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Overdraft

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Hi there

 

New to this forum but have a possible dilemna??

 

I recently opened an account with Santander, the one with the high interest rate and free £100, as i had become a bit disillusioned with HSBC. Now i expected (wrongly) that Santander would arrange for an overdraft for my new account, as i already have one with HSBC for £300, however they have not. The problem with this is that i will now have an overdraft on my HSBC account which is full up and my salary and direct debits have all been moved to my new Santander account.

 

My question is, will my HSBC overdraft remain in tact without any activity on my account, for me to pay it off over the next 11 months (time remaining before review) or will they cancel it now that i have transfered everything away from this account, and i'll be left with a £300 debt which i will have to repay immediately?

 

Thanks for your help in advance!!

 

Tom

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Hi Combinetom,

My experience is that HSBC will start causing you a problem when their computer indicates there are no funds flowing through your account and they will then try to withdraw your overdraft and attempt to replace it with a managed or flexi loan. They may as the amount is relatively small, leave the facilty in place provided you pay some funds into the account. However if precedent follows as in my case they withdrew my £500 overdraft even though the account was in credit and receiving regular payments and the overdraft was not being used. So they will try and get you both ways!

 

Carningli

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Hi combinetom , welcome to the forum :)

 

Good advice there from carningli ,

 

as regards the bit :

 

will start causing you a problem when their computer indicates there are no funds flowing through your account and they will then try to withdraw your overdraftlink3.gif and attempt to replace it with a managed or flexi loan.

 

Whatever you do , don't let them talk you into a Managed Loan. there are many horror stories on here about these ..... you pay forever and in some instances , barely clear the interest on it ....

 

In the words of one respected poster on here (Castlebest) : It's Financial Slavery ..


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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Hi

 

Thanks for your replies guys.

 

I know people say how bad Santander are, but in my experience, HSBC have been real sh**es about everything. This month alone, i got charged £125 in charges for going over my overdraft by a maximum of £5 3 times, for a maximum of 1 day each. I then rang them and complained about it and said i would be consulting the office of fair trading and CAB, and they said they will refund thwe charges out of goodwill, and i look at my online banking this morning, and they have taken the full £125 out without warning, and taken me over my overdraft by £21. It just takes the ****.

 

Anyway, luckily i rang Santander, and they are giving me an overdraft, so i'll just wait and see if HSBC say anything, otherwise they can p**s off and wait for their money!!

 

Thanks again!!

  • Confused 1

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I then rang them and complained about it and said i would be consulting the office of fair trading and CAB, and they said they will refund thwe charges out of goodwill,

 

That's the trouble with telephone calls , combinetom ...... they can deny what was said or agreed , and unless you have recorded the call ....there's little you can do about it .

Best to put your complaints in writing , that way their answers are on file .......... for when they renege............


Nemo me impune lacessit

 

 

Advice & opinions given by johnnymitch are personal, are not endorsed by Consumer Action Group or Bank Action Group, and are offered informally, without prejudice & without liability. Your decisions and actions are your own, and should you be in any doubt, you are advised to seek the opinion of a qualified professional.

 

 

If you think I've helped you please feel free to tickle my star :-D

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