HSBC overdraft rate to quadruple for some customers

Photo of HSBC overdraft rate to quadruple for some customers
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Eight million users will pay more for going into the red after FCA’s borrowing shakeup

About 8 million HSBC customers are to have their overdraft rate doubled – and in some cases quadrupled – to 39.9% as it becomes the biggest UK bank so far to respond to tough new borrowing rules.

Some customers – potentially running into the millions – will now pay more for going into the red as a result of the move, which comes after the Financial Conduct Authority ordered a ban on excessive overdraft fees.

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view The Guardian: Money
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#borrowing & debt