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You can opt out at any time by calling us or asking us in-branch. Whether you have an arranged limit or not, we also provide customers with an automatic 50 overdraft 'buffer' as a safety net. Representative example: Based on an assumed arranged overdraft of1,200for an HSBC Current Account, the rate is 0% EAR (variable) on the first 25,39.9%EAR (variable) thereafter, giving a representative rate of 38.9% APR (variable). 1. It's easy to answer your query online. Mr John Doe 40-25-02 123456979 19. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. We'llconfirm thatyou'reeither: Overdrafts are designed for short-term borrowing. It may be that your friend/family member hasnt used their overdraft facility repeatedly. In other words, if your account goes below 0, youre into your overdraft. Your Statement. If you arrange a formal overdraft and keep within your limit it can help you prepare for life's unexpected costs. This is when you send money between two accounts. This website is designed for use in the United Kingdom. An informal request is when you authorise a payment that would take your account overdrawn or beyond your formal limit without agreeing in advance an overdraft to cover it. HSBC Business Overdraft | Business Banking | HSBC Please use our Live Chat option if its available, or you can find our contact details at the bottom of this page. After reading this guide, you should have all the info you need to decide if the HSBC UK debit card is right for you. You can opt out of receiving text alerts at any time by calling us or asking in-branch. Just like other UK banks, HSBC offers a debit card as standard with most of its current accounts. Many banks, including HSBC, can withdraw your overdraft and request repayment at any point, so its crucial not to become reliant on it. An overdraft is an easy way to borrow money through a current account. 50 interest free 'Buffer', HSBC Premier (retained Jade benefits) and Private Banking Account customers, going overdrawn when you have not arranged an overdraft; or, going over/past your arranged overdraft limit (if you have one), interest and fees for going over/past your arranged overdraft limit, fees for each payment your bank allows despite lack of funds; and, fees for each payment your bank refuses due to lack of funds. *Channel Islands and Isle of Man customers are not eligible to apply online. 0000035761 00000 n All customers can ask for support withmanaging their money. This is an amount you can owe without being charged interest. By reducing overdraft use, you could save money. HSBC to hike overdraft fees from March - MoneySavingExpert.com trailer 146 0 obj A list of banks in Austria, including more information on some of the biggest and most popular retail banks in the country. You can use it to spend in shops or online, and withdraw cash at ATMs. The HSBC Mobile Banking app lets you manage your personal accounts easily and securely from your mobile phone. Plus, worldwide travel insurance, an arranged overdraft, preferential terms on mortgages and savings, and access to Premier credit cards., This is an everyday bank account for over 18s, with a debit card, simple features and no monthly fee. If you want to check if youre likely to get an overdraft without making an application, you can use oureligibility checker. 0000003553 00000 n Representative example: Based on an assumed arranged overdraft of1,200for an HSBC Bank Account, the rate is0% EAR (variable)on the first 25,39.9% EAR (variable)on anything above that, giving a representative rate of38.9% APR (variable). 121 0 obj You can opt out of receiving these text messages by calling us. Visit, reviewing your utility bills. The support will be applied to your account(s) from the date detailed in the confirmation email or letter you will receive. It can help in months where there are extra expenses and unplanned events. Once you've been approved for an arranged overdraft limit, you'll need to come back to this page and complete the online form to request the support. Representative example: Based on an assumed arranged overdraft of1,200for an HSBC Graduate Bank Account, the rates are: Year 1:0%EAR (variable) on the first 3,000,39.9%EAR (variable) thereafter, giving a representative rate of 0% APR (variable). 0000003482 00000 n We won't charge you more in unarranged overdraft interest than the maximum unarranged overdraft agreed in that charging month. Most of our accounts (excluding Basic Bank Account) come with a buffer of 25 or more. This website is designed for use in the United Kingdom. What happens if I can't pay back my overdraft? - The Plum Blog As you can see, you'll need to be careful when using your HSBC debit card abroad. endobj Please note: we won't automatically increase existing overdraft limits or add a limitif you do not already have an arranged overdraft on your account. It takes into account not just the interest, but also any other charges that may have to be paid and any interest-free amount. An arranged overdraft is where we agree an overdraft limit with you. HSBC Group | Copyright HSBC Group 2002-2023. An unarranged overdraft is where you havent agreed an overdraft with your bank but spend more than the amount in your current account. 0000006133 00000 n 0000003845 00000 n .fA+_HTBz^QE]K+;gG}SeMqYNvjfbJt\Xod@hLRV~IUC[s{mcyuainAZF|rdlpx"zcU@q^ | endobj HSBC Group | Copyright HSBC Group 2002-2023. Enjoy peace of mind with an interest-free buffer. 0000035317 00000 n endobj How does our overdraft compare? Monthly cap on unarranged overdraft charges Each current account will set a monthly maximum charge for: going overdrawn when you have not arranged an overdraft; or going over/past your arranged overdraft limit (if you have one). 151 0 obj However, if you use an unarranged overdraft, or permanently live within your . Some examples are: There are a number of waysyou can reducespending or increase your income. If you're an existing HSBC customer with an overdraft, you can use the mobile app or log on to online banking and manage your current arranged limit. Visit, checking for any tax credits you might qualify for. You will usually pay interest on your overdraft, although sometimes you will have an initial, interest-free . Just fill out our short online form. For example, daily limits on spending and cash withdrawals. 0000035418 00000 n Even if youhaven'texceeded your arranged overdraft limit, your use could be causing you to incur high avoidable charges. If you're still worried about your finances, please visitmoney worries. An overdraft lets you borrow money through your current account. Most of ouraccounts (except our Basic Bank Account) come with an interest-free buffer. Until 21 September 2021, Barclays is capping overdraft interest charges on personal accounts at 180 per month. Youll have the HSBC fee to pay, and youre likely to end up with an unfavourable exchange rate. As with many UK-issued debit cards, the HSBC card has a few limits you need to be aware of. Our lines are open 08:00 to 20:00 every day except Christmas Day, Boxing Day and New Year's Day. HSBC Group | Copyright HSBC Group 2002-2023. [134 0 R] If you go into an unarranged overdraft, this may adversely affect your credit file. 19.9% EAR variable. 0000004785 00000 n How much will the debt advisory agencies charge me? 0000014407 00000 n 0000001876 00000 n Youll only be charged interest on anything you spend over this interest-free amount. Representative EAR 15.10%. Your only cost will be the interest you pay. However, you may be paying more than you need to in interest, which is why were letting you know and encouraging you to review and reduce your overdraft usage. However when payments are returned your credit rating may be affected. APR(Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. An unarranged overdraft is when you authorise a payment that would take your account overdrawn or beyond your arranged limit without agreeing in advance an overdraft to cover it. Youll have to pay interest if you have an unarranged overdraft. If you need to reduce your spending to reduce your overdraft, here are a few things you may want to do: Explore: How to get out of your overdraft. Minimum overdraft limit of 25,001 - maximum dependent upon requirements and subject to status. HWMo7Q"ZKJ$A}gI}qZ 0%9ooH FF]k5|}mbW5ujeM{uy4JipkewibTz"WGM0Hq]U|c(pf|j{b@G0Osm.iLRZDMUMTo Based on an assumed arranged overdraft of1,200for an HSBC Bank Account Pay Monthly, the rate is 0% EAR (variable) on the first 25,39.9%EAR (variable) thereafter, giving a representative rate of38.9%APR (variable). We charge interest on both types of overdraft (once youve borrowed more than any interest-free buffer). Lastly, you may be eligible for reduced or waived overdraft interest charges or payment plan options - call 0800 161 5234 to find out. endobj We'll talk to you about your situation and help you find a solution. Information regarding other forms of borrowing is available on our website. Do you have a relevant HSBC bank account. You will agree to an arranged overdraft limit - which is the maximum amount that can be borrowed. <>/Subtype/Form>>stream If youd like an arranged overdraft on your account, youll need to request one from your bank. National Debtline (if youre self-employed). endobj One crucial thing to watch out for is the contactless spending limit. The table below shows how fees are changing across HSBC and its other brands First Direct and M&S Bank. Our lines are open 07:00 to 21:00 every day. 2 Representative example 0% EAR (variable) on the first 25 We're not automatically increasing existing overdraft limits or adding a limit for customers who havent already got an arranged overdraft on their account. you have an account with a negotiated rate (where we have agreed a non-standard rate for your overdraft). If your mailing preference is set to paper correspondence, it could take up to 3 weeks to receive your decision letter. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text]/Properties<>/XObject<>>>/Rotate 0/Tabs/W/Thumb 103 0 R/TrimBox[0.0 0.0 595.276 841.89]/Type/Page>> <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 686.072 223.027 674.522]/Subtype/Link/Type/Annot>> Anunarranged overdraftis when your account goes overdrawn and you dont have an arranged overdraft, or you go over your arranged limit. Be prepared for life's unexpected costs with an arranged overdraft, Get text alerts if you're about to go overdrawn.