HSBC gives way on student overdrafts after Facebook campaign (AFP)
14 minutes ago
LONDON (AFP) - Banking giant HSBC has reversed a decision to scrap interest-free overdrafts for university graduates after a campaign launched on the Internet social networking site Facebook, it said Friday.
A petition on the site attracted around 5,000 signatures from students and graduates within days, prompting the bank to issue a statement saying it was "not too big" to listen to its customers.
HSBC has now frozen plans to begin charging 9.9 percent interest on overdrafts of up to 1,500 pounds (2,200 euros, 3,000 dollars) for students who left university earlier this year.
It will also refund charges which it has already imposed.
If the plans had gone ahead, graduates who were in the red would have had to pay up to 12 pounds a month or more than 142 pounds per year.
Facebook attracts more than 30 million visitors a month and allows its users, mainly young people, to post information about themselves and pictures of their friends who can link up across the site.
