HSBC Graduate Overdraft - no longer interest-free!

Infidel

scottishlass wrote: »

Graduated July 06 Extension is only until December at the moment at an interest free portion of £500

Hey, how do you get that? AND do they refund the shockingly high interest they've already stolen? I had over £20 robbed in just 5 weeks. :eek:

scottishlass

Crabman wrote: »

I've also received a letter as scottishlass describes - refunded debit interest of £1.50 but confirmed interest-free element as £1000 out of the available £1500.

maniac886 - we graduated at the same time so I'm not sure why they're treating you differently. At the end of the letter is a number for their 'service quality team': 0800 88 11 55.

Is yours to December of longer...Also did you ask for a £1000...I only asked for the £500 as in reality thats what we would have gotten this year....

Crabman

scottishlass wrote: »

Is yours to December of longer...Also did you ask for a £1000...I only asked for the £500 as in reality thats what we would have gotten this year....

I (and maniac886) graduated a year after you so we're on £1000 this year decreasing to £500 next year. It seems this is the status quo until November when the overdraft facilities will be 'reviewed'.

Let's hope they conform to the banking code and give 30 days notice in November huh? (ooh look, a flying pig) :rotfl:

scottishlass

Crabman wrote: »

I (and maniac886) graduated a year after you so we're on £1000 this year decreasing to £500 next year. It seems this is the status quo until November when the overdraft facilities will be 'reviewed'.

Let's hope they conform to the banking code and give 30 days notice in November huh? (ooh look, a flying pig) :rotfl:

I see....well I think I'll accept it till December - got nothing to lose.

jimbow25

I've just incurred the same interest that other people have also suffered- being overdrawn within the agreed amount, in my case less than £100, was enough to incur charges under the 4 month "extension" of the overdraft which is not interest free after all.

I don't know if I can be arsed to march into the branch and complain for the sake of less than £1 of interest incurred (35p next month and probably similar to come next month)- I will be closing my account very shortly once my standing orders have finished transferring to A&L anyway- but this really is appalling seeing as some people will be well up to their overdraft limits and given the lack of notice and clarity about what's going on in ANY of the letters.

I know a lot of people who opened accounts with HSBC as they had good student offers back in 2002 and 2003 (free cash/railcard). A lot of these same people will probably be leaving them now as well. What a way to build a customer base.

Crabman

:hello:

Just received an account review letter from HSBC, stating that the Graduate Overdraft Facility of £1,500 shall remain until 19 November 2009.

An interest-free overdraft element of £1,000 is valid until 18 July 2009, so hopefully it's across the board for all of us here.

By the way, I complained about the mess they made earlier this year (conflicting letters, incorrect info, breaching the banking code) and was issued a £25 'ex-gratia' payment (not bad for a 10 min phone call). You folks may be inclined to do the same

Sharon87

Thanks for the advanced warning! I graduated this year and I thought it was 3 years till I had to pay it off. It might still be for me, but atleast I know that it might not be the case.

You know what I'll be doing now... trying to pay my overdraft off as quickly as I can!

GrammarGirl

My graduate overdraft with HSBC was interest free from July 07 (when i graduated) until July this year, when I was sent a letter saying my overdraft would now be interest free for the first £1,000 and charged for the last £500. Since July I've been charged random amounts (ranging from 14p to £3.00) at random dates. I'm pretty much always into the last £500 of my overdraft by the end of the month, but I've never been told if the percentage they charge or the date they take it is fixed... I just find out how much they'll be taking and when they'll be taking it when I log into my internet banking!

Anyway, this agreement is fixed until April 2009 when my overdraft will next be 'reviewed'. Incidently, a 'review' of my overdraft cost me £25 (which I'm currently disputing as I didn't ask them to review anything!) and HSBC also tell me that if I formally amend my overdraft (e.g. contact them to extend or reduce it) more than twice in 6 months they'll charge me for that too. So, even though I want to start reducing my overdraft £100 at a time so it's no longer available for me to spend (and try get within the £1000 interest free limit) I can't because it'll cost me!

chuckley

they sent me letter after letter and one of them was statin my 'account' review was gonna have my overdraft lasting until november 09.

they will change their mind in a couplke months time. im payin it off a.sap then closin.

I hate hsbc for this farce.

maniac886

Crabman wrote: »

:hello:

Just received an account review letter from HSBC, stating that the Graduate Overdraft Facility of £1,500 shall remain until 19 November 2009.

An interest-free overdraft element of £1,000 is valid until 18 July 2009, so hopefully it's across the board for all of us here.

By the way, I complained about the mess they made earlier this year (conflicting letters, incorrect info, breaching the banking code) and was issued a £25 'ex-gratia' payment (not bad for a 10 min phone call). You folks may be inclined to do the same

I got the same letter as well, this will give me some time to pay it off.:beer: