HSBC Customers: More than £150 charges in one month? You are owed a refund TODAY

[natweststaffmember]

Hidden HSBC £150 monthly overdraft fee limit - MoneySavingExpert News

HSBC customers may have the right to refunds if hit with more than £150 in monthly bank charges over the past seven years.

That's because the banking giant has a little-known clause that caps fees at that level every month.

Although introduced by HSBC in 2002 as part of its ‘Fair Fees’ policy, it has largely been kept from account holders as it is not included in terms or conditions or on its website. The refunds principle should apply to all overdraft charges since then.

HSBC customers should check to ensure that they haven’t overpaid. If you think you’ve been overcharged, call customer services on 08457 404 404 to reclaim the cash.

James Thorpe, HSBC spokesperson, says: "It's not something we are trying to hide away from.

"We can choose to amend it if necessary, but we have no plans to. For us, we’re very happy to talk about it – nobody should ever be charged more than that, and if they have, they should get in touch with us."

[natweststaffmember]

Re: HSBC Customers: More than £150 charges in one month? You are owed a refund TODAY

Some times, the press office do not always get it right
From MSE
"UPDATE: 12 pm 19 Nov
HSBC press office has informed us the £150 cap on fees only applies to its Arrangement Fee for paid transactions and not to Returned Item Fees for unpaid transactions. It originally made an error in telling us the cap applied to both charges.

If you have already contacted HSBC about charges over £150 which included unpaid transactions it has said it may be able to refund the difference but will look at it on a case by case basis. If you do not get a refund please send me a PM to see if we can help. Please note there will need to be a record of you phoning HSBC customer services between 13 Nov 09 and 12pm on 19 Nov 09."



Many other banks have caps for the same thing for example, NatWest capped unpaid fees at £114 per day and now at £50 a month so it is unfortunate that this piece of news was unfortunately badly explained to MSE from their press office.