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Joint HSBC/NUS Press Release - "HSBC consults with National Union of Students and freezes interest on graduate overdrafts"

30 August 2007
Statement

HSBC consults with National Union of Students and freezes interest on graduate overdrafts

"Like any service orientated business we are not too big to listen to the needs of our customers. Following the feedback from our graduate account holders, both directly and via the National Union of Students (NUS), we have taken the decision to freeze interest charging on 2007 graduates’ overdrafts up to £1500 and refund any interest charged in August. We are also pleased that we will be working with the NUS to enhance our new account offer so that it fully reflects the needs of recent graduates".
Andy Ripley, HSBC’s head of product development

"We are very pleased that HSBC have listened to the concerns of their student and graduate customers. NUS welcomes this decision and looks forward to future dialogue with HSBC about how their account offerings can benefit students and graduates alike. Students and graduates are valuable future customers for banks, and it is therefore crucial that those banks recognise that their support and fair treatment is likely to be rewarded with customer loyalty in the long term. NUS is committed to encouraging students to think hard about the consequences of increasing debt and to managing their money carefully by choosing the appropriate account for their circumstances."
Gemma Tumelty, NUS President

- ends -

Further information:

HSBC press office: 020 7992 3756 pressoffice@hsbc.com
NUS press office: 078 6669 5010 pressoffice@nus.org.uk

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