Wednesday, 26 March 2014

First Direct - Are They Scamming Us With Charges?

I've just sent this complaint to First Direct, part of HSBC. Is your bank finding ways to charge you?

Hello,

In the past, I have applied more than once for an increase to my overdraft and it has been refused. You will see from my account history that mortgage payments often make me overdrawn but I transfer money in almost immediately to restore my account to credit. This is because I'm self employed and my partner has to transfer money from the business account, and we don't take any more out than we absolutely have to.

Since you've repeatedly charged me for going over my overdraft limit of £250, it could look like you're intentionally keeping my OD limit to £250 so that you can carry on charging me. As you see, if you increased it to £500, as it is automatically with other banks such as Smile, I wouldn't be paying any charges.

On these grounds, I think it's more than fair for you to increase my overdraft limit, and as I say, the FCA could take the view that you're holding my OD limit to £250 in order to charge me whenever I go over it.

Of course, you could argue that I should manage my mortgage payments better, but that's life, and that's what overdraft limits are for, is it not?

Thanks,


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