HSBC reclaim fees ?

[kronas]

hi all, whats the status of the law regarding 'arrangement fees' been hit three times with £25, makes it worse when your on benefits, i have gone through a tough period with other issues which made me go over on three occasions, granted i had a couple of refunds as a goodwill gesture.

[jowalshy]

Arrangement fees are basically fees that have been imposed on your account for going over your o/d limit. usually about £25 per day. They may also be called Total charges. They get taken from your account once a month.

 

They could also be fees for a new thing that HSBC are calling "informal overdraft request". This is when you spend money from your account that puts you over your limit. They usually get charged when the limit has been breached. Just remeber that this informal overdraft facility is valid for 30 days.

 

e.g overdraft limit £500.00 you spend £35 to put you over the limit. You get charged £25 for doing so. Your overdraft limit is now £535 for 30 days. If you then, the next day, spend another £35. this will incurr another "informal request" and again you will be charged another £25. Now your o/d limit is £570 for 30 days. so on and so forth.

[jowalshy]

Ooooops for got to say that these are reclaimable.

[kronas]

i dont have overdrafts and i got turned down for one before october!

 

on those occasions i usally put the problem right within 24 hours or sameday by borrowing from family!

[jowalshy]

Then you were probably charged for going in to the red. I would ring the bank and ask if these charges are for an Informal request to have an overdraft facility. If it is then you now have an overdraft facility on your account for 30 days from the last charge. If you are over your limit now, just try and make sure that you go back into black before the 30 days are up, that way you shouldn't be charged any more. Also try not to exceed this limit as you will be charged for it.

[kronas]

alright, thanks for your help so far.

 

will rep ya.