Turn on thread page Beta

Wondering if any of you could help out, HSBC overdraft issues watch

    • Thread Starter
    Offline

    0
    ReputationRep:
    Hey,

    So I study Business at LJMU, in 2014 my course was one of the earliest starting and therefore one of the earliest to finish. As such my loan payments were slightly earlier than the normal.

    Like most students I set up a student bank account, I decided to go with HSBC as they seemed to offer the best deal.

    I rerouted my student loan payments to said account and used it over the year, I ended up using around £500 of my £750 overdraft over the course of my first year.

    I have another bank account I use out of term time. I simply use the HSBC account whilst at Uni and my regular current account when I'm back at home.

    Because I finished so early and start later this year my loan is arrives later, this means there is a gap of more than 105 days between my two latest loan payments and as such HSBC have cancelled my overdraft and demand I pay back the £500+, They've also said they will not reinstate the overdraft.

    Like many students the student loan is the only source of income into said account and again, like most students I was in in my overdraft.

    Thing is, I was never told or made remotely aware about any 105 day period, and over the last 12 months over £3000 has gone in and out of the account so it's not like I've note met a minimum deposit allowance.

    I'm now facing the prospect of not only having no overdraft for my second year (something many, including myself rely on at Uni) but also having to pay off £500 for one of the most seemingly petty nuances.

    Wondering if anyone else has dealt with a similar situation or you think you could offer some advice, it'd be much appreciated.


    PS; I was never sent any warning of needing to pay into the account to keep my overdraft they literally just took it away two days ago and starting calling me for money I do not have.
    Offline

    1
    ReputationRep:
    Have you called up the Customer Service line to speak to anyone about it? If so, what was the outcome? It may be worth asking to speak to the department that deals with looking for solutions and explaining the situation. To be honest, if the account is completely out of use for about 5 months with £500 owing, they've probably assumed you're abandoning it (would imagine it's something that's happened a fair bit before), so knowing the actual circumstance they may take the time to see what else can be done for you.
    Offline

    2
    ReputationRep:
    You're meant to use it as a main account making regular payments. Happened to me after a year of not using one and had to pay back the £2000 overdraft on demand.

    Might be worth going into a branch and speaking to them directly, find that much better than calling customer service.
    Offline

    21
    ReputationRep:
    (Original post by TheGreatIzzle)
    Hey,

    So I study Business at LJMU, in 2014 my course was one of the earliest starting and therefore one of the earliest to finish. As such my loan payments were slightly earlier than the normal.

    Like most students I set up a student bank account, I decided to go with HSBC as they seemed to offer the best deal.

    I rerouted my student loan payments to said account and used it over the year, I ended up using around £500 of my £750 overdraft over the course of my first year.

    I have another bank account I use out of term time. I simply use the HSBC account whilst at Uni and my regular current account when I'm back at home.

    Because I finished so early and start later this year my loan is arrives later, this means there is a gap of more than 105 days between my two latest loan payments and as such HSBC have cancelled my overdraft and demand I pay back the £500+, They've also said they will not reinstate the overdraft.

    Like many students the student loan is the only source of income into said account and again, like most students I was in in my overdraft.

    Thing is, I was never told or made remotely aware about any 105 day period, and over the last 12 months over £3000 has gone in and out of the account so it's not like I've note met a minimum deposit allowance.

    I'm now facing the prospect of not only having no overdraft for my second year (something many, including myself rely on at Uni) but also having to pay off £500 for one of the most seemingly petty nuances.

    Wondering if anyone else has dealt with a similar situation or you think you could offer some advice, it'd be much appreciated.


    PS; I was never sent any warning of needing to pay into the account to keep my overdraft they literally just took it away two days ago and starting calling me for money I do not have.
    Speak to them in the branch about it if it isn't resolved go to another bank 750 overdraft is crap anyway natwest will give you 2000


    Posted from TSR Mobile
 
 
 
Poll
How are you feeling in the run-up to Results Day 2018?

The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

Write a reply...
Reply
Hide
Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.