Wednesday, March 12, 2008

Notified charges?

Too much of a good thing may not be good. Let's just cut the long story short. HSBC in the UK has got this thing about 'honouring' payments even though there's a lack of funds in the current account. But unlike the HSBC in Singapore, it cannot link the current account with the savings account. So there's a chance that the current account may go into deficit if the outgoing funds is more than the incoming funds.

I'm not someone who prints out the bank statements every month and scrutinise every transaction with great care. But would only 'top up' my current account only when it's running low. As a result of which, I was shocked to find out that HSBC has been charging 25 pounds every time the current account goes into deficit. All that happened without prior warning or notification and all that charges are deducted directly from the bank account under 'notified charges'. I was told that it was in the terms and conditions when I opened the account when I queried the charges. My fault for not reading the pages of chunky paragraphs before signing on the dotted line.

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Josh said...

I also heard that HSBC put a cap on how much money can withdrawal in one day to $10,000 regardless of how much money you have in your account.

lina said...

that's a nice and simple way for banks to make easy money I guess...