Customers save £85m with HSBC and First Direct overdraft alerts

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HSBC and First Direct have saved their customers a staggering £85m in charges since text alerts were introduced last year.

The text message warnings notify a customer when they are about to go into the minuses and allows them to avoid incurring expensive fees.

HSBC and First Direct introduced the scheme that removes the risk of incurring unauthorised overdraft charges a year ago and in its first month sent over 1.2m texts. By September 2015, the number had amounted to 1.5m.

Britain’s biggest bank, HSBC found that 72% of First Direct customers were sent the cautionary message were able to avoid the fees because of the text, as were 50% of HSBC customers. 

Previous to the scheme, the bank charged customers £25 every time they fell into the red, but the structure that has been in place for a year, alongside the SMS service, is £5 per day once entering an unauthorised overdraft; capped at a monthly fee of £80.

Since the bank’s revenue has fallen in the first nine months of 2015, one of the causes could be the reduction of income made from overdraft fees. Although some other banks also offer the text service, it’s unclear how it has affected revenues.

How to use Prove I Called when contacting HSBC or First Direct

If you need to get in touch with HSBC or First Direct, dial the HSBC contact number or the First Direct contact number today to be put through to a member of a customer service team. As one of the largest and most notable banking and financial services in the world, there are a wealth of reasons you could possibly want to use the HSBC contact number, and there a range of different numbers and departments in the organisation. First Direct is also a leading telephone and internet-based bank which serves 1.25 million customers throughout the UK. Understandably, many customers prefer to address personal details via phone. By calling through our Prove I Called number, you will be connected to the main switchboard but you will have the additional bonus of receiving proof that you made the call. This means that if you ever have to lodge a complaint with the bank, you can provide evidence of your call to back up your case. Call the HSBC contact number or the First Direct contact number today to have your issue resolved.