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Hi All, I have just received a letter from HSBC stating that they are changing the terms and conditions of my account with them. The main point of this appears to be to change the overdraft facility and penalties/charges are now "set-up fees". I'll post the full letter, word for word in a sec, but just wondered if anybody else has got this, and what affect (if any) this has on our claims?
Request for Repayment sent 06/10/06 - fingers crossed
Letter Before Action sent 30/10/06 - still got em crossed
Offer made for £920 (full amount=£1073) 9/11/06
Dear Mr.Harris
I am writing with your updated terms and conditions and price list, and I'd also like to tell you about some great improvements we've made to our Bank Account Plus.
I recommend that you take the time to carefully read through the terms and conditions. Please pay particular attention to the inside front cover, where the charges are summarised for you. All changes will take effect from 1st December 2006.
I would like to draw your attention to clause 7 of section 2 in the terms and conditions relating to our Overdraft Service, which is an additional service to our current account. Our Overdraft Service is a way in which you can borrow money on your current account, and can be requested from us in two ways, either formally or informally.
A formal overdraft request is when you approach us in advance to set up an appropriate overdraft limit for a period of time up to 12 months. Before the overdraft limit expires, we will make contact regarding your ongoing requirements. So if you already have an existing overdraft limit, you do not need to take any action now, although of course, please do contact us if your needs change.
An informal request is where you do not contact us in advance, and debits (for example, cheques or ATM withdrawals) which you have issued are presented to us for payment and either there's not enough money in your account or your balance would exceed any existing formal overdraft limit. If we agree to your request the overdraft will be provided for 31 days. If another informal request is received within the same 31 day period, this will be treated as a new request.
Fair Fees Policy
Our Fair Fees Policy means that we will not charge any fees for agreeing either formal or informal overdraft requests unless they occur frequesntly. * You will not have to pay for your first agreed overdraft request (formal or informal) in any 6 month period. Each further request in that period may incur an arrangement fee of £25. * You will not have to pay fees for being overdrawn by £10 or less. * You will not have to pay more in fees than you are overdrawn by in your charging month. * You will not have to pay a fee for an informal overdraft request if your account is credited by the end of the same day.
For full details of our fair fees policy please refer to the enclosed Price List.
Many customers find our Overdraft Service invaluable. However, an overdraft is generally intended to cater for short-term borrowing. We will be increasingly contacting those customers who are making regular overdraft requests, to discuss their borrowing requirements and see if we can help further.
The letter then goes on to talk about the benefits of paying £9.95 per month for Bank Account Plus.
Yours Sincerely
Chris Pitt
Head of Customer Communication
Request for Repayment sent 06/10/06 - fingers crossed
Letter Before Action sent 30/10/06 - still got em crossed
Offer made for £920 (full amount=£1073) 9/11/06
coincedance that this arrived 3 days after sending request for repayment??
sceptical? me? never
Request for Repayment sent 06/10/06 - fingers crossed
Letter Before Action sent 30/10/06 - still got em crossed
Offer made for £920 (full amount=£1073) 9/11/06
return fees up to £10 - no charge
up to £25 - £10 fee per item
above £25 - £25 fee per item
stopped cheque - £10 per cheque
representation of cheque - £15 per cheque
Request for Repayment sent 06/10/06 - fingers crossed
Letter Before Action sent 30/10/06 - still got em crossed
Offer made for £920 (full amount=£1073) 9/11/06
I got the same 'fair fees policy' letter too, its just another term for charges, if it looks like a dog and barks like a dog, bet your life it is a dog! When my claim is settled I'm going to respond to the letter and tell them that they are still charges and if I am charged again (but I don't really intend to go overdrawn after all this , though you never can tell), then I will take the same action as I am doing now.
Although I don't intend to go overdrawn again after this - it's bound to happen, and I have just realised that I am gonna get charges added this month too.
I wonder if I can add these to my current claim, or whether I should just do it again? I wouldn't want to make it easy for them by reducing their workload
Request for Repayment sent 06/10/06 - fingers crossed
Letter Before Action sent 30/10/06 - still got em crossed
Offer made for £920 (full amount=£1073) 9/11/06
no problem natty - wish I was a quicker typer though
Request for Repayment sent 06/10/06 - fingers crossed
Letter Before Action sent 30/10/06 - still got em crossed
Offer made for £920 (full amount=£1073) 9/11/06
Teejay- a HSBC claimer doing the thread may add credibility so maybe worth you posting on this one and I will see if we can confer on all charges so that they are as accurate as possible. What do you say? Have a look at the research thread and when we are clear then post it. I think it may well be clear by the weekend although I think we may have to do a lot of reading on the thread. Thanks in advance.
sorry Nat, what you mean?? I'm happy to help in any way I can.
I have a nice little booklet that HSBC sent me called "Price List and interest Rates" - it's like having a menu... I think I'll have the Stopped Cheque with a side order of copied statements please waiter!!
Request for Repayment sent 06/10/06 - fingers crossed
Letter Before Action sent 30/10/06 - still got em crossed
Offer made for £920 (full amount=£1073) 9/11/06
At least HSBC seem to be moving in the right direction (charging fees that were many times the amount you went overdrawn was clearly indefensible anyway).
Lloyds TSB, I read this weekend, have just put all their charges UP and removed the buffer. 1p overdrawn means charges.
Either
a) Lloyds believe they have some way of defending these unlawful charges, or
b) It's some serious brinkmanship and they think people must believe they're lawful or they wouldn't be allowed to put they're charges up?
Well it is a potential step in the right direction if you only go slighly over your OD limit. Of course if you go way over your stuffed for a while (atleast till you get those letters sent out)
Currently taking action against the HSBC for £2465
Change of Terms&Conditions + terminology
stating that they are changing the terms and conditions of my account with them. The main point of this appears to be to change the overdraft
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