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HSBC abolishes £25 fee for bounced transactions


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HSBC is to abolish what it said was its "most complained about" banking fee – the £25 charge it makes for bouncing a direct debit or cheque.

 

 

 

The change, which will also apply to customers of its First Direct subsidiary, comes into force on 24 November and will affect nine million account holders.

 

 

 

A £25 fee will still be applied if HSBC agrees to pay a bill, such as a direct debit to the gas or electricity company, that takes the customer beyond their agreed overdraft limit; the fee that is being axed is the £25 for returning an item such as a direct debit or cheque unpaid.

 

 

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So presumably we will now see them pay these so they can charge the fee !

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I think we can count on it that is what was going through their minds.

 

 

Mind you, if it's to a utility company, then £25 might be the cheapest and easiest way to keep out of trouble further down the line.

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  • 1 month later...

what if HSBC have allowed transactions (presumably to obtain the £25 fee) when the card should have been declined? e.g. christmas shopping?

 

having never incurred charges before i have racked up £250 in tjhe last month.... none of which have been direct debits..... certainly seems like they are paying far more transactions through than normal

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what if HSBC have allowed transactions (presumably to obtain the £25 fee) when the card should have been declined? e.g. christmas shopping?

 

having never incurred charges before i have racked up £250 in tjhe last month.... none of which have been direct debits..... certainly seems like they are paying far more transactions through than normal

 

It isn't up to HSBC to manage your spending. You have easy access to ATMS, internet banking & mobile banking for a reason.

If you have an offline debit card then certain transactions can't be "declined" by them anyway - the technology just doesn't make it possible.

 

Anyway, from your other post, you're charges relate to the entirely different matter of your student account changing to a graduate account.

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Is it me or has anyone else noticed that transactions (like shopping) which used to take three days to go through then changed to going through immediately have now gone back to taking 3 days

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