An HSBC commercial was today criticised for misleadingly claiming Bank Account Plus customers were not charged for withdrawing cash abroad. In fact, the bank charges a 2.75% exchange rate adjustment to cover card processing and handling costs. That adjustment is “essentially a transaction fee” charged to HSBC customers, the Advertising Standards Authority ruled.

The watchdog found the HSBC commercial in breach of advertising rules and told the bank not to repeat it unless changes were made.