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We will picking out the HSBC overdraft charges here that were taken from www.hsbc.co.uk. This is the UK’s leading bank that impressively stands as the 4th largest worldwide by market capitalisation. This banking giant was established in its current form in 1991, but the roots head back to 1865. The Scottish banker Sir Thomas Sutherland was the creator that took place over in Hong Kong when it was a British colony and Douglas Flint is the current Group Chairman. They have around 1500 UK branches and over 60 million customers worldwide. It is their international expansion that has really played a key role in their success.

For the HSBC overdraft charges, we shall begin with “Bank Account” that charges interest at 19.9% EAR. This works out at £0.05 per day if you were to use £100. This comes with a £10 buffer limit, although this isn’t clearly disclosed. Their Premium accounts hand you with 0% on your first £500 and then you pay 11.9% EAR. This is equipped with good features, but you need to be earning a £100,000 salary to qualify. They provide an interest-free Student Bank Account and their Graduate accounts also start you off for free up to certain limits for 2 years (anything above is 19.9%).

Basic accounts have no overdrafts. The Bank Account Pay Monthly has a £10 price tag per month. This has a £50 buffer fee and then 19.9% is charged. Info surrounding the unauthorised HSBC overdraft charges is confusingly presented at www.hsbc.co.uk. Essentially, once you enter the red and you make another payment they will charge you £25. If this is continuously done then £125 in fees can mount. Overall, the prices are set well here, but if you face difficulties then you can really get stung. You may wish to check out First Direct (a subsidiary) who have been earning best banking customer service accolades year-on-year.