I have an account with HSBC with an interest free overdraft, the interest free portion was supposed to be reduced by £500 in April but it didn't happen. I've phoned HSBC several times asking when it would be reduced before and after April, they've always said they would inform me if they decide to reduce it.
I don't use this account, my salary goes into an account at another bank with a higher interest rate but I have a £1500 used overdraft on the HSBC account. So, going by what HSBC have said I'm ignoring this account until I get a letter telling me when the interest free portion of my overdraft is being reduced.
Now, just off chance I logged into my Internet Banking for the first time in months to check up on my redundant accounts. I see the "You have a new message" link. In the past the messages HSBC have sent me IIRC have been warnings for phish attacks to attempts to flog me things like loans. So, nothing important.
But this message was sent over a month ago to tell me my interest free overdraft is being reduced on the 10th July. I have only received this message over Internet Banking, I haven't received anything in writing to tell me this.
So, had I not logged onto Internet Banking I would probably still be waiting for that letter from HSBC well after the date the interest free overdraft had been reduced. So, that would probably be the initial interest charge then followed by a daily charge for exceeding my overdraft. I wonder how long that would go on before I found out?
I don't know if the letter from HSBC just got lost in the post or whether they just choose to only inform me with IB. If it's the first I can forgive them otherwise I'd be quite annoyed that I nearly ended up having my overdraft reduced without me knowing and that I now only effectivly have 10 days to pay my overdraft off instead of the 47 days that I would have had had I received a letter the same day as the message was sent on Internet Banking.