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HSBC Could See Bank Charge Refunds Hit £303M

March 4th, 2008 | Posted in Bank Charges

HSBC is predicting the bank will have to issue a further £303,000,000 in refunds to its British customers should they lose the High Court case with the Office of Fair Trading in regards to unfair overdraft charges.

The bank has also revealed that they have already given back some £115,000,000 in 2007 following a spate of refund claims.

Whilst refunding customers the charges they have paid for unauthorised borrowing, in many cases these fees have forced the customers further into the red. This in turn will have had a detrimental effect on their UK credit report, and will in all likeliness affect their ability to apply for credit in the future. Such issues will not be fixed by the refunding of these unfair charges.

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