i just want to know if it's possible to transfer a negative overdraft balance (of less than £1000) to another bank with a free or cheaper than 18.8% overdraft. Or must i pay off my HSBC overdraft before i can move?

If another bank gives you an overdraft you can use that to pay off the HSBC OD (effectively transferring it over). Check Martin's article on Graduate/Current accounts for a good overdraft as most grad accounts have an interest-free portion of the OD.

The FOS say they'll call you back if you're worried about the cost so how about emailing with your mobile number: http://www.financial-ombudsman.org.uk/contact/index.html

The reason I've mentioned complaining via the FOS is because last year HSBC shunned complaints until the press got involved so it's not a bad idea to have a record of your complaint with an independent body to avoid HSBC claiming non-receipt.

Slightly odd they've not even acknowledged receipt of any of our complaints yet... :think:

scottishlass

Crabman wrote: »

Slightly odd they've not even acknowledged receipt of any of our complaints yet... :think:

Well I phoned today to be told that my final letter was sent on the 5th August closing the complaint and I should receive it any day.

When I asked why I never receive the initial receipt they said I did and that they would get the date it was sent *** Cue massive time on hold *** to be told we never did and would I like to make a complaint that procedure wasn't followed. I pointed out this was the second time it hadn't been followed as I'd previously phoned about the 5days and been told exactly the same grrrr. Guess will have to see what the letter says...

scottishlass

Did anyone hear back from HSBC?

maniac886

scottishlass wrote: »

Did anyone hear back from HSBC?

Yes I got a letter yesterday morning.

It basically states that the correct letter still stands and that they will be reviewing my account in November.

They also sent me a copy of a letter that was suposedly sent to me in June saying that my interest free part of my overdraft was reduced to £1000...never got the original one!

Doesn't really help me though as it doesnt say what will happen in Nov...if my account is going to be changed back to a current account then I want to switch asap.

May ring them later this week to get clarification.

P.S I graduated in 07.

Crabman

I received a letter, pretty much a 'copy & paste' job from the letter saying there had been a mistake. I phoned back and asked for a proper response otherwise I'll simply go back to the FOS, who will uphold my complaint because HSBC have been completely unreasonable in giving minus two days notice of a change in terms and thus broken the Banking Code.

It turns out this wasn't their final response, so the complaint is now being passed to a 'Senior Manager'.

(isn't it lucky I use HSBC for stoozing purposes only? )

Lottebear

That has changed I had 4 years interest free with them

IlonaRN

Crabman wrote: »

Just make a note of the date you received it, is there a postmark/stamp somewhere on the envelope, if you still have it to hand?

I have noticed that HSBC no longer use Royal Mail for sending their letters, so unfortunately there is never any postmark on the envelope any more!

ed666

Do what I did and close the account.....not worth the stress levels!

HSBCs complaints department is completely incompetent and even had the cheek to send me a photocopy of their amended graduate account terms from the year I graduated indicating 2 years interest free rather than 3!

Clearly the branches are frustrated by the lack of communication from head office as they really wanted to help but had their hands tied

chuckley

i too have been charged interest on the full amount even though the 2nd letter said that wouldnt come into effect till november.

i called and the woman had NO CLUE of anything. she said 'um... err... umm... hmmm...' countless times. she finally said i need to bring all letters my graduation cert and my original t&c's to a local branch as 'we cant deal with grad accounts on the fone'.

i so need to move grad accs!!!!!!!