UPDATE, UPDATE, UPDATE, UPDATE
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HSBC have contacted NUS to discuss this campaign. Following our discussions and negotiations, HSBC have decided to freeze interest on 2007 graduate overdrafts up to £1,500, with future policy subject to review. All those recent graduates who have been subject to additional interest charges this August will be eligible for a refund.

Following this development, we will suspend the planned action on 4 September at HSBC HQ. We will send out a further communication later today.

Please see the joint NUS/HSBC press release here:
http://www.officeronline.co.uk/news/274602.aspx

Please see the NUS Press release here:
http://www.officeronline.co.uk/news/274606.aspx

This story is BBC News’ most read story of the day:
http://news.bbc.co.uk/1/hi/education/6970570.stm

http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2007/08/24/nhsbc124.xml

http://money.independent.co.uk/personal_finance/invest_save/article2891994.ece

http://money.guardian.co.uk/saving/banks/story/0,,2155695,00.html

NUS would like to thank you all for your involvement in this campaign. The commitment, time and energy shown by the members of this group has precipitated real change. Despite all those who suggested that our concerns would not be listened to, our voice has been heard. HSBC have agreed to continue a dialogue with NUS, and we remain committed to expressing the concerns of students and graduates in our future correspondence.

We recommend that all those HSBC customers who are affected get in touch with their local branches to discuss this matter in further detail.

Best wishes,

Ama Uzowuru, NUS Vice President (Welfare)

Wes Streeting, NUS Vice President (Education)
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Tens of thousands of unsuspecting graduates are going to be hit by overdraft interest payments from THIS AUGUST thanks to the Great HSBC Graduate Rip-off that'll see an end to the 'interest-free' period for students and recent graduates.

From August, graduates who've taken full advantage of the £1,500 interest free overdraft facility as students will be expected to cough up over £140 a year in interest charges or alternatively pay for a 'premium' service every month which'll cost nearly £120 a year.

The HSBC spin machine claims that 'this gets the message across that there is a cost to borrowing, and prepares graduates for the transition from student life to that of a young worker' but actually all this will do is hit hard up graduates who are either waiting to start a new job after the summer or struggling to find a job at all, not to mention getting on the property ladder!

Other banks help graduates get back into the black with a phased withdrawal of the interest free facility over a number of years.

SIGN UP TO STOP THE GREAT HSBC GRADUATE RIP-OFF!!! (read less)

UPDATE, UPDATE, UPDATE, UPDATE
***********************************

HSBC have contacted NUS to discuss this campaign. Following our discussions and negotiations, HSBC have decided to freeze interest on 2007 graduate overdrafts up to £1,500, with future policy subject to review. All those recent graduates who have been subject to additional interest charges this August will be eligible for a refund.

Following this development, we will suspend the planned action on 4 September at HSBC HQ. We... (read more)