Facebook users are flexing their muscles. I have already reported about Facebook groups; this one seems to have achieved what they wanted!

Students who are customers of HSBC in the UK have formed a Facebook group called Stop the Great HSBC Graduate Rip-Off!!!, which at the time of writing had 5,983 members,  to protest against the bank changing their policy on interest free overdrafts for students leaving University this summer. Many of them said that the interest free overdraft was one of the main reasons for them to become a HSBC customer, as it would help them while making the transition from University to the right job.

Now HSBC has decided to discontinue charging 9.9% interest on student account overdrafts up to GBP 1,500.00 this summer. The Facebook campaign, which was an initiative of the National Union of Students, had a huge impact on this decision, according to the student organisation.

Facebook has well over 30 Million users world-wide; 3.5 Million people have a Facebook account in the UK. The NSU was smart to use the network to back up their campaign, as students can easily show their support by becoming a member and joining the group. Social Networks really do influence business in the real world; customers can form groups for a common cause and make an impact. HSBC has realized that and is wise in acting accordingly in this case.

P.S.: Satay Kingdom Appreciation group: 622 members. No luck as of yet getting hold of the manager. I must admit that I do not eat at Satay Kingdom myself, so I only sporadically walk in to catch the manager when I’m on Cuba Street. But as soon as I do you will get an update of course.