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NUS Win on HSBC Charges
Following an NUS campaign, HSBC have dropped their policy of charging interest on graduate accounts
The National Union of Students (NUS), of which OUSU is an affiliated member, today announced that they had succeeded in their attempt to encourage HSBC to drop interest charges on graduate accounts.
The campaign started following HSBC's recent decision to charge 9% interest on graduate overdrafts. The charge - which was not part of HSBC's terms and conditions when students signed up for the account at the start of their course - would have meant that recently graduated students who took advantage of the bank's 0% interest overdfratf faced an annual charge of £140. Alternatively, students were given the option to sign up for a "premium" service, which would see their interest free overdraft continue, for £120.
Following the campaign, HSBC have also agreed to refund all graduates who have already had charges deducted from their accounts.
Commenting on the success of the campaign, the NUS Vice President (Education), Wes Streeting, said: "HSBC’s decision to reverse this policy is a victory for this NUS campaign and the individual action of students and graduates across the country. The fact that this U-turn has been forced is a testament to the role of unity and communication in empowering students and encouraging fair deals from student and graduate bank account providers."
The campaign started following HSBC's recent decision to charge 9% interest on graduate overdrafts. The charge - which was not part of HSBC's terms and conditions when students signed up for the account at the start of their course - would have meant that recently graduated students who took advantage of the bank's 0% interest overdfratf faced an annual charge of £140. Alternatively, students were given the option to sign up for a "premium" service, which would see their interest free overdraft continue, for £120.
Following the campaign, HSBC have also agreed to refund all graduates who have already had charges deducted from their accounts.
Commenting on the success of the campaign, the NUS Vice President (Education), Wes Streeting, said: "HSBC’s decision to reverse this policy is a victory for this NUS campaign and the individual action of students and graduates across the country. The fact that this U-turn has been forced is a testament to the role of unity and communication in empowering students and encouraging fair deals from student and graduate bank account providers."
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