0000003872 00000 n 0000017605 00000 n 0000008262 00000 n This means money taken out of your account. It could be as a result of a payment you have made, or cash withdrawn at an ATM machine. The account also offers additional perks, such as discounts and cashback as part of the HSBC home&Away rewards programme., This is HSBCs premium account for over 18s, with no monthly account fee and lots of benefits and extra services. If you want a cheaper alternative, with low fees and the mid-market rate for all currency conversions, consider checking out the Wise debit card. This fee accrues daily and is charged regardless of whether the overdraft has been used, for an Overdraft Limit of above 200 only. Some examples are: You can also keep a track of your spendingthrough: Well send you a text message when you go into your arranged or unarranged overdraft (including anyinterest-freeoverdraft amount on your account). We have detected your browser is out of date. GBP 1,500 GBP 0 GBP 3,000 Total amount overdrawn Enter a value between 0 and 3,300 You can pay your overdraft back by transferring money into your current account. Receive an instant decision if you've already got an account. trailer Youre likely to need proof of ID, such as a driving licence or passport, along with proof of address. 149 0 obj Visit our Help page to find out how. 0000003157 00000 n All rights reserved. If youre finding it hard to manage your overdraft or financial situation in general, please get in touch. 120 79 0000021829 00000 n Arranged and unarranged overdrafts: An arranged overdraft is when you agree with your account provider in advance that you may borrow money when there is no money left in your account. If you'd like us to increase, decrease or cancel your limit, you can do this through online or mobile banking. %PDF-1.7 % 123 0 obj Cross-Border Disclosure, Interpret your bank statement and feel comfortable making every day financial decisions, Make it easier to compare savings, loans and credit offers from a range of providers, Research backgrounds of brokers and firms for free by visiting FINRA's BrokerCheck website, Information for real estate professionals, Careers, media, investor and corporate information. Even if youhaven'texceeded your arranged overdraft limit, your use could be causing you to incur high avoidable charges. We will also report, as standard, any arranged overdraft limit and overdraft usage for all current accounts. Or you can ring us on03456 00 61 61 any time of the day or night to check your balance using our automated service. If you've agreed an overdraft limit with us in advance, it's known as an 'arranged overdraft'. If you opt out of text alerts or we dont have an up-to-date number for you, you could end up paying interest that you might otherwise have avoided. As with many UK-issued debit cards, the HSBC card has a few limits you need to be aware of. But an additional feature is a 50 buffer for unarranged borrowing to cover short-term needs. Bill Pay allows you to pay a company or a person within the U.S. from your checking account. You can use the APR to compare the real costs of loans from a number of providers. Account Name Sortcode Account Number Sheet Number. An unarranged overdraft is when you make a payment that takes your account overdrawn without an arranged overdraft in place, or over your arranged limit. But if you do, please bear in mind that youll be opting out for all your current accounts with us. Your bank statement may refer to credits and debits, which refer to the individual money in and money out transactions that have occurred. Youll get an HSBC visa debit card, contactless payments and an optional arranged overdraft of at least 1,000. If you're a student, you may be able to access a 0% overdraft. Youll have the HSBC fee to pay, and youre likely to end up with an unfavourable exchange rate. <> Some examples are: There are a number of waysyou can reducespending or increase your income. endobj Every month, we'll review your account to make sure your overdraft borrowing is suitable, based on credits toyour account. 0000035317 00000 n With prices continuing to rise sharply, our focus is on offering support wherever we can. thereafter, giving a representative rate of 38.9% APR (variable). <>/Subtype/Form>>stream You have a right to cancel, however, so you may prefer to switch them to a payment method thats easier to manage, like a Direct Debit. Credit is subject to status. You might make a transfer between two of your own accounts, for example, from an everyday bank account to a savings account. Here are the main limits you need to know about: Lastly, lets run through some key considerations about using your HSBC card abroad. If you exceed your overdraft limit, you'll have entered into an unauthorised overdraft. Usually, you'll have to pay a monthly fee plus a daily fee for every day you're over your limit. Unplanned overdraft fees vary from bank to bank. HSBC provides an overdraft eligibility checker so you can see if youd be eligible for an arranged overdraft. 0000027602 00000 n Our Overdraft Service isnotavailable on Basic Bank Account. The table below shows how fees are changing across HSBC and its other brands First Direct and M&S Bank. You can use HSBC cash machines, which will warn you if you try to make a withdrawal that might result in you being charged. These are payments or deposits you've made for example, with your debit card that haven't yet cleared or been debited from your account. 144 0 obj 0000012223 00000 n 715345 aeVWRVQPS451*56be4OC]Mn~]$XqJRdJ9yYEMm-DcxJtr WjUB Vh(+'_ TN;\R"hfYSUQ rk5J(V"]SCF43kQdnkam `3on$; {lT2)a best UK bank accounts for international students, HSBC - Advance account - Fee Information Document, Free (ATM operators may charge their own fee), Withdrawing cash overseas or in foreign currency, The option to use your card with digital wallets such as Apple Pay, Google Pay and Samsung Pay, Access to online banking and the HSBC mobile banking app, No monthly maintenance fees for current accounts. 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). The bank is also emphasizing their Barclayloan debt refinancing option for those who qualify. Direct Debits are often used to pay household utility bills like your gas or electricity. Use our Overdraft calculatorto see how much using an overdraft would cost you. Its intended as a safety netfor short-term emergency borrowing ifyou dont otherwise have enough fundsavailable to cover a payment. Our arranged overdrafts have an interest rate of 39.9% EAR (variable), with an interest-free buffer of at least 25. When you use your debit card, the amount of the transaction is debited from your account. Arranged overdrafts typically come with an interest-free buffer. endobj 132 0 obj 0000006133 00000 n <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 508.801 167.165 497.251]/Subtype/Link/Type/Annot>> 2 Representative example 0% EAR (variable) on the first 25 An arranged overdraft is where we agree an overdraft with a limit with you, before your account goes overdrawn, or over your current arranged overdraft limit. . We won't charge you more in unarranged overdraft interest than the maximum unarranged overdraft agreed in that charging month. We'll now send you texts when you have entered or are due to enter any interest free amount, your arranged overdraft or your unarranged overdraft. 0000035915 00000 n Youll be required to repay anything you owe if you want to cancel. If you borrow more than this, you'll need to pay interest on the amount you've borrowed. The only cost to you will be the overdraft interest you pay. Weve looked at the account types which offer a debit card, plus the fees and limits for using your HSBC debit card at home and away. My friend/family member has an overdraft facility with you but hasn't received a letter about this. It's easy to answer your query online. If you decide not to change the way you use your overdraft, there are certain steps we may take as a responsible lender. 157 0 obj We're here to help you. *Channel Islands and Isle of Man customers are not eligible to apply online. HSBC currently charges between 9.9% and 19.9% to overdraft customers and charges a 5 daily fee for going into an unarranged overdraft. Use of an overdraft will normally result in you being charged interest. 0000035599 00000 n endstream HSBC Group | HSBC Bank plc 2017-2023. Find out more about how an overdraft works to help decide if an overdraft is the right option for you. Overdraft eligibility checker This link will open in a new window, Overdraft eligibility checker This link will open in a new window, Unarranged overdraft monthly maximum charge, Making sense of overdrafts (PDF, 390 KB) Download, FSCS information sheet and exclusions list (PDF, 177 KB), FSCS information sheet and exclusions list (PDF, 177 KB) Download, HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB), HSBC Banking Terms and Conditions and Charges (PDF, 1.45MB) Download, Standards of Lending practice (PDF, 44KB), Standards of Lending practice (PDF, 44KB) Download, Apply for an arranged overdraft This link will open in a new window, Log on and manage your overdraft This link will open in a new window, Follow HSBC UK on Facebook This link will open in a new window, Follow HSBC UK on Twitter This link will open in a new window, Follow HSBC UK on YouTube This link will open in a new window, Our website doesn't support your browser so please upgrade, View our service status to see how we're doing, Careers, media, investor and corporate information, Unarranged Overdraft service not available. 0000005083 00000 n Read the making sense of overdrafts guide (PDF, 86 KB)to find out more about how HSBC overdrafts work. It means with an overdraft it can help you through expensive months like December, or paying unexpected costs such as an emergency plumber. We charge interest on both types of overdraft (once youve borrowed more than any interest-free buffer). Thinking of switching bank accounts, or looking for a new debit card? endobj endobj 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). 0000014407 00000 n An unarranged overdraft is when your account goes overdrawn and you don't have an arranged overdraft, or you go over your arranged overdraft limit. An unarranged overdraft is where you havent agreed an overdraft with your bank but spend more than the amount in your current account. 0000017658 00000 n However, you wont be able to apply for overdrafts, credit cards or loans with this account., The HSBC Bank Account Pay Monthly is designed for people wanting a buffer for unarranged emergency borrowing. 153 0 obj If you need help to manage your account or are struggling with your finances, please contact us. The maximum monthly charge in interest for going above your overdraft will be 20 per month. However, you will have to pay interest on the amount you've borrowed at the applicable overdraft interest rate. [( H S B - e N R F B 1 3 6 8 - M C P 5 2 1 3 1 . 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. This could make it an expensive way to spend internationally. Make sure you check when contacting them. This website is designed for use in the United Kingdom. When your account is in debit, it means it is overdrawn. Youll go into an overdraft if you make a withdrawal, or purchase, that takes you below your available balance. Our lines are open 08:00 to 20:00 every day except Christmas Day, Boxing Day and New Year's Day. We will always consider an unarranged request and will try to be supportive. HWMo7Q"ZKJ$A}gI}qZ 0%9ooH FF]k5|}mbW5ujeM{uy4JipkewibTz"WGM0Hq]U|c(pf|j{b@G0Osm.iLRZDMUMTo There may be other service providerswho chargefor this service. If you'd like to upgrade your account to an eligible account,please contact us. This is when you give a company permission to take money from your bank account on an agreed date. All rights reserved. Find the answers and while you're at it, tell us how we could do better. 5 daily fee to a monthly maximum charge of 80. If you agree an arranged overdraft and then change your mind, you have 14 days to cancel from the date the overdraft was provided, or the day you received a copy of your overdraft agreement (whichever is later). 133 0 obj An overdraft is a way of borrowing money through your current account. endobj In other words, if your account goes below 0, youre into your overdraft. The representative APR shows the cost of borrowing over a year, so you can use it to compare the cost of our overdraft against other overdrafts and ways of borrowing. 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). Your Wise debit card lets you spend in the local currency in 175 countries, for low fees and fair exchange rates. This could include reducing, suspending or removing your overdraft facility. <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 629.816 152.241 618.266]/Subtype/Link/Type/Annot>> You can find full information on getting a new card here on the HSBC website. endobj We'll also provide support. Even if you haven't exceeded your arranged overdraft limit, your use could be causing you to incur high avoidable charges. An overdraft is a pre-arranged loan that you can use as and when you need without having to apply each time. Apply for an arranged overdraft through online banking or with our app. How does our overdraft compare? However, if you use an unarranged overdraft regularly or continuously for 30 or more days, it could have a negative affect on your credit rating. 0000003713 00000 n All rights reserved. We encourage you to ask for this extra support only if you need it. <> If youre unable to pay back anything youve borrowed, your bank may be able to help. A charging month normally starts on the day of the month you originally opened your account. The HSBC Mobile Banking app lets you manage your personal accounts easily and securely from your mobile phone. Based on an assumed arranged overdraft of1,000for an HSBC Student Bank Account, the rate is0%EAR (variable), giving a representative rate of0%APR (variable). 135 0 obj From the 17 November we introduced some new text alerts to let you know when you go into or are due to go into your arranged overdraft. Make the move from your old bank to HSBC in just a few steps. Choose the relevant account that you'd like to manage your overdraft for. You can reduce your overdraft at any time. Based on an assumed arranged overdraft of1,200for an HSBC Premier Bank Account, the rates are 0% EAR (variable) on the first500,39.9%EAR (variable) thereafter, giving a representative rate of21.8%APR (variable). endobj For example, the cost of a 15 unarranged overdraft will be limited to 15. We will always consider an informal request and will make the payment if we can, subject to status. 39.9% EAR variable. 0000003482 00000 n Be prepared for life's unexpected costs with an arranged overdraft, Get text alerts if you're about to go overdrawn. That way you'll know if you're approaching your overdraft, and perhaps more importantly, whether you're in danger of reaching the limit of your arranged overdraft. It doesnt include any other fees or charges. Youll need to check with HSBC whether there are any specific limits about withdrawing cash and spending when in another country, or if the UK limits will apply. 0000027136 00000 n 124 0 obj endobj To try to help you avoid Overdraft fees, we will send you Overdraft text alerts if we've agreed an informal overdraft on your account. The charges can add up quickly! 0000027330 00000 n Year 2:0%EAR (variable) on the first 2,000,39.9%EAR (variable) thereafter, giving a representative rate of 0% APR (variable). 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. These are payments you've agreed that a business can take from your debit or credit card when needed. <> You can use our calculator to find out how much an overdraft through your HSBC current account could cost over a period of up to 31 days. 138 0 obj Alternatively, savings of at least 50,000 held with HSBC., If you meet the requirements, youll get an HSBC Premier debit card and access to the home&Away rewards programme. This includes features, fees and limits, plus some info on using your new card both in the UK and abroad. Because of the coronavirus situation, were advising customers to apply for or manage their overdraft online at the moment, if you can. 0000000016 00000 n If your request for an overdraft is approved, you'll know that when you keep within your limit all your payments will be made and no overdraft fees will apply. If you choose to opt out of text alerts, this will apply to all personal current accounts you hold with HSBC. Request temporary arranged overdraft support, Request temporary arranged overdraft support This link will open in a new window. 0000001876 00000 n If you're within your overdraft limit,you havent done anything wrong. So, make sure you have your debit card PIN memorised. What do you mean by overdraft repeat use? It is charged on a monthly basis and is based on there being 365 days in the year. Year 2:0%EAR (variable) on the first 2,000,39.9%EAR (variable) thereafter,giving a representative rate of 0% APR (variable). However when payments are returned your credit rating may be affected. <> The agencies mentioned above offer supportfor free. 0000025862 00000 n You can opt out of receiving these text messages by calling us. Why are you writing to some customers about this, but not others? Youll have to pay interest if you have an unarranged overdraft. Credit is also a term that refers to your borrowing, loans and debt. Your credit file will not be affected if you ask for temporary arranged overdraft support. Debit interest will still be charged on all overdrawn balances. Its a contactless Visa card, so you can just tap to spend wherever contactless payments are accepted. If you want to add an arranged overdraft to your account or increase your existing limit, you can apply for this online through ourManage Overdraft Service. don't have an arranged overdraft in place. Our lines are open 07:00 to 21:00 every day. Your available balance is the money you have available to spend, taking into account any pending payments and excluding any checks that haven't yet cleared, as well as any arranged overdraft limit you may have agreed with your banking provider. Youll have a lot of choice, from traditional banks to digital money providers. As a responsible lender, we regularly reviewour customers overdrafts. Concerned about your financial situation? All rights reserved. Check out ourOverdraft Supportpage to find out more and fill out the online request form. www.hsbc.co.uk. endobj * Security may be required - each case is considered on its individual merits. If you go into an unarranged overdraft we'll charge you the same rate we would if you were using your arranged overdraft, and we will cap the charges at 15.50 per month, so you will never pay more than that. Bank Account Pay Monthly was specially introduced to help customers keep a firmer grip on their account. 0000011536 00000 n Well also send you alerts to remind you when an overdraft limit is due to expire, or to ask you to pay in covering funds to make sure a payment is made. But, this isn't necessarily a bad thing. As long as we have a up-to-date mobile number for you, well send you an text alert when youve gone overdrawn or if we know you're about to. We may also be able to help you avoid this. We don't charge you any additional fees for any additional payments that we can't reject when you are in an unarranged overdraft. <>stream We provide information to help you review your monthly commitments,and let you knowwhere you can get free and impartial help if you ever need it. 154 0 obj If you use it you'll pay a fee or interest while the balance is negative (unless it's a specifically interest free overdraft). Using an arranged overdraft is unlikely to have a major impact on your credit rating, as long as you dont go beyond your arranged limit or have payments refused. Current cost of unarranged overdraft (monthly maximum charge) Cost of unarranged overdraft (monthly maximum charge) from March 2020. This website is designed for use in the United Kingdom. The company can change the amount or date, but they must notify you of the change first. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. If youre an HSBC customer, you can call our team of specialists on 0345 850 0622 to get a helping hand.1. You can opt out of arranged or unarranged overdraft alerts at any time by sending a secure message in online banking, starting a live chat, calling us or visiting a branch. The maximum monthly charge in interest for going above your overdraft will be 20 per month. endobj 0000003113 00000 n This is a card you can use to make cash withdrawals from ATMs, and may also be used to pay for goods and services in person, online or over the phone. 139 0 obj If you get this support and your arranged overdraft is less than 500,we won't charge interest on overdraft balances up to 500 for 12 months. Its 100 in the UK, but this may be lower in other countries. 1*iUq0iVj0!5X\|tj,gKedEx"{bw/8^;qOfy7OX 0#td@{LXMHKMqF. As your account doesn't offer an arranged overdraft, you're not eligible for this support. HSBC Group | Copyright HSBC Group 2002-2023. Explore: 5 reasons to care about your credit score. A Daily Overdraft Facility Fee applies. However, if you make several applications within a short period of time, this can have a temporary impact on your rating. We'll contact you by email or send you a letter with an update. If you have any further queries, or need help understanding your overdraft, please visit ourFAQssection. See how much it could cost you to use a personal overdraft facility on your account. Whats more, all HSBC cardholders have access to the home&Away offers programme. All Rights Reserved. For HSBC and First Direct customers, the monthly maximum charge (MMC) for using an unarranged overdraft will be capped at 20. Check with your overdraft provider if youre unsure. We will report to credit reference agencies, accounts that have been in a continuous unarranged overdraft for 30 or more days. Visit our Help page to find out how. Having a greater understanding of common banking terms may help you: APR (Annual Percentage Rate) refers to the combination of interest charged and any additional charges that you will pay on a loan or offer of credit. 0000030241 00000 n If you withdraw cash or spend in a foreign currency, you'll pay a fee of at least 2.75%. One crucial thing to watch out for is the contactless spending limit. Santander, Lloyds Banking Group (including Halifax) and HSBC all have a 39.9% overdraft interest rate as of October 2021. These could restrict how much money you can withdraw at once, or spend on your contactless card in a shop, bar or restaurant. endobj The figures displayed are given as a guide only. f Contact tel 03457 404 404. see reverse for call times. endobj Our unarranged interest charges are capped at 20 a month. These alerts are designed to keep you up to date with your overdraft status, if you opt out you may find yourself incurring avoidable charges. Once you've been approved for an arranged overdraft limit, you'll need to come back to this page and complete the online form torequestthe support. If your overdraft is on a joint account, onlyoneaccount holder needs to complete the form. Based on an assumed arranged overdraft of 1,200 for an HSBC Advance Bank 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). 0000005383 00000 n It can help in months where there are extra expenses and unplanned events. If you want to check if youre likely to get an overdraft without making an application, you can use oureligibility checker. We wrote to you to bringthe costs of your overdraft use to your attention and ask you to take steps to reduce usage. Our website doesn't support your browser so please upgrade. Now, lets take a look at the different current account packages available below, including the key benefits and features for each. For example, your card may have been lost, stolen, damaged or swallowed by an ATM. endobj If you want to reduce your limit, youll need to reduce the amount youve borrowed to less than your new limit. endobj Your bank statement shows all the transactions that have taken place over a set period of time. It may be that your friend/family member hasnt used their overdraft facility repeatedly. An overdraft fee is one of the most expensive fees banks charge, but not all banks charge the same amount. 0000035418 00000 n As you become more financially independent, you may come across some new banking and borrowing terms that are unfamiliar to you. If you want to add an overdraft to your account or increase your existing limit, you can apply for this online through ourManage Overdraft Service. APR(Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. Need a hand with the rising cost of living? Unarranged overdraft; Arranged overdraft; No fee; 0 EAR variable; . This website is designed for use in the United Kingdom. Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees. You can then apply for an arranged overdraft as part of your application. endobj Your Statement. 134 0 obj Sources last checked on date: 20-Mar-2023. If you're not sure how much you'll need: please call us on03456 00 61 61 between 8am to 10pm or arrange a visit at your local branch so we can discuss it with you. Requesting this support does not automatically add a limit unless you already have an arranged overdraft on your account. 0000035842 00000 n Using your overdraft less should mean youre charged less. All rights reserved. If you go into an unarranged overdraft, this may adversely affect your credit file. 158 0 obj Youll have to repay any overdrawn amount, plus any interest for the period youve had it. There are also several other ways you can keep an eye on where your balance is in relation to your overdraft limit: You can get text message alerts sent to your mobile at no extra cost to let you know you when youre nearing your limit you can set these up via online banking or by calling us on 03456 00 61 61 (your carrier may charge for text alerts). 2.75% + extra fee of 2%. Ive kept to my Arranged Overdraft agreement, why are you writing to me about using my overdraft? This calculation is based on the following assumptions: a)the amount borrowed is drawn down in full at noon on the date of calculation; b)you are overdrawn for a continuous period you dont dip in and out of your overdraft; c)at the time you go into your overdraft, the balance of your current account is 0; d)no other credits and or debits will be made from the account during the borrowing period; e)the outstanding balance will be repaid in full on the last day of the borrowing period; and f)the interest rate remains the same during the whole borrowing period.
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