Hsbc opening offer warning

mark_corbett · 13 March 2017 at 11:03PM

Hello, I have tried unsuccesively today to open a new HSBC current account and qualify for the £200 switch offer. I read the eligibility criteria, I rang HSBC up and went over whether or not I would qualify and I did as I was advised and went to my local branch for an appointment to open the account. I had a lengthy discussion at the branch about my eligibility and the application forms were fully completed only for the bank "system" to decide I was not eligible for the Advance account and the £200 opening bonus despite meeting the criteria. The HSBC personal banker said she could not over ride this decision but also could not give me a reason for why I [actually a joint application with my wife] was being turned down for the Advance account as she had already gone through the eligibilty criteria with us both. What a total joke and a waste of our time. I suspect it may be to do with the fact that we are already First Direct customers but this was brought up with the personal banker who thoroughly went over the eligibilty rules and reassured us that our application was "fine". Anyway I am highly frustrated by HSBC and will now leave First Direct ASAP.

EssexExile · 13 March 2017 at 11:11PM

I was told in Natwest when the system refused an account after we'd jumped through all the hoops, that they won't tell you the reason in the branch as you may take out your frustration on the staff! We went home & phoned a call centre & they told us the reason.

grumbler · 13 March 2017 at 11:34PM

mark_corbett wrote: »

...I read the eligibility criteria, ....the personal banker ... thoroughly went over the eligibilty rules...

It's a well known fact now that HSBC target high earners only.
It's a mystery why HSBC make a secret of it, so that even their 'personal bankers' don't know this.

That said, a 'personal banker' implies that at least one of you earns a lot. If so the reason of rejection can be different.

TheShape · 14 March 2017 at 12:03AM

mark_corbett wrote: »

Anyway I am highly frustrated by HSBC and will now leave First Direct ASAP.

I was rejected by HSBC for the Advance account and immediately closed both my First Direct and M&S current accounts.......

.....Actually, I didn't, because that would have been a pointless overreaction.

keiran · 14 March 2017 at 1:19AM

I was rejected for the Advance account last year when I applied online (but I was offered a basic account).

A few weeks ago, I made an appt in branch and went in armed with everything they could require. The advisor and her manager were very helpful. Initially the computer said "No', and they said they could not overturn that decision, nor tell me the reason.

But they referred it to the underwriters, with my providing further information ( 3 months' bank statements and an account of my various holdings - I also said I didn't need an overdraft facility if it helped).

I was subsequently approved for the Advance account with no overdraft. I've done the switch and so I'm expecting the £150 and £50 in due course. I also got £25 as I did it as a mystery shopping assignment. (Don't know if I was rumbled and whether that helped!!)

Opening this HSBC account was by far the most involved/difficult account opening I've encountered. (And I've done all the usual switch offers, often multiple times)

gt94sss2 · 14 March 2017 at 6:05AM

mark_corbett wrote: »

I suspect it may be to do with the fact that we are already First Direct customers

As the advisor who you met told you this won't be the reason - plenty of people have both First Direct and HSBC accounts (as well as M&S ones!)

Sean473 · 14 March 2017 at 10:04AM

keiran wrote: »

I was rejected for the Advance account last year when I applied online (but I was offered a basic account).

A few weeks ago, I made an appt in branch and went in armed with everything they could require. The advisor and her manager were very helpful. Initially the computer said "No', and they said they could not overturn that decision, nor tell me the reason.

But they referred it to the underwriters, with my providing further information ( 3 months' bank statements and an account of my various holdings - I also said I didn't need an overdraft facility if it helped).

I was subsequently approved for the Advance account with no overdraft. I've done the switch and so I'm expecting the £150 and £50 in due course. I also got £25 as I did it as a mystery shopping assignment. (Don't know if I was rumbled and whether that helped!!)

Opening this HSBC account was by far the most involved/difficult account opening I've encountered. (And I've done all the usual switch offers, often multiple times)

Similar painful experience to open the Advance Account here... It's beyond a joke tbh.. It took over a month and 3-4 visits to the bank branch.. Eventually, was so frustrated that I complained and they kind of "rushed" and opened it after 1.5 months..

Katiehound · 14 March 2017 at 4:26PM

mark_corbett wrote: »

Anyway I am highly frustrated by HSBC and will now leave First Direct ASAP.

Sounds a bit like spitting out the dummy if you have the regular saver 5% account.- or any other perks come to that.

I have both HSBC + M&S accounts, they might be part of the same group but they trade independently.

There are other deals out there if you want a switch, so instead of HSBC maybe the new TSB one?

teddysmum · 14 March 2017 at 4:32PM

My husband and I went to a Nationwide branch to open three accounts; one joint and a sole each and one application was disallowed by the system.

It didn't make sense as we had both been accepted for one account ( I recall that it was either the joint or my husband's which was rejected, because we had to revisit the next weekend and I could have done my own during the week).

There was no problem with us. It was a system glitch and the third account went through fine on the next visit.

steve65e · 15 March 2017 at 1:45AM

We managed to get a joint Advance a couple of years ago. It wasn't easy, we had to take pay slips and bank statements to prove our income (a fraction over the £1750), and were warned that we really should use it as our main account and that this would be reviewed after 6 months. I was quite open about only wanting it for the savings products, but there was no switch bonus then.

There seemed to be a lot of branch manager's discretion involved and I think they liked the balances in our Santander accounts. So far so good, we put one large and a few small transactions through every month and keep a very low balance, but have managed a good £600 in interest and perks.

LabRatty · 15 March 2017 at 1:56AM

Glad to know it's not just me...

Applied to HSBC on line 12th Jan (jointr acct); heard nothing so rang a month later and was assured application was in progress. Letter arrived 2 days later, asking OH to take ID into a branch to confirm middle name - did that within a couple of days. Told by branch all was well and we would hear soon.
Put it out of my mind until a fortnight ago, when I rang again asking about progress as we had heard nothing. Was told that we BOTH now needed to take ID into a branch - first appt available 18th March. When I asked if they were going to let me know about this requirement, the call centre worker was charmingly candid, and said "no, it's up to you to call us". I asked how I was supposed to know this, but she was vague about how that was supposed to happen. Have now had a confirmatory letter saying the appt. will take 90 minutes!!!

I'm a determined person but it does sap the will to live...

In contrast, we have opened a joint Flexdirect account which provided everything required in under ten days.

If it wasn't for the £200...

Hsbc opening offer warning

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