The students were first enticed to join HSBC by being offered an overdraft of up to £1,500 for a year after leaving university without being charged interest, this would then be reduced to £1,000 in the second year after graduation and £500 in the third year.
But just two weeks after the students graduated, the bank told them this offer no longer applies and they will have to pay 9.9% on their overdrafts.
In response to queries about the change, HSBC said in a letter: "HSBC recognises that today's graduates leave higher education with a significant amount of debt - more than any generation before them and we are keen to help graduates come to terms with this debt sooner rather than later".
However, the students from the Facebook group are calling this "spin" from the HSBC marketing department and complain that this will only hit hard-up graduates who are either waiting to start a new job after the summer or are struggling to find a job at all.
One of the group's members has posted a to an article on MoneySavingExpert.com listing the top graduate accounts for 2007-2008, which said Lloyds TSB and the Royal Bank of Scotland provide the best deals in this field.
It is unknown exactly how many students have left HSBC because of the issue.
HSBC was unavailable to comment on the Facebook group for Brand Republic.
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