Abandon HSBC ship!

[Joa]

Graduates facing grim future as bank pulls interest-free debts | Students | EducationGuardian.co.uk

HSBC will become the first high street bank to scrap interest free overdrafts for graduates. Whilst most students have up to three years interest free overdraft after leaving University, HSBC has announced that it will no longer be offering this facility, affecting tens of thousands of students that already have accounts with the high street bank. HSBC, have however offered it’s customers the option to switch to a Premium account with an interest free overdraft at £9.95 per month, should they wish to continue banking with them, but many students are expected to transfer their debts to rival banks, e.g. Lloyds, and Natwest in order to escape interest charges at 10% per month. Spokesman Karen Garner of HSBC stated that this will, “… soften the blow of realising the costs associated with borrowing and graduates will be more inclined to take action if they realise they are paying for something.”

Is she for real?

[blacksheep1979]

I was wondering about this as I asked there the other day as to what would happen and I got the response that a student account would turn to a graduate one with a reducing interest free overdraft over 3 years. Surely this coupled with the fact that if you were told that would be the case 3 years ago should provide a verbal contract?