HSBC - steer clear.

HSBC send me monthly "your overdraft is a privilege not a right" letters, but other than that I've had no problems. And to generally whine about how virtually no money is paid in. :D
 
Amp34 said:
Is it only Nationwide that credit deposits to the time they were deposited then? :confused:

With nationwide you should be able to deposit a cheque for say £120 and then almost immediately take out the £120 again without waiting for it to clear... Or am I missing something.
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Sounds a bit cowboy to me, allowing access to uncleared funds. What's to stop people paying in a fake cheque for a few grand and then drawing out their their limit in readies every day until it fails to clear and then doing a runner?
 
to be fair, if you do a straw poll pretty much every high street bank will have someone with issues. mine was with TSB (as was then) who overpaid me when i was working during the summer when i was a student, then took the money out which took me over my limit, then charged me continuously and threatened to take me to court. it wasn't until my dad got involved (who worked for them at the time) that they actually listened to sense and i was able to arrange to pay the overpayment back whilst they withdrew all the charges. as soon as was able i left and went to barclays (via HSBC) and had no problems since.
 
I did this once, although it was with Lloyds TSB Graduate account and a completely different scenario accidently went overdrawn due to interest and a card which was supposed to be used to pay money in had be changed, i forgot to tell Lloyds TSB, was on something like £15 a day charge (maybe £25 a week I cant remember). But I whacked up a huge £220 charge for not noticing as I tend not to take notice of my graduate account.

Luckily I picked a nice girl at Lloyds TSB who sorted me right out :) she warned me I would have a slim chance of it happening again though.

There is tips on reclaiming bank charges from moneysavingexpert.com
 
Amp34 said:
Is it only Nationwide that credit deposits to the time they were deposited then? :confused:

With nationwide you should be able to deposit a cheque for say £120 and then almost immediately take out the £120 again without waiting for it to clear... Or am I missing something.
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A&L will only charge for OD when an account is OD at the end of the day. So if you went -£50 in the morning and the money was there to cover it by 5pm no charge. Although I think this only applies to Premier accounts
 
Ok, you must have paid a cheque in or a mixture of cheques and cash. If you credited cash to your account either through self service or at the counter it would be in the account immediately.

Also HSBC usually send letters to customers advising when the charges will be taken out so you have time to have the money ready for the charges debiting your account.

Don't ask me how I know this. ;)
 
HangTime said:
Sounds a bit cowboy to me, allowing access to uncleared funds. What's to stop people paying in a fake cheque for a few grand and then drawing out their their limit in readies every day until it fails to clear and then doing a runner?
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Most highstreet banks allow this, providing you are a low risk customer! :)

I think the most likely thing to have happened in the OP's situation is that he/she has misread the cleared vs the ledger balance... or there is a payment pending on his debit card.

As another poster has added, why was £120 paid in, then withdrawn almost straight away? Most strange.
 
Pez said:
As another poster has added, why was £120 paid in, then withdrawn almost straight away? Most strange.
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Doesn't seem that strange to me, he was £1 below his overdraft limit i.e. doesn't have spare cash lying aorund, someone could have given him a cheque for £120, he pays it in, but then draws it out because he wants the money for something.
 
I've banked with HSBC for 20 years and I've never had any issues. In fact they have often been more than useful.

Then again I've always been good with my bank accounts! I have an overdraft availoble (£1500) but never get close to using it but it is good to have in case of emergancy. However I don't treat it as my money.
 
HangTime said:
Sounds a bit cowboy to me, allowing access to uncleared funds. What's to stop people paying in a fake cheque for a few grand and then drawing out their their limit in readies every day until it fails to clear and then doing a runner?
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Not really, you will get overdrawn I guess, however it will be removed when your deposit has been cleared as the amount is backdated to when you deposited it. :)

I've had it happen to me before, I deposited a cheque, then had to buy something on card, checked my balance the next day and it was -£2 (into an agreed overdraft limit), couple of days later the cheque was cleared and the -£2 disappeared (and no interest charged).

(Just to point out it states on the Cash machine screen that all credits will be backdated).
 
i don't understand why they treat long term customers like this. i used to use hsbc as my primary credit card and savings account but since they did the exact same thing to me as the OP , i've stopped using their services.
 
Do OCUK send you free hardware because you've used them for 10 years? Do McD's say the next ones on the house because they've seen you so often, do NExt give you your next shirt free due to how much you've spent over the years, etc, etc, etc.

Why would a business not hold you to the details of the account you signed up to use, because you've been with them a while? Have you all known about all the charges since you opened the account, has anything changed, is it their fault you went over? in the few cases it genuinely is their fault its often easily rectified, mistakes happen as with all those other companies I listed, thats called life.

But if you go over your limit knowingly , or unknowingly purely because you don't understand how accounts work, you'll get charged, if you know this, and can't prevent yourself from doing so by being careful, how on earth is it the banks fault.
 
drunkenmaster said:
Do OCUK send you free hardware because you've used them for 10 years? Do McD's say the next ones on the house because they've seen you so often, do NExt give you your next shirt free due to how much you've spent over the years, etc, etc, etc.

Why would a business not hold you to the details of the account you signed up to use, because you've been with them a while? Have you all known about all the charges since you opened the account, has anything changed, is it their fault you went over? in the few cases it genuinely is their fault its often easily rectified, mistakes happen as with all those other companies I listed, thats called life.

But if you go over your limit knowingly , or unknowingly purely because you don't understand how accounts work, you'll get charged, if you know this, and can't prevent yourself from doing so by being careful, how on earth is it the banks fault.
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Not at all, but banks must be reliant on good service. Trust is a two way street, and ultimately we entrust our money to the bank's protection. People occasionally make financial mistakes, and charging an excessive fee that bears no proportion to the error made is an abuse of trust. Of course people are going to be angry and want to move their business away.

When the bank makes a mistake, do we as consumers have the right to charge them hundreds in arrears?

My wife went to the cash point last week to find out that she was £75,000 overdrawn. She later discovered that the monkey that altered the standing order on her student loan input the decimal point as a '3', but not until she had suffered a great deal of distress. Should she demand hundreds of pounds from HSBC?
 
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