photo credit: fazen
HSBC is to introduce a new service to its current account customers to alert them when they are approaching their overdraft limit.
The free service will send text messages to customers who reach 60%, 80% and then 95% of their limit.
HSBC are hoping the service will help out the “small percentage” of their customers who sometimes exceed their borrowing limit, as well as giving reassurance to those who don’t.
In order to start receiving overdraft texts, which start in June, customers will have to request them.
They’re hoping to move those customers currently getting charged over Â£180 in overdraft fees to move over to their Pay Monthly account, which costs Â£15 per month.
HSBC is also the only bank to give customers an alert at its ATMs warning if the withdrawal will take them over their overdraft limit and incur a fee.