HSBC supports OFT’s PCA findings

by Richard Kilner

Story link: HSBC supports OFT’s PCA findings

The OFT’s investigation into personal current accounts, and the recommendations it made subsequently, have been welcomed by British banking giant HSBC.

HSBC has said that it backs the OFT’s view that customers have seen great improvements in transparency and the range of options available to them in recent years.

The report by the OFT revealed that, since 2007, average unpaid item charges have halved from £34 to £17, and that per item transaction charges had fallen from £30 to £22.

The bank has also supported calls for even greater transparency and easy, simple accessibility to accounts.

From 26 April, a new account, the HSBC Bank Account Pay Monthly, will be introduced, including an overdraft limit that cannot be exceeded unless a higher limit has been formally agreed beforehand.

The new account will cost £15 per month, and cater to those customers who prefer a high level of control, as opposed to those who opt for HSBC’s other, more flexible accounts.

In addition to this, HSBC is the only bank whose ATMs warn customers if a withdrawal will lead to them exceeding their limit.