HSBC to bring in single overdraft rate of 40%

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planteria
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HSBC to bring in single overdraft rate of 40%

Post by planteria » Thu Dec 05 2019 10:30am

HSBC is to bring in a single overdraft rate of 39.9% for UK customers from March 2020, as much as quadrupling the rate it charges some customers.

https://www.bbc.co.uk/news/business-50666812
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Sarah
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Re: HSBC to bring in single overdraft rate of 40%

Post by Sarah » Thu Dec 05 2019 10:35am

Probably just a matter of time before similar changes spread to other banks like a rash. They're all desperate to squeeze UK customers more tightly.
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planteria
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Re: HSBC to bring in single overdraft rate of 40%

Post by planteria » Thu Dec 05 2019 10:45am

agreed Sarah.
for years i've had £500 at 0% with £800 total od facility on my HSBC account.
in fairness, i'm rarely in the red anyway, but it's been kind of nice to know that i have some interest free leeway.
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Re: HSBC to bring in single overdraft rate of 40%

Post by AAAlphaThunder » Thu Dec 05 2019 2:17pm

WOW, that's some mean profit.
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Re: HSBC to bring in single overdraft rate of 40%

Post by Richard Frost » Thu Dec 05 2019 2:19pm

AAAlphaThunder wrote:
Thu Dec 05 2019 2:17pm
WOW, that's some mean profit.
But it is not all profit is it?
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Re: HSBC to bring in single overdraft rate of 40%

Post by expressman33 » Fri Dec 06 2019 9:30am

already 40% at Nationwide
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Re: HSBC to bring in single overdraft rate of 40%

Post by macliam » Fri Dec 06 2019 12:07pm

Something has to be done to combat the appalling personal debt being built up by many in our society. I'm not saying that's the reason for this change, but anything that makes it more difficult to access borrowed funds seems a move in the right direction....

If you can use credit and/or O/D facilities wisely, they can be useful (my monthly credit card bills are in four figures) BUT, only if they are used wisely - I pay the total by DD and have "accidentally" accrued interest charges only 3 times in the last 4 decades, and have a "free" O/D allowance, but have never used it. On the other hand, I know of people in my own family who have continual levels of debt that would worry me to death - my sister is forever bailing out her "kids" (none under 40!), yet they all seem able to afford nice holidays, good cars and all life's little luxuries.

When you see so-called celebs going into voluntary bankruptcy to address huge debt loads, the messge sent out to their followers is obvious...... buy now, worry later.
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Re: HSBC to bring in single overdraft rate of 40%

Post by Sarah » Sun Dec 08 2019 9:14am

planteria wrote:
Thu Dec 05 2019 10:30am
HSBC is to bring in a single overdraft rate of 39.9% for UK customers from March 2020
Unsurprisingly this includes First Direct customers too; received my notification yesterday, it takes effect from 14 March 2020.
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Re: HSBC to bring in single overdraft rate of 40%

Post by macliam » Sun Dec 08 2019 12:54pm

Sarah wrote:
Sun Dec 08 2019 9:14am
planteria wrote:
Thu Dec 05 2019 10:30am
HSBC is to bring in a single overdraft rate of 39.9% for UK customers from March 2020
Unsurprisingly this includes First Direct customers too; received my notification yesterday, it takes effect from 14 March 2020.
Me too - but I notice there's still a "free" buffer of £250, so at least there's not a penalty for just slipping into the red..... :eh:
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Re: HSBC to bring in single overdraft rate of 40%

Post by planteria » Sun Aug 30 2020 8:15am

planteria wrote:
Thu Dec 05 2019 10:45am
for years i've had £500 at 0% with £800 total od facility on my HSBC account.
still have the same limits, and this week spent a day over my interest free facility - had to deal with that :problem:.
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