HSBC provides overdraft info at cashpoints

HSBC has been applauded by the Office of Fair Trading (OFT) for taking steps to provide current account customers with more information about overdraft charges.

From now on, HSBC customers using an ATM machine to withdraw money will be given a warning if they are in danger of going overdrawn.

The warning will include details of the amount the customer is to be charged.

A spokesman for the OFT said that the HSBC move was pleasing, as “openness and transparency is always something that we would welcome”.

Earlier this year, the body announced that it would be conducting a formal investigation into the fairness of unauthorised overdraft and returned item fees.

The process is still ongoing and there are test cases in the judicial system but “the charges have not been ruled unfair yet”, the spokesman revealed.

According to YouGov research, more then 16.8 million (38 per cent) current account customers have been hit by bank charges in the past six years.

© Adfero Ltd

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