HSBC to text customers nearing overdraft limit - Banking - News | moneyfacts.co.uk

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

HSBC to text customers nearing overdraft limit

HSBC to text customers nearing overdraft limit

Category: Banking

Updated: 13/06/2017
First Published: 04/05/2011

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

HSBC current account customers will be able to receive a text message warning them they are approaching their overdraft limit from next month.

The service will be free to request and will add to the bank's existing range of measures to ensure customers pay as little as possible in fees and charges.

Texts will be sent to customers as they use 60%, 80% and 95% of their overdraft limit.

Customers who are currently paying more than £180 in overdraft fees each year will also be contacted to assess their options in a bid to cut their outgoings caused by unauthorised borrowing.

HSBC says that the measures it has introduced for current account customers have seen a 15% fall in the amount overdraft limits were broken, with the aim of extending that number with the introduction of text alerts.

"Introducing mobile phone text alerts will help the small proportion of our customers who sometimes exceed their borrowing limits, and offer peace of mind to those who don't," said Mike Oliver, head of current accounts at the bank.

Overdrafts have become contentious issues with consumers in recent times, as some banks have decided to charge customers a fixed amount for every day they spend over their authorised overdraft limit.

If you're not happy with your current account or feel there might be something better for you out there, then the Moneyfacts.co.uk Best Buy tables are the place to begin your search.

They include accounts from the likes of Santander, Bank of Scotland, Nationwide and HSBC, meaning you should find the right account for your needs.

Compare current accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

 
Close