What is Digg?44 Comments
- IShouldBeWorkin, on 10/10/2007, -3/+37the term 'to its knees' is typical media hype, why perpetuate it by repeating it in the title?
'To its knees' to me signals that HSBC would have crumbled if it didnt give into customer demands, which is completely not the case here. - Bamborzled, on 10/10/2007, -0/+17The BBC title actually says "Bank's U-turn on student charges", but sensational titles thrive on Digg.
- broeks, on 10/10/2007, -2/+17I don't get why they feel entitled to an interest free loan.
- peterjmag, on 10/10/2007, -7/+19A _productive_ Facebook group? I didn't know that was even possible in the realm of this space-time continuum...
- turquoisefish, on 10/10/2007, -1/+11I got an account on the understanding there would be a winding down period after my student account where it was still interest free. If that had never been promised I wouldn't have a problem with it - but it was.
- andydumi, on 10/10/2007, -1/+10They were led into it initially, and now the rules are changing under them. I get the feel they were unaware of this when the accounts were created.
- REBELinBLUE, on 10/10/2007, -0/+7No they are pissed because most UK banks, HSBC included give students interest free overdrafts (mine was £1900 by the time I finished, and there is no way I would have been able to survive without it, yes I worked and no I wasn't out drinking every night), the condition is that when you finish they will gradually decrease it over 3 years to 0 (although I just got a letter from my bank saying they aren't decreasing mine, probably because I'm so far in credit). HSBC decided they were going to change the rules for all student accounts, including existing accounts that as soon as you finish it goes down to 0 and you start playing interest, but that is not what people signed so they complained, and rightly so. The banks in the UK right now are scared ***** that the courts will rule against them in the case of admin charges and so they are trying anything they can to make additional money.
- UrlorJkron, on 10/10/2007, -4/+11Thats why you don't spend money you don't have in the first place.
- rootstyle, on 10/10/2007, -0/+5And if you do, you don't do it on a freaking checking account overdraft...
- Dush, on 10/10/2007, -2/+7I sure hope the Facebook group and the NUA are also working to get students to be responsible and stop overdrafting in the first place.
If they would pay attention and stop spending more money than they have they would never have to worry about any fees. - gharding, on 10/10/2007, -0/+3Don't you sign something saying "rules and regulations are subject to change without notice" when you sign up? Plus, you SHOULD be charged for overdraft when you're young enough to have family to rely on. Don't spend money you don't have.
- REBELinBLUE, on 10/10/2007, -1/+4I'm guessing the submitter read the register article, which has the same title http://www.theregister.co.uk/2007/08/31/facebookers_bring_hsbc_to_its_knees/ but linked to the original
- cwoolf34, on 10/10/2007, -0/+3My head asplode!
- webcrumb, on 10/10/2007, -0/+3Nothing to do with Facebook. The fact is any other bank was greeting HSBC graduates with open arms, quite happily taking on the overdraft (my brother switched with one visit to another bank's branch which then did all the legwork). They know a graduate is a good source of long-term income. HSBC made a huge mistake.
- synthesis811, on 10/10/2007, -0/+3Erm the whole point is they are STUDENTS, hence do not have full time jobs, have had to pay or are paying living/tutition costs for the last 3 years and therefore could in no way afford to keep up with interest payments let alone pay it off. All the UK banks give student interest free ODs while they are at uni (in the hope that they stay with them as potential customers later on in life) and you generally don;t need to pay it off until after a year or so until you've started properly earning full time and can hence start paying it off, they are moaning because they are being forced to pay for it immediately which is not what they were told when they signed up. I will be inexactly the same position next year, but am fortunately not with HSBC.
- jj9000, on 10/10/2007, -2/+5Education, along with real estate, is actually one of the only investments that are acceptable to put on credit. Appreciates in value over time, you see.
- apeweek, on 10/10/2007, -0/+2Lots of examples of horrible HSBC practices here: http://householdwatch.com/
What they did to me: they bought my mortgage, then proceeded to charge me a prepayment penalty when I sold the house - that I never agreed to.
When I finally go to see the 'agreement', it had my forged signature on it. I had to hire a lawyer and document expert to get my money back. - iiDLii, on 10/10/2007, -0/+2ffs do you realise how much debt the average student the UK needs to complete their course? it's about 17,500 pounds and hell of a lot of that is fees - something our parents never had to pay! - "responsible banking" as you put it is just not possible - Unless of course your mummy and daddy are paying all the bills.
- fkr3, on 10/10/2007, -2/+4I'm amazed this wasn't attributed to digg in some fashion.
- fkr3, on 10/10/2007, -1/+2Meh... how anyone can be unware that interest goes hand in hand with overdraft is beyond me. These kids are grad students, they should be smart enough to realise overdraft is just a fancy word for loan.
- radiometric, on 10/10/2007, -0/+1No, were talking about 'overdraft' fees.
Overdrive fees are assessed when you watch Fifth Gear instead of Top Gear.
At least that's how it was explained to me. I'm an American, so I do not have personal experience with these fees.
BitTorrent FTW! - jimmiss, on 10/10/2007, -0/+1If you go to College you acquire academic knowledge. Experience on the other hand gives you things College can't teach.
You can get those things College doesn't teach after college.
A person who has experience but never went to college, never plans to attend, and puts College down, is very very unlikely to learn all of the things a college student can.
So... do both. - glassjoe984, on 10/10/2007, -2/+3hahaha "College is for tools" ..I think it's more like College is not made for everyone..obviously including mikejbam
- Typhoon2009, on 10/10/2007, -0/+1"Terms and conditions may change at any time"... I bet that was in the contract agreement that nobody ever reads.
- Computer_Kid, on 10/10/2007, -0/+1Horrible!?
I've been with HSBC for years and I never been fined for anything. HSBC is one of the better banks around! - aahpandasrun, on 10/10/2007, -0/+1I'm glad my credit union doesn't charge people overdrive fees.
- MrFrosty, on 10/10/2007, -0/+1Brought to its knees? What a ***** comment. I don't understand why people think banks shouldn't make a profit. Many people seem to see banks as some type of public service. The only people whining about bank charges are ***** who won't live within their means or simply cannot manage their finances. I like these people because they keep me in the style I am accustomed to.
- juandj, on 10/10/2007, -8/+9HSBC is a crap bank that manages to operate under a different country's rules (China) in other places like Canada. Their practices are horrible. I'm just glad this happened.
- SnapETom, on 10/10/2007, -2/+3Wait, what? I don't get it. Overdraft? So the students are pissed that they're being charged interest for spending money they don't have in their bank account? Maybe "overdraft" means two different things in the U.S. and U.K.
- webcrumb, on 10/10/2007, -0/+1I don't get why you don't get a promotional gimmick to gain a potential high-income demographic.
- seaotter02, on 10/10/2007, -0/+1Buried for the horribly retarded title. A company listening to its consumers should be applauded, not mocked in the title.
- mousky, on 10/10/2007, -0/+1Bastard students. Now someone else at HSBC is going to have to pay more in fees or the stockholders will have to earn less per share. Why do people believe that everything should be free because you are a student? God forbid people learn to be responsible at an early age.
- S2ThaNizzle, on 10/10/2007, -0/+1Furthermore, can you please tell me what on earth you are smoking? I love it how people make outrageous assumptions and jump into conclusions without any justifications because of the name.
HSBC's headquarters is in UK, not China. It was founded in Hong Kong during British rule, but moved before WW II. They're not even listed in any Chinese stock exchanges (except for Hong Kong, but they don't play by the same rules as actual China, and they were listed prior to the 1997 handover)! Certainly no "operating under a different country's rule" here. Funny how you mentioned Canada though, because HSBC was actually one of the first foreign banks to operate in Canada since the Canadian government started allowing foreign banks, and that's way before 1997. It is also now the biggest foreign bank in Canada.
So, please do your research next time. - davidrools, on 10/10/2007, -2/+2"to its knees" is incorrect if the students didn't get bjs.
- synthesis811, on 10/10/2007, -0/+0An overdraft is more of a short term loan as its not THAT much money (and as long as you keep up the interest payments on it, you can have it for as long as you need), a loan you would still need to as they are generally involve larger sums of money.
- Dush, on 10/10/2007, -0/+0What does debt, having education loans or even credit card usage have to do with being on top of how much money you have in your checking account so that you don't overdraft?
- Goosemaster, on 10/10/2007, -1/+1So facebook extorted a bank...?*
Cool:D
*keep in mind that if they cover an overdraft AT ALL it is as a COURTESY / LOAN - Poi159, on 10/10/2007, -0/+0Facebook already chaning the world, that was quick.
- cliffzdude, on 10/10/2007, -1/+1"Their practices are horrible"
Such as? Mind you I'm not a customer of HSBC and you obviously are, so share with us what about their practices are horrible? - jenp, on 10/10/2007, -1/+0next thing to do is get at the cellphone companies via mobile protests. http://www.undertheradarblog.com/wp_blog.html?fb_2042860_anch=2905755
- deseast, on 10/10/2007, -1/+0Chalk one up for Facebookers! Now if only my joining a group such as "If 100,000 people join, my fiance' will let me name my second son Spiderman" Could make such a difference in the world.
~Sigh~ - civperc, on 10/10/2007, -7/+4you obviously don't spend time at facebook
- cptbarkey, on 10/10/2007, -8/+3facebook, a community of internet tubes, where in reality, signify nothing.
- mikejbam, on 10/10/2007, -12/+5If raping college students on overdraft charges allows them to keep paying ridiculously high interest rates on my savings accounts, I'm all for it. College is for tools...
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