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HSBC declares war on its customers and the FCA

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HSBC has announced that customers who dip into the red will be charged a flat 39.9 per cent interest rate from next March, with some bank account holders seeing their fees trebled under the changes.

Its customers currently pay between 11.9 per cent and 19.9 per cent when they use their arranged overdraft, meaning all customers will see substantial increases on their borrowing costs next year.

The announcement makes the bank the second major High Street lender after Nationwide to change its overdraft arrangements after regulator the FCA changed the rules on overdrafts.






Hopeless Sons of Bitches and ... – I can't remember what the C stands for.

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HSBC is set to impose an overdraft rate of almost 40 per cent, as much as quadrupling the interest paid by some customers from March 2020.

The move is in response to new industry-wide rules designed to simplify overdraft fees and put an end to rip-off charges, but while some customers will benefit, many will pay significantly more than they do currently.




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