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We’ve stopped the Great HSBC Graduate Rip-off!!! A big win for students and graduates!!!

30/08/2007

We are delighted to announce that as a direct result of student and graduate opposition, HSBC have confirmed that they will not be charging commercial interest on graduate account overdrafts and will be immediately refunding those graduates who have already faced charges.

Background to the campaign

Our campaign began at the end of June when tens of thousands of unsuspecting graduates learned that they were going to be hit by overdraft interest payments from THIS AUGUST as a result of a change in HSBC policy which meant that the 'interest-free' period for students and recent graduates.

From August, graduates who'd taken full advantage of the £1,500 interest free overdraft facility were facing charges of £140 a year in interest payments or alternatively were going to be asked to pay for a 'premium' service every month which would cost nearly £120 a year.

As a result we:

Set up a Facebook group which has now attracted around 4,000 members to oppose the move and visibly demonstrate our opposition – this group attracted press coverage throughout the media including BBC, Sky, The Guardian, The Times, The Express, The Daily Mail, The Independent, Channel 4 and The Scotsman. In recent days the press pressure has been mounting as a result of more than 200 people joining the group per day and interest in the planned stunt outside HSBC headquarters

Wrote to HSBC calling for a meeting to discuss their policy change

Examined the policies of all the other major student account providers and confirmed that they would not be following the precedent set by HSBC

Sent out an action briefing to students’ unions and asked unions to prepare for potential first term action

Planned a photo stunt involving student officers and activists from the Facebook group outside HSBC headquarters to generate more media coverage

What next?

Of course it doesn’t end there. We welcome HSBC’s decision to reverse their policy and, as such, are putting plans for a protest outside HSBC headquarters on hold – in recognition of the commitment they have given to us not to charge interest on graduate account overdrafts to refund interest payments already made by graduates.

We will now be meeting HSBC officials on the 21st September to discuss the banking needs of graduates and how HSBC’s offer can be improved.

We’d like to thank all those students and graduates and students’ unions who’ve supported the campaign and want to say a particular thanks to Johnny Chatterton for his role in press work and building support for the campaign.

We will keep you posted as discussions with HSBC continue.

Wes and Ama

Your vice-presidents for education and welfare

wes.streeting@nus.org.ukwes.streeting@nus.org.uk / ama.uzowuru@nus.org.uk.

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