HSBC will no longer charge its personal current account customers for failed transactions, after it decided to remove the £25 unpaid transaction fee from 24 November 2013.
The move is part of the bank’s review of its overdraft structure for personal current accounts, aimed at simplifying products and reward long-term relationships.
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Currently, the bank charges a £25 fee for a transaction that failed due to insufficient funds in the account and if it is unable to provide them further credit to cover the payment.
HSBC UK retail banking and wealth management head Brendan Cook said removing the fee for unpaid transactions is the start of further improvements to their overdraft service.
"We are listening to our customers so the changes will make our service simpler and better reflect their needs," Cook added.
The removal of the charge will be applicable all the accounts of the bank including HSBC advance, bank account, current account, graduate accounts and HSBC student accounts.
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