Money alert: HSBC unpaid transaction fees
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Some 9 million HSBC and first direct personal current account customers will soon no longer be hit with a whacking fee if the bank declines to pay a transaction because there's not enough money in the account.
The bank is scrapping the unpaid transaction fee – which can be up to £25 every time a standing order or direct debit is turned down because you're in the red – from 24 November.
The move is the beginning of "further improvements to our overdraft service", said the bank. It intends to simplify the way charges are added to current-account overdrafts so that it's easier for customers to work out what the costs will be. Other banks have already made similar changes so, in some ways, HSBC is now beginning to catch up with its rivals.
But the move is a positive one. While few customers actually end up being hit by the charge, there has always been the potential for anyone to fall into the red and end up in further financial difficulties. That risk should be lower in the future.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments