The protest centres on the decision this summer by HSBC to charge graduate students for their previously interest free overdrafts, instead of phasing it over several years as other banks do.  This means that graduates – regardless of employment - will have to pay £140 per year in interest fees. 

While this is serious for those with an HSBC account, there is fear that other banks will follow suit and that HSBC’s actions will create a precedent in the industry, causing more misery for students and graduates already locked into a cycle of debt.  HSBC’s actions increase debt by levying increased charges to new graduates instead of recognising that it takes time to become financially secure.

The Union of UEA Students Communications Officer, Rowena Boddington, said, “This is a low blow to graduates who are already up to their eyes in debt.  Students already know that borrowing costs money, and at a time when few are able to avoid this borrowing, these charges are exploitative – a way of making even more money from hard up graduates.  As ever, practises like this will affect the very poorest of students and graduates.  We have a particular problem in Norwich because there are few graduate-level jobs available, so graduates who do decide to stay in Norfolk will be hit even harder.”

Simon Goble, a new UEA graduate and the owner of an HSBC overdraft, was surprised to be charged interest, having been given ambiguous information by HSBC.  “I think I shall be switching to RBS in the near future because, just as when I was a student, I am still in debt and now trying to pay back the existing overdraft.   Having to pay charges for doing this at this crucial and financially difficult time is ridiculous!” 

Another UEA graduate student, Jenni Carter, said “It's disgusting that HSBC do so much to encourage us to take out their student accounts with gimmicks and ever increasing overdraft allowances, and then hit us as soon as we graduate.”

UEA graduate student Jemima Cooper said, “Some kind of warning would have been nice - I was totally unaware of what was happening until I saw that money had been removed from my account online! I feel betrayed - this is a time of life when young people most need assistance, especially with government policy resulting in higher student debts than ever. I can't imagine how upsetting this would be for someone unemployed.”

For more information, please contact the Union of UEA Students’ Communications Officer, Rowena Boddington, on [email protected], or 01603 592504.

The protest centres on the decision this summer by HSBC to charge graduate students for their previously interest free overdrafts, instead of phasing it over several years as other banks do.  This means that graduates – regardless of employment - will have to pay £140 per year in interest fees. 

While this is serious for those with an HSBC account, there is fear that other banks will follow suit and that HSBC’s actions will create a precedent in the industry, causing more misery for students and graduates already locked into a cycle of debt.  HSBC’s actions increase debt by levying increased charges to new graduates instead of recognising that it takes time to become financially secure.

The Union of UEA Students Communications Officer, Rowena Boddington, said, “This is a low blow to graduates who are already up to their eyes in debt.  Students already know that borrowing costs money, and at a time when few are able to avoid this borrowing, these charges are exploitative – a way of making even more money from hard up graduates.  As ever, practises like this will affect the very poorest of students and graduates.  We have a particular problem in Norwich because there are few graduate-level jobs available, so graduates who do decide to stay in Norfolk will be hit even harder.”

Simon Goble, a new UEA graduate and the owner of an HSBC overdraft, was surprised to be charged interest, having been given ambiguous information by HSBC.  “I think I shall be switching to RBS in the near future because, just as when I was a student, I am still in debt and now trying to pay back the existing overdraft.   Having to pay charges for doing this at this crucial and financially difficult time is ridiculous!” 

Another UEA graduate student, Jenni Carter, said “It's disgusting that HSBC do so much to encourage us to take out their student accounts with gimmicks and ever increasing overdraft allowances, and then hit us as soon as we graduate.”

UEA graduate student Jemima Cooper said, “Some kind of warning would have been nice - I was totally unaware of what was happening until I saw that money had been removed from my account online! I feel betrayed - this is a time of life when young people most need assistance, especially with government policy resulting in higher student debts than ever. I can't imagine how upsetting this would be for someone unemployed.”

For more information, please contact the Union of UEA Students’ Communications Officer, Rowena Boddington, on [email protected], or 01603 592504.

The protest centres on the decision this summer by HSBC to charge graduate students for their previously interest free overdrafts, instead of phasing it over several years as other banks do.  This means that graduates – regardless of employment - will have to pay £140 per year in interest fees. 

While this is serious for those with an HSBC account, there is fear that other banks will follow suit and that HSBC’s actions will create a precedent in the industry, causing more misery for students and graduates already locked into a cycle of debt.  HSBC’s actions increase debt by levying increased charges to new graduates instead of recognising that it takes time to become financially secure.

The Union of UEA Students Communications Officer, Rowena Boddington, said, “This is a low blow to graduates who are already up to their eyes in debt.  Students already know that borrowing costs money, and at a time when few are able to avoid this borrowing, these charges are exploitative – a way of making even more money from hard up graduates.  As ever, practises like this will affect the very poorest of students and graduates.  We have a particular problem in Norwich because there are few graduate-level jobs available, so graduates who do decide to stay in Norfolk will be hit even harder.”

Simon Goble, a new UEA graduate and the owner of an HSBC overdraft, was surprised to be charged interest, having been given ambiguous information by HSBC.  “I think I shall be switching to RBS in the near future because, just as when I was a student, I am still in debt and now trying to pay back the existing overdraft.   Having to pay charges for doing this at this crucial and financially difficult time is ridiculous!” 

Another UEA graduate student, Jenni Carter, said “It's disgusting that HSBC do so much to encourage us to take out their student accounts with gimmicks and ever increasing overdraft allowances, and then hit us as soon as we graduate.”

UEA graduate student Jemima Cooper said, “Some kind of warning would have been nice - I was totally unaware of what was happening until I saw that money had been removed from my account online! I feel betrayed - this is a time of life when young people most need assistance, especially with government policy resulting in higher student debts than ever. I can't imagine how upsetting this would be for someone unemployed.”

For more information, please contact the Union of UEA Students’ Communications Officer, Rowena Boddington, on [email protected], or 01603 592504.