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lee vs hsbc


the wynn
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I have a business account with hsbc and they are charging me £50 per month 'management fee' because i need to lower my overdraught from £10,00 to £2,000. They agrred to give me the overdraught now there saying its too much and want to lower it, and they are very kindly charging me £50 for the pleasure!

can i reclaim these charges????????

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I have had a brief look at the current price list for HSBC business accounts and it looks like the management fee of £50 is a renewal fee for your overdraft. I have a feeling that as this is a fee for maintaining your overdraft and not a penalty for being over your limit, it is not reclaimable. whether this is correct I don't know.

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i am over drawn, and it is not a renewel fee, its a fee they say for watching my account until i bring my overdraught back to what they seem fit and charging me this management fee of £50 per month until i do

it says on my statements 'management fee'

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so from what I can gather, they want to decrease your overdraft limit from £10k to £2k and you are over the £2k at the moment. They are charging you £50 per month for watching your account until it goes below the £2k limit.

 

I am sure that as you are above the limit of £2k at the moment they cannot reduce your limit until you are below £2k. I had a similar thing with a credit card of mine. My original limit was £900 and I had a balance of £800. I received a letter from the credit card people informing me that they are going to reduce my limit to £500. I called them to question whether I would be charged an over the limit fee for being over the new limit. They said no. The new limit would not come in until I went below that limit of £500.

 

I think that you need to call HSBC and get some clarification on this "management fee" as it seems to be a bit steep for watching your account until it goes below the new limit. Ask for a breakdown of the charge and also ask them where in the current price list, does it specify this charge. It just states that a management fee can be charged and you will be notified of this charge before it is deducted from your account.

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