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Misled About Account Fees
I have just recieved money from an inheritance. £20,000 UK. I opted for a premier account with HSBC. As I will be getting more money from the sale from the estate, they put me down for it, even though the requirements are a minimum deposit of £50,000. I felt very pressured into getting this account, and now I am wondering why they were so keen to get my money. They promised, as they eagerly awaited for me to sign the forms, that there would be no charges. Then when I finally agreed to it, I looked at what I was signing and it said, free for the first six months, and then I have to pay £25 a month for their 'service'. Also, I had to sign saying I had read the terms and conditions when they hadn't even shown them to me. They opened a current and a savings account for me. I felt wary after leaving. I have never had much money before, and felt I was scammed, but not sure how. Does anyone know something that perhaps they haven't told me?
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 You are asking about a bank account in the U.K. We can tell you a lot about U.S. banking rules and practices, but we don't know a lot about bank practices on your side of the Atlantic. If you were banking in the U.S., we'd probably say that you'd been taken advantage of by an overly zealous bank employee who may have been encouraged by a new account quota or incentive.
Even though your account is in the U.K., you still have the freedom to move your business elsewhere, and suggest you do so before your six months of free service is gone. Check with a bank manager to ensure there won't be any hidden charges for leaving so soon, (you can use the fact that you feel abused by their new account practice as a bargaining chip if necessary), and then pull up roots and take your money to a different bank where you should take the time to fully understand the terms of the new account agreement. Whatever you do at the new bank, do not agree to acknowledge receipt of disclosures you have not seen.
Published on BankingQuestions.com 7/24/08
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