Bank charges

[Goaters]

Just a quick question as I'm rubbish on matters with regards to my money. I only have a debit card which I use to pay for everything, anyway a few weeks ago without my knowledge I got into £88 debt. I only realised after I got my statement so instantly transferred money across from savings account to my current account and therefore had a couple of thousand in my account again.

Just got a letter through saying that HSBC have charged me £150 for going into the red even though it was only for 5 days and as soon as I realised I put money into the correct account.

Can I do anything about this or do I just have to accept it?

 

[djspam]

Put it in writing that unless you are refunded as a matter of urgency you will not hesitate to change banks.

I have never ever had a bank charge.

 

[Matty]

Just a quick question as I'm rubbish on matters with regards to my money. I only have a debit card which I use to pay for everything, anyway a few weeks ago without my knowledge I got into £88 debt. I only realised after I got my statement so instantly transferred money across from savings account to my current account and therefore had a couple of thousand in my account again.

Just got a letter through saying that HSBC have charged me £150 for going into the red even though it was only for 5 days and as soon as I realised I put money into the correct account.

Can I do anything about this or do I just have to accept it?

Ask them to justify how you being £88 in the red has cost them £150. They should only charge you the amount it's cost them to deal with you being in the red, in the past what banks have done is overcharge customers so they can reimburse themselves for ALL the costs they've endured. Fir example, you may pay your £40 charge but 3 other people won't so the bank is still down in that instance. If they charge you £80 instead then they are recuping some of the money from you that they won't get from the other people. Your individual costs is only £40 but you're being charged £80 to cover other costs too. If you complain then they'll only charge you what you personally actually owe.

 

[denislawsbackheel]

The OFT took banks to court over just this last year. The banks were found against. They are appealing the judgement, which could take a couple of years yet. In the meantime they have been told they don't have to do anything about these charges until the final decision and so are applying them. You can't take them to court. that option is suspended pending the appeal court decision. You need to put a claim in to register your interest because if and when they are told to refund the money they will just do it in chronological order of appeals against them and it'll take ages.

Go to <a class="postlink" href="http://www.moneysavingexpert.com" onclick="window.open(this.href);return false;">www.moneysavingexpert.com</a> for more info

 

[Balti]

Just ask them for the customer agreement where it states the charges due for an unauthorised overdraft.

If they can't show that you agreed to it then complain about the charge being too high for such a good and loyal customer etc, especially in the current economic crisis etc, and threaten to switch banks unless you are refunded.

If they can show that you agreed to it then complain anyway about the charge being too high for such a good and loyal customer etc, especially in the current economic crisis etc, and threaten to switch banks unless you are refunded.

 

[denislawsbackheel]

would people please not post spurious advice that they obviously haven't tried. The banks couldn't give a toss about threats to move accounts. I know. Been there bought the tee shirt etc..

 

[TINY]

would people please not post spurious advice that they obviously haven't tried. The banks couldn't give a toss about threats to move accounts. I know. Been there bought the tee shirt etc..

Agreed. The banks are in a position of power at the moment until this court case is decided is extremely unlikely anyone will get any charges back. However when the courts DO rule in favour of average Joe, then...CHERRRR CHING!

 

[bluesmith]

Just a quick question as I'm rubbish on matters with regards to my money. I only have a debit card which I use to pay for everything, anyway a few weeks ago without my knowledge I got into £88 debt. I only realised after I got my statement so instantly transferred money across from savings account to my current account and therefore had a couple of thousand in my account again.

Just got a letter through saying that HSBC have charged me £150 for going into the red even though it was only for 5 days and as soon as I realised I put money into the correct account.

Can I do anything about this or do I just have to accept it?

What I did in a similar situation was, Phone the bank told them that I was very annoyed about being charged as I had been into my local branch and asked for an overdraft to cover the amount i was overdrawn as I knew I was due to go overdrawn. They agreed and I assumed it had been put on. Yet I have still been charged.

It worked for me and i got about £300 of charges back.

Might be worth a try.

 

[BingoBango]

would people please not post spurious advice that they obviously haven't tried. The banks couldn't give a toss about threats to move accounts. I know. Been there bought the tee shirt etc..

Agreed. The banks are in a position of power at the moment until this court case is decided is extremely unlikely anyone will get any charges back. However when the courts DO rule in favour of average Joe, then...CHERRRR CHING!

Sad to say, if the bank charges are found to be illegal the banks will just find a new way to screw us over to recover those lost profits. The most obvious one is to levy a service charge for having an account, anywhere between £2-10 a month, like they do in Australia.

 

[Wheelsy]

Usual overdrawn fee is around $40 here (£16). To be charged that much is absolutely abhorrent.

I used the old "I'll change banks" thing before. The first time they refunded the amount.
The second time they didn't, and guess what? Moved to a credit union. Best financial move ever made.