Facebook forces HSBC U-turn
Web 2.0
03 September 2007
The power of the web has been confirmed with a student victory over HSBC in a Facebook campaign that has forced the bank to reverse its decision to scrap interest free graduate overdrafts.
Gone are the days of placards and street protests. The internet provided a new medium for students to campaign against HSBC's move to abolish the £1,500 interest free overdraft feature on its graduate account.
Outraged students demanded an overhaul of the decision by signing up to a Facebook group called 'Stop the great HSBC graduate rip-off' and they succeeded in cornering the bank into making a U-turn.
Vice president of the National Union of Students Wes Streeting said: "There can be no doubt that using Facebook made the world of difference to our campaign.
"By setting up a group on a site that is incredibly popular with students, it enabled us to contact our members during the summer vacation far more easily than would otherwise have been possible. It also meant that we could involve our former members - the graduates who were going to be most affected by this policy."
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