Time to stop worrying about school fees!
With our School Payments service, besides school payment installments, school transportation service and lunch fees will be automatically withdrawn from your account. All you need to do is inform the bank of the amount and payment date and the institution to which the payment is to be made.
Features and Advantages
- Even if you have insufficient funds in your account on the due date, the easy to apply for School Payments Credit Limit will make up the difference.
- You save time, by not having to make EFT/ Money Transfers or go to the school on each payment day.
- You can easily monitor your payments through the bank statements that will be sent to your address.
- Once the payments are under way, you can make any changes necessary to the date or amount.
- You can make changes to the payment dates and amounts even if the payments have already begun being made.
School Payments Credit Limit
The School Payments Credit Limit is offered to the parents and legal guardians of students whose educational institutions have special arrangements with HSBC. Parents and guardians can apply for an Overdraft Account if the school does not have such an arrangement with the bank.
A School Payments Credit is assigned to you upon your request to be used for school payments and allows your account to have a negative balance up to your assigned limit.
School Payments Credit Limit will only make school payments if you do not have the necessary balance in your account on the date payment is due.
The amount covered by the School Payment Credit Limit will be repaid automatically when you deposit funds into your account. Interest on the School Payment Credit Limit will be deducted from your account at the end of each quarter (March, June, September, December). The minimum amount to be paid at the end of the quarter is 10% of the loan used in the most recent period, interest accruing in the most recent period, and all taxes.
You can easily monitor your balance through the bank statements that will be sent to your address.
Interest/Fees/Limit and Benefits
Information is available on School Payments Credit interest rates, fees, limits and benefits.
Please click for the documents needed for the application.
For further information, please call HSBC Bank Telephone Banking at 444 0 111.