HSBC student -> graduate account

[Kitchster_uk]

My girlfriend got the same letter this morning. Are they really allowed to change their policy and give you (literally) zero notice? If we'd known they were going to charge her, I'd have used my overdraft to fill hers.

It'll only cost a couple of pounds for the week it'll take to work out, but there are probably half a million students with HSBC (and a lot of them will actually pay the fees!) so they'll make a killing on this.


Anyone considering paying it: Switch to Natwest. You get a £2000 overdraft with no interest at all.

I'll be surprised if NatWest, Barclays & Llodys don't follow suit, though they're probably a bit late for this year. Nothing is ever free don't forget and in my experience there are few graduates that can afford to get massive overdrafts under control - £2.2k with Barclays took me years to settle and then they had loans etc out of me.

 

[Basher]

My girlfriend got the same letter this morning. Are they really allowed to change their policy and give you (literally) zero notice?

No, ring them and complain.

 

[slinxy]

I kept my Student account for a good 3 years after , and they gave me a graduate loan at the same time . When they finally got hold of me (needed a new bank card after a heavy night out) they switched it to a graduate that gave me interest free overdraft to a certain amount cant remember how much now... after a few months the account was switched to a normal account with an overdraft, the interest seems to be the same.

I think they need to speak to you in person - so dont go... if you dont want to - say your too busy to talk when they call ect..

 

[Skiddley]

Rate tart the OD onto a 0% card, and get a decent current account. I pulled all my accounts (>7kp/m) from the HSBC as they couldn't match competitors interest rates on current accounts and appeared not to want my business.

 

[mjer1984]

I graduated last year and the HSBC don’t charge me for my overdraft. Plus for some reason they are keeping at £1750 for another 2 years. Which is interesting as I keep it there to make money on a higher interest account with them.

 

[slinxy]

I can remember seeing something saying that HSBC dont make that much money from noraml customers, most of their profit comes from international business accounts and student accounts. thats likley the reason why my misus was refused an account, as its not worth their effort when the account holder is unlikley going to get to in debt.

 

[toadsy666]

Well, I've just been up to my HSBC branch to speak to someone. I told them I wasn't happy that I'd been changed from the account I was told I'd be put on, and that the normal 30 day notice (or whatever it is) wasn't given.

The woman said "well, there is nothing we can do about the interest. And all I can do about the short notice is apologise".

So I thanked her for her time, and walked to Natwest. The woman there was much more helpful- suppose it's always like that when they're getting a new customer.

 

[DannyDan]

Well, I've just been up to my HSBC branch to speak to someone. I told them I wasn't happy that I'd been changed from the account I was told I'd be put on, and that the normal 30 day notice (or whatever it is) wasn't given.

The woman said "well, there is nothing we can do about the interest. And all I can do about the short notice is apologise".

So I thanked her for her time, and walked to Natwest. The woman there was much more helpful- suppose it's always like that when they're getting a new customer.

I had pretty much exactly the same experience. HSBC were very unhelpful. Despite doing a PhD next year they won't give me back my interest free overdraft, so I walked into Natwest and they told me I'd get £2k interest free for the duration of my course.

Needless to say, I wont be banking with HSBC any more

 

[csmager]

http://news.bbc.co.uk/1/hi/education/6970570.stm

Interest free overdrafts back. It appears Facebook petitioning actually might work.

 

[Burnsy2023]

http://news.bbc.co.uk/1/hi/education/6970570.stm

Interest free overdrafts back. It appears Facebook petitioning actually might work.

Student customers are important for banks and it's crucial for them to build loyalty for other products such as mortages and savings/investments. By adding a 9.9%AER to the accounts underminds the system really.

Burnsy

 

[SaBBz]

I've already opened another graduate account with Lloyds TSB as I was disgusted with HSBCs behaviour. Them changing it back to an interest free overdraft won't persuade me to keep that account open either, as they have shown their true colours now.