HSBC Offers Overdraft Alerts...
09 September 2007
HSBC customers whose bank accounts are about to go into the red are to be warned about their finances when withdrawing money from cash machines.
From October, 3500 ATMs in the UK will be able to tell customers when they're on the verge of entering their overdraft as well as warn them that they may incur a charge for doing so.
HSBC hope the move will open up their current account fees to customers, making their services more transparent after many banks were accused of charging customers 'unfair' overdraft fees.
Joe Garner, general manager HSBC personal financial services, said: "More than 95 per cent of HSBC cash withdrawals are now made at ATMs and while you can already check your account balance before you make a withdrawal, few people do.
"We believe that by alerting customers at this point will enable them to make an informed choice about whether to proceed."
Recent research by price comparison site uSwitch found 38 per cent of current account customers have been penalised by so-called 'unfair' bank charges, amounting to £12.4 billion since 2001.
