We will report accounts that have been in a continuous unarranged overdraft for 30 or more days to Credit Reference Agencies, which could negatively affect your credit file and your ability to get credit in the future. To apply, increase, decrease or remove an arranged overdraft: You can ask for an arranged overdraft when you open a current account with us. From outside the UK call +44 1226 261 010. Simple, capped interest if you go over your limit. All requests for an HSBC overdraft are subject to your credit status and all overdrafts are repayable on demand. A higher amount is included with our Student, Graduate, Premier and Jade accounts. Related products. This means that we could refuse a payment if you have insufficient funds in your account or ask at any time for immediate repayment. If you’re an HSBC customer, you can call our team of specialists on 0345 850 0622 to get a helping hand. Coronavirus overdraft support: If you already have a temporary arrangement in place, you can use our coronavirus overdraft calculator to work out how much you could be charged for overdraft use while our temporary support is in place. You can check what your overdraft limit is at any time by logging into your online banking or into the mobile app. Account Type. HSBC's new £5-a-day overdraft explained HSBC and First Direct today announced changes to overdraft charges for more than 16 million customers By Sophie Christie 16 August 2014 • 07:01 am An arranged overdraft is one you’ve agreed with us in advance. However, free banking could soon be over for most of the bank’s UK customers, who have standard bank accounts that offer overdraft facilities. First Direct customers get an automatic £250 interest free overdraft amount, while HSBC Premier account holders get a £500 interest free overdraft, so these charges only apply when these customers exceed these limits. HSBC adds that customers don't need to do anything as it will contact both current and former users. Thousands of HSBC and Santander customers will share a multimillion-pound windfall after the banks were ordered to pay back overdraft fees. EAR (Effective Annual Rate) takes account of the interest rate, the compounding of interest and how often interest is charged. MILLIONS of HSBC customers will see overdraft charges hiked by up to 39.9 per cent from March 2020, although the bank is removing pricey daily fees for going into the red. You can apply for an arranged overdraft when you open your current account, or at any time later through online banking or our HSBC Mobile Banking app. HSB-RFB2438-MCP54181.indd 2 11/11/2019 09:37 Prevailing overdraft interest rate and annual service fee apply. The competition watchdog said both banks had agreed to issue refunds to customers after breaches of unarranged overdraft rules. All customers will be charged a rate of 39.9%, a steep rise from the current rates of 9.9% to 19.9%. To be eligible for an arranged overdraft you’ll need to be 18 or over and have one of these current accounts: Overdrafts aren’t available to customers with one of our Basic Bank Accounts. Using this tool won't affect your current arranged overdraft if you already have one with us. 1 In addition to the Overdraft fees which are set out in the Credit Agreement - Line of Credit or Overdraft, HSBC Chequing account service charges apply. Personal Overdraft: Maximum HKD 800,000 or 4 times monthly basic salary, whichever is lower. Interest rate as low as P + 7% p.a. For anything longer term, you may find it cheaper to use personal loans. You may be able to go into an unarranged overdraft even if you do not have an arranged overdraft limit. All rights reserved. HSBC Premier Account. I have a problem with some charges on my account. UK banks have escaped the threat of a regulatory investigation into unarranged overdraft charges, but the City watchdog has said it will keep a close eye on pricing throughout the Covid-19 crisis. It’s easy to get in touch online. Our website doesn't support your browser so please upgrade. However when payments are returned your credit rating may be affected. Coronavirus overdraft support: If you already have a temporary arrangement in place, you can use our coronavirus overdraft calculator to work out how much you could be charged for overdraft use while our temporary support is in place. There are also several other ways you can keep an eye on where your balance is in relation to your overdraft limit: From 24 November we’ll display your available balance differently. Representative example: Based on an assumed arranged overdraft of £1,200 for an HSBC 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). giving a representative rate of 38.9% APR (variable). HSBC will only charge you a maximum of 3 combined NSF or UNA fees per day. 103 posts. Overdrafts are not generally suitable for long-term borrowing. You then have until 3.30pm, on the day it is due to be paid, to pay in cleared funds and we will then make the payment. 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. Changes to your overdraft limit are subject to status. Don’t worry, you can still use your arranged overdraft (if you have one). The balance part isn’t changing, but your available balance will no longer include any arranged overdraft limit. An unarranged overdraft may result in declined transactions and may adversely effect your credit file. Premier, Advance and PIA Secured Credit: Default ceiling limit is HKD 5,000,000. 1You’ll need to have given us an up-to-date mobile number if you’d like to receive text alerts. Call us on, our ATMs will warn you if you try to make a withdrawal that might result in you being charged, online banking, where you can view balances, statements and payment details - plus increase (subject to status), decrease or cancel your overdraft limit. How do I check what my overdraft interest rate is? Representative example: Based on an assumed arranged overdraft of £1,200 for 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). HSBC Overdraft Protection provides you with coverage for occasional shortfalls in your HSBC Chequing account 1, giving you peace of mind that results from knowing that your cheques, pre-authorized payments or other transactions such as cash withdrawals or Interac ® e-transfers and Point of Sale transactions will be honored up to your approved overdraft limit. An unarranged request 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. Opting out of alerts may mean you incur avoidable costs. Monzo overdraft rate: App-based bank joins HSBC, Nationwide and others in hiking interest . Unfortunately, we can no longer accept applications for temporary support on arranged overdrafts. Based on an assumed arranged overdraft of £1,200 for an HSBC 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). Use overdraft limit by making free cash withdrawals at HSBC Bank Armenia ATMs and branches (free encashment from branches is available only in case if amount is debited from Overdraft limit. 39.9% EAR variable. 39.9% EAR variable. £50 interest free 'Buffer', the amount borrowed is drawn down in full at noon on the date of calculation, you are overdrawn for a continuous period – you don’t dip in and out of your overdraft, at the time you go into your overdraft the balance of your current account is £0, no other credits and or debits will be made from the account during the borrowing period, the outstanding balance will be repaid in full on the last day of the borrowing period, the interest rate will remain the same during the whole borrowing period, going overdrawn when you have not arranged an overdraft; or, going over/past your arranged overdraft limit (if you have one). You’ll usually see this at ATMs or when you’ve logged on to online banking. The interest-free buffer is £25 or higher on most of our accounts. It can help you to manage your money better and avoid any overdraft charges. HSBC will refund £8m to 115,000 customers who were not sent a … Based on an assumed arranged overdraft of £1,200 for 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 of 38.9% APR (variable). 39.9% EAR variable . An instant decision if you’ve already got an account. Here are some examples of how much it would cost if you borrowed £500 of your agreed overdraft: It’s easy to get in touch online. Lines are open: Overdrafts aren’t available with our Basic Bank Account. Coronavirus guidance . What’s the difference between an arranged overdraft and an unarranged overdraft? When we get in touch, we will also explain how we may be able to help, in the short and long term, if you're unable to pay this amount. 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