If joint account details are entered, support will be added toALLeligible accounts forbothparties. The support will be applied to your account(s) from the date detailed in the confirmation email or letter you will receive. endobj An overdraft is a way of borrowing money through your current account. You can also get free, impartial advice from a number of independent organisations, including: To apply for an arranged overdraft youll need to be 18 or over. 0000005983 00000 n Youll have to pay interest if you have an unarranged overdraft. It can help in months where there are extra expenses and unplanned events. 139 0 obj <]/Prev 108239>> Where can I get help if I'm worried about my finances? No fee up to 25, monthly maximum of up to 20 after that. If you decide not to change the way you use your overdraft,we may take certain steps as a responsible lender. <> Our Overdraft Service isnotavailable on Basic Bank Account. 7Yi(TL(8!530&p +PAi+og+> &30Cjq Unplanned overdraft fees vary from bank to bank. 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. We will also send you a text alert if there isn't sufficient cleared funds available, in your account, to make a payment. Why are you writing to some customers about this, but not others? Representative example: Based on an assumed arranged overdraft of1,200for an HSBC Bank Account, the rate is 0% EAR (variable) on the first 25,39.9%EAR (variable). An overdraft is a pre-arranged loan that you can use as and when you need without having to apply each time. 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. Our website doesn't support your browser so please upgrade. endobj Bank Account Pay Monthly was specially introduced to help customers keep a firmer grip on their account. If you're still worried about your finances, please visitmoney worries. For details of charges that may be applicable please see our. *a((.((LJ,N0LAiDRH{q'X4/C C l406'T3;}myL;no,uAG/;+&V6J00(3Aa]. A2 7X2sa"v@qBsBK ICA&) 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). <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 527.553 180.955 516.003]/Subtype/Link/Type/Annot>> You can also apply for an optional arranged overdraft if you need it., As with the other accounts, the HSBC Bank Account also offers access to discounts and offers with the home&Away rewards programme., If you dont qualify for another current account (for example, if you have a low credit score or poor credit history), then the HSBC Basic Bank Account could be the ideal option., Youll get access to basic banking services, including mobile banking and a contactless HSBC Visa debit card. They are based on assumptions rather than precise calculations. As an example, if you have an HSBC Bank Account (which has a 25 interest-free buffer) and borrow 1,200 for 30 days, it would cost you 32.88 in interest. Prefer to complete your application with one of our team? Our arranged overdrafts have an interest rate of 39.9% EAR (variable), with an interest-free buffer of at least 25. Each current account will set a monthly maximum charge for: Find out if you're likely to get an arranged overdraft, without affecting your credit score. It could be as a result of a payment you have made, or cash withdrawn at an ATM machine. You can request to increase your arranged overdraft limit up to 3,000 by your third year of study, and the bank will automatically switch you to a graduate current account on course completion. 0000006947 00000 n Bill Pay allows you to pay a company or a person within the U.S. from your checking account. After reading this guide, you should have all the info you need to decide if the HSBC UK debit card is right for you. Use of an overdraft will normally result in you being charged interest. Once weve processed your request, well be in touch as soon as possible. hb```f` l,8Bo-p``\sDBKk*X@4ceVUPWRPUd 141 0 obj 143 0 obj HWMo7Q"ZKJ$A}gI}qZ 0%9ooH FF]k5|}mbW5ujeM{uy4JipkewibTz"WGM0Hq]U|c(pf|j{b@G0Osm.iLRZDMUMTo Youll get an HSBC visa debit card, contactless payments and an optional arranged overdraft of at least 1,000. endobj 0000003845 00000 n Bank Account Pay Monthly is currently available for a fee of 10 a month. 120 79 Credit is the amount of money you have available in your bank account. HSBC Group | Copyright HSBC Group 2002-2023. You can apply for this kind of overdraft when opening your account, or at any time later. If you have any further queries, or need help understanding your overdraft, please visit our FAQs. This gives you cashback, discounts and offers on shopping, dining, travel, experiences and more, with offers changing all the time. 153 0 obj It's easy to answer your query online. If we see that an overdraft is being used very regularly, well get in touchtomakeyou aware you may be incurring high and avoidable costs, and to ask you to try to avoid this in future. 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. Enjoy peace of mind with an interest-free buffer. However, not all bank accounts are eligible for an arranged overdraft. HSBC Bank Account. At HSBC, we don't charge any fees for using an arranged or an unarranged overdraft. 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. The company can change the amount or date, but they must notify you of the change first. 0000006283 00000 n If we feel that your overdraft borrowing may be toomuch when compared to credits to your account, we'll recommend that you pay in an appropriate amount each month. 0000014956 00000 n . You might make a transfer between two of your own accounts, for example, from an everyday bank account to a savings account. All customers can ask for support withmanaging their money. Ask yourself if you have the right products to meet yourneeds. EAR(Effective Annual Rate) takes account of the interest rate, the compounding of interest and how often interest is charged. Your bank statement may refer to credits and debits, which refer to the individual money in and money out transactions that have occurred. If you get this support, we won't charge interest on the first 500 of your arranged overdraft for 12 months. Youll need your: You can find these details on your debit card, statements or the account summary screen in onlineand mobilebanking. 128 0 obj With most of these, you can expect similar features such as: HSBCs debit cards use the Visa payment network, which is accepted worldwide. This will cost you more in the long run. Even if youhaven'texceeded your arranged overdraft limit, your use could be causing you to incur high avoidable charges. If you use your overdraft in moderation and regularly pay off what you borrow, it could actually help your credit score, by showing your ability to handle debt. Minimum overdraft limit of 25,001 - maximum dependent upon requirements and subject to status. If you go into an unarranged overdraft, this may adversely affect your credit file. 0000027136 00000 n You will be able to find out what your overdraft rate is by looking at your most recent current account statement. 19.9% EAR variable. 2. Based on an arranged overdraft of1,200. [134 0 R] 132 0 obj We have detected your browser is out of date. endobj All overdrafts are repayable on demand. <> Find out more about how an overdraft works to help decide if an overdraft is the right option for you. If you'd like to upgrade your account to an eligible account,please contact us. This website is designed for use in the United Kingdom. <> 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. We will report to credit reference agencies, accounts that have been in a continuous unarranged overdraft for 30 or more days. endobj <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 629.816 152.241 618.266]/Subtype/Link/Type/Annot>> Monthly cap on unarranged overdraft charges. The agencies mentioned above offer supportfor free. Mr John Doe 40-25-02 123456979 19. 0000014115 00000 n endobj Credit is also a term that refers to your borrowing, loans and debt. We're here to help you. We wont automatically increase any existing overdraft limits. By reducing overdraft use, you could save money. GBP 1,500 GBP 0 GBP 3,000 Total amount overdrawn Enter a value between 0 and 3,300 Prior results do not guarantee a similar outcome. You can manage your money via online, phone or in-branch banking, or using the HSBC mobile banking app. If you withdraw cash or spend in a foreign currency, youll pay a fee of at least 2.75%. A debit is money withdrawn from your bank account. 0000008376 00000 n Most of our accounts (excluding Basic Bank Account) come with a buffer of 25 or more. A list of banks in Norway, including more information on some of the biggest and most popular retail banks in the country. Your Statement. We'll contact you by email or send you a letter with an update. 0000008262 00000 n If you've given us your mobile number, we'll let you know if you've gone overdrawn or if we know you're about to. All Rights Reserved. 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. However, if you make several applications within a short period of time, this can have a temporary impact on your rating. Please ensure you can answerYESto the following questions: Our Overdraft Service is available on HSBC Premier, Advance, Bank Account,Bank Account Pay Monthly, Graduate, Gap Year and Student Bank Accounts (over 18s only). Request temporary arranged overdraft support, Request temporary arranged overdraft support This link will open in a new window. If you decide not to change the way you use your overdraft, we may take certain steps as a responsible lender. Sources last checked on date: 20-Mar-2023. They are based on assumptions rather than precise calculations. 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. 0000003872 00000 n What's the best way to reduce repeated use of my overdraft? Use of an overdraft will normally result in you being charged interest. H\n@CLwl$G0vb@;5e%"tW;^w2u{0LOnown$ ex6.7LKaFG{&eO>Szm0v~iO,\$~{*{$u^2pWMoq.+j[-4k%kK9um-P% %Y,82E.o4,:uds`sds`sGWW)z endobj We may decline payments that you try to make using an unarranged overdraft. Many banks, including HSBC, can withdraw your overdraft and request repayment at any point, so its crucial not to become reliant on it. Well do this as long as we have a correct mobile number for you and you havent chosen to opt out of the service. page on how to apply. It doesnt include any other fees or charges. Its 100 in the UK, but this may be lower in other countries. If you know what limit you need: you can apply for an arranged overdraft and get an instant decision now. endobj You can also contact us by phone or go to a branch. 145 0 obj If you withdraw cash or spend in a foreign currency, you'll pay a fee of at least 2.75%. We will report to credit reference agencies, accounts that have been in a continuous unarranged overdraft for 30 or more days. The interest-free buffer is 25 or higher on most of our accounts. endstream Does HSBC allow you to have an overdraft on your student account. It takes into account not just the interest, but also any other charges you may have to pay, as well as any interest-free amount. A lot of the informationwe providecould be useful whether youre in repeat use or not. 130 0 obj EAR(Effective Annual Rate) takes account of the interest rate, the compounding of interest and how often interest is charged. 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. All rights reserved. We may also be able to help you avoid this. If you do, its important to know that you may be charged interest for using it. 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. Youll have to repay any overdrawn amount, plus any interest for the period youve had it. With HSBC, these vary depending on which current account type you have. Your account is credited when money is paid into it. 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. Free. With this support, we won't chargeexistingoverdraft customers interestontheirarranged overdraft up to and including 500 for a 12-month period. An unarranged overdraft may result in declined transactions and may adversely effect your credit file. Thinking of switching bank accounts, or looking for a new debit card? As an example, if you have an HSBC Bank Account (which has a 25 interest-free buffer) and borrow 1,200 for 30 days, it would cost you 32.88 in interest.2. * Security may be required - each case is considered on its individual merits. split your spending into needs and wants, then focus on cutting down your wants, track your spending closely to make sure youre sticking to your budget, if you have an arranged overdraft limit and how much that is, Our website doesn't support your browser so please upgrade, 5 reasons to care about your credit score, making sense of overdrafts guide (PDF, 86 KB), View our service status to see how we're doing, Careers, media, investor and corporate information, Youll likely be charged interest for borrowing, There may be flexibility when paying it back, Going over your arranged overdraft limit may negatively affect your credit score, You may be able to extend or reduce your overdraft limit as needed, The interest rate for using an overdraft may be higher than other ways of borrowing. <>/Subtype/Form>>stream 156 0 obj <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 546.305 179.261 534.755]/Subtype/Link/Type/Annot>> There are different ways to reduce repeated overdraft use. These rates wont apply if you have an account with a negotiated rate (where weve separately agreed a non-standard rate for your overdraft). Using an overdraft too much or on a long-term basis could mean it takes you longer to clear your outstanding balance. 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. 142 0 obj Overdrafts are subject to status and aren't available if you're under 18 or hold an HSBC Basic Bank Account. As a responsible lender, we regularly reviewour customers overdrafts. It can be used in 175 countries, and automatically converts your money to the local currency whenever you spend abroad. 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. 0000005383 00000 n At the end of this, your overdraft charges will revert to our standard pricing. 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). 0000035317 00000 n Ive kept to my Arranged Overdraft agreement, why are you writing to me about using my overdraft? 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. 0000007113 00000 n Just request support by 10 May 2023. 0000003745 00000 n 151 0 obj However, if you use an unarranged overdraft, or permanently live within your . Based on an assumed arranged overdraft of 1,200 for an HSBC Bank Account. You can also see this limit inyour recent statements. 150 0 obj The annual interest rate and is generally used for savings and credit accounts. This is a unique code that identifies your bank branch. Here are the main limits you need to know about: Lastly, lets run through some key considerations about using your HSBC card abroad. It's important to weigh up the pros and cons of having an overdraft. APR(Annual Percentage Rate) is the rate at which someone who is borrowing money is charged, calculated over a period of 12 months. Visit our Help page to find out how. In other words, if your account goes below 0, youre into your overdraft. Unarranged Overdraft Interest We will normally charge you unarranged overdraft interest of 39.9% EAR variable on any day your account is in unarranged overdraft. 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). 137 0 obj If youre accepted, your funds will be available straight away. You can ask to increase, decrease or remove your arranged overdraft in our mobile app. Youll be required to repay anything you owe if you want to cancel. <> <> If you have any further queries, or need help understanding your overdraft, please visit ourFAQssection. trailer Why does it matter if I'm in overdraft repeat use? Your credit file will not be affected if you ask for temporary arranged overdraft support. endobj 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). <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 686.072 223.027 674.522]/Subtype/Link/Type/Annot>> <>/Border[0 0 0]/H/N/OC 128 0 R/Rect[89.2913 508.801 167.165 497.251]/Subtype/Link/Type/Annot>> 131 0 obj We make switching banks simple. You can opt out at any time by calling us or asking us in-branch. Calculated at an annualised rate of 1.5% of your overdraft limit. 0000003313 00000 n There may be other service providerswho chargefor this service. 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. 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. Check my eligibility This link will open in a new window, Unarranged Overdraft service not available. If you'd like us to increase, decrease or cancel your limit, you can do this through online or mobile banking. This support is only available if you have an existing arranged overdraft. To apply, youll need to be over 18 and live in the UK or EU.. <>/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>> Concerned about your financial situation? Always check what the interest rate is before spending the money, to make sure you can comfortably afford the repayments. If you do, it's important to know that you may be charged interest for using it. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date. 0000005533 00000 n 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).