Branches & ATMs
HSBC Overdraft Accounts
What kinds of account can be used as an overdraft account?
Only one: A demand deposit account in New Turkish Lira.
How is the overdraft account limit determined?
The limit is set in line with income. The relationship between the customer and HSBC is also taken into consideration.
When does overdraft account interest accrue in my account?
10% of the previous month's principal amount that you used from your overdraft account plus any relevant interest and tax charges, and the cost of the bank statement if it is sent through direct mail, will be collected automatically from your account every month.
How is the overdraft account interest calculated?
Interest on your overdraft account is calculated only for the period the account is overdrawn. For example, if you have used credit on the 10th of the month and returned your balance to positive by depositing money on the 15th, you pay interest only for the period in between (for six days including the 10th and the 15th). The interest is calculated daily using the formula "Principal x Days x Interest: 30*100".
What is the due date for paying my overdraft account debt?
10% of the previous month's principal amount that you used from your overdraft account plus any relevant interest and tax charges, and the cost of the bank statement if it is sent through direct mail, should be paid every month as the minimum payment amount. In case of an overdraft account limit breach, payment should be made as soon as possible to prevent breach.
How can I apply for an overdraft account?
Prospective customers should first open a demand deposit account at an HSBC Branch. To apply for an overdraft account, you should file an application form together with photocopies of your ID, income statement and the original electric, water, gas or telephone bills of the home address that appears on the application form (Bills should be issued in the applicants name or to a family member with the same last name) at any HSBC Branch. Application forms are available at all branches.
Is there a guarantee requirement?
How long will it take for my overdraft account to be opened?
Overdraft account applications are processed in one week.
How and where can I use and access my overdraft account?
You can use your overdraft account for all your banking needs within your predetermined limit, and you can access it at HSBC Branches and HSBC ATMs. While shopping, you can access your overdraft account by using your HSBC Debit Card to pay for your purchases. You can also use your overdraft account in conjunction with direct debit orders to automate your bill payments thus making sure that your payments are made in full and on time even when your balance is not sufficient to cover the amount due on a bill.
How can I keep track of my overdraft account transactions?
A statement showing your account transactions, available balance, and accumulated interest will be sent to you every month.
I want to close my overdraft account. What should I do?
You can close your overdraft account by applying to your branch after repaying any debt and accrued interest.
What is the difference between an overdraft account and a cash advance on a credit card?
When you withdraw cash using your credit card, you pay a commission of 3.5% (min. TL 2.50) in addition to interest, whereas there is no commission for withdrawing from an overdraft account. Another difference is that credit card interest is calculated daily and accrued monthly, while for the overdraft account interest is charged only for the days that you use credit.
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