interest for going over/past your arranged overdraft limit; fees for each payment your bank allows despite lack of funds; and, fees for each payment your bank refuses due to lack of funds, register for text banking. All requests for an HSBC overdraft are subject to your credit status and all overdrafts are repayable on demand. Follow the on-screen instructions to complete your request. Invest in what matters most. Encashment of other amounts from Overdraft is done as per Tariff of charges for individuals and sole entrepreneurs.) Please note that we do not appoint any third parties to refer Personal Overdraft applications to us and will not process any application that was referred by … You can talk to an HSBC representative on the prevailing rates at time of application. You can also contact us by phone or go to a branch. MILLIONS of HSBC customers will see overdraft charges hiked by up to 39.9 per cent from March 2020, although the bank is removing pricey daily fees for going into the red. If you have any further queries, or need help understanding your overdraft, please visit our FAQs below. However, if we are not able to agree to unarranged overdraft and a payment is refused, we will not charge you a fee for refusing the payment. Having an arranged overdraft with your current account could come in handy if you need some short-term funds. 3 replies 143 views Rawred Forumite. HSBC UK, which currently charges rates of 9.9% to 19.9% to some overdraft customers, said it will also remove a £5 daily fee for going into an unarranged overdraft. We also offer the Pay Monthly Money Calendar, a quick, interactive tool to help you take an objective look at your spending. Any arranged overdraft borrowing. We'll charge overdraft interest on any arranged overdraft balance, but we won’t charge for use of the £50 buffer. Overdraft support. If you’re ever finding it hard to manage your overdraft or financial situation in general, please get in touch. Representative example: 0% EAR variable on the first £25, 39.9% EAR variable on anything above that, giving a representative rate of 38.9% APR variable (assumed arranged overdraft £1,200). Please make sure you read the important information in the 'Things you should know' section before applying. Overdraft Fees resulting from ATM and everyday giving a representative rate of 38.9% APR (variable). Overdrafts are only really suitable for short-term borrowing, to tide you over for a bit. When we get in touch, we will also explain how we may be able to help, in the short and long term, if you're unable to pay this amount. Overdraft Fees . If you have one, you’ll automatically start using it when your balance falls below £0. HSBC will refund £8m to 115,000 customers who were not sent a … Find out more details. It can help in months where there are extra expenses and unplanned events. HSBC – Channel Islands & Isle of Man . How do I check what my overdraft interest rate is? You can request an arranged overdraft limit, but whether you have an arranged overdraft limit or not, we'll also provide you with an automatic £50 overdraft buffer on top as a safety net. HSBC is increasing charges on all overdrafts from next March. The maximum monthly charge in interest for going above your overdraft will be £20 per month. We’ll let you know if you’ve gone overdrawn or are about to. These alerts will generally be text message or banking app push notification alerts warning consumers of overdraft use that may result in charges. We may be able to help. Continually using your overdraft may mean you face significant interest charges, which can make it harder to repay the debt. The figures displayed are given as a guide only. An unarranged overdraft occurs when you spend more money than you have in your account and any agreed overdraft limit with your bank. Those who stay within their agreed overdraft limit will continue to pay the current rate of interest between 11.9% and 19.9% EAR. Product Terms and Conditions apply . The bank, which charges overdraft rates of between 9.9pc to 19.9pc to some customers, is planning to impose a flat overdraft rate of 39.9pc from March. £500. 103 posts. We will always try to make your payments even if you do not have sufficient cleared funds in your account and the payment would take you over any arranged overdraft facility. HSBC adds that customers don't need to do anything as it will contact both current and former users. Overdrafts aren’t available with our Basic Bank Account. If you want to reduce your limit, you’ll need to reduce the amount you’ve borrowed to less than your new limit. Interest rate as low as P + 7% p.a. It’s intended as a safety net for short-term emergency borrowing if you don’t otherwise have enough funds available to cover a payment. Our website doesn't support your browser so please upgrade. Representative example: Based on an assumed arranged overdraft of £1,200 for an HSBC Current Account, the rate is 0% EAR (variable) on the first £25, 39.9% EAR (variable) thereafter, giving a representative rate of 38.9% APR (variable). Monzo overdraft rate: App-based bank joins HSBC, Nationwide and others in hiking interest . An instant decision if you’ve already got an account. 39.9% EAR variable . The debit interest rate margin you pay will be re-assessed each time we review your overdraft facility and may change at this time. HSBC is increasing charges on all overdrafts from next March. If you’re an HSBC customer, you can call our team of specialists on 0345 850 0622 to get a helping hand. Use overdraft limit by making free cash withdrawals at HSBC Bank Armenia ATMs and branches (free encashment from branches is available only in case if amount is debited from Overdraft limit. Our contact centres are extremely busy at the moment, please don’t call us unless it’s urgent. An overdraft isn't guaranteed and is repayable ‘on demand’. If you're financially impacted by coronavirus, tell us as soon as possible. Personal Overdraft. Please use our Live Chat option if it’s available, or you can find our contact details at the bottom of this page. HSBC Jade Account. The good news is there are some practical steps you can take. We’ll send texts when you have entered or we become aware you are due later that day to enter: If you don't provide your mobile number, or let us know when you've changed it, we won't be able to send you text alerts to make you aware of your overdraft usage. Towards the end of your 3-month support period, we’ll remind you that your overdraft support is ending and that you’ll go back to paying our standard overdraft interest rates. Unarranged overdraft monthly maximum charge, Follow HSBC UK on Facebook This link will open in a new window, Follow HSBC UK on Twitter This link will open in a new window, Follow HSBC UK on YouTube This link will open in a new window, Our website doesn't support your browser so please upgrade, View our service status to see how we're doing, Careers, media, investor and corporate information, Unarranged Overdraft service not available. From outside the UK call +44 1226 261 010. 11 December 2014 at 6:31AM edited 30 November -1 at 1:00AM in Budgeting & Bank Accounts. 1You’ll need to have given us an up-to-date mobile number if you’d like to receive text alerts. Fees and charges (PDF, 237KB) Fees and charges (PDF, 237KB) Download link. Representative example: Based on an assumed arranged overdraft of £1,200 for an HSBC Advance Bank Account, the rate is 0% EAR (variable) on the first £25, 39.9% EAR (variable) thereafter. Coronavirus guidance . The higher rate charge will be applied to all HSBC accounts except the student bank account. Representative Example: Based on an assumed arranged overdraft of £1,200 for an HSBC Bank Account, the rate is 0% EAR (variable) on the first £25, 39.9% EAR (variable) on anything after that, giving a representative rate of 38.9% APR (variable). M illions of HSBC customers are poised to have their overdraft interest rate fees quadrupled under a new lending scheme.. Please note that all overdrafts are repayable on demand. First Direct customers get an automatic £250 interest free overdraft amount, while HSBC Premier account holders get a £500 interest free overdraft, so these charges only apply when these customers exceed these limits. The new rate will apply whether they go into their overdraft with or without permission. Annual Fee : 1% of the overdraft limit per annum (Minimum: HKD200, Maximum: HKD700) HSBC One and Personal Integrated Account - Clean Credit. You can use online banking or our mobile app to apply for and manage your arranged overdraft. We’ll now send you texts when you have entered or are due to enter any interest free amount, your arranged overdraft or your unarranged overdraft. HSBC UK currently charges rates of 9.9% to 19.9% on arranged overdrafts, but the higher rate will be applied across its whole range of accounts except for its student bank account. Where you have no existing formally agreed overdraft limit, we will charge our Business Standard Debit Interest Rate on all debit balances. 17 replies 3.8K views Maktina Forumite. 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