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  • FIRST POST
    • adonis10
    • By adonis10 13th Sep 17, 10:47 AM
    • 1,477Posts
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    adonis10
    HSBC Premier
    • #1
    • 13th Sep 17, 10:47 AM
    HSBC Premier 13th Sep 17 at 10:47 AM
    I have had this account for just over a year as I initially qualified, however I now do not meet the criteria and have not for 9 months. HSBC have not yet downgraded my account or contacted me, which presumably they will do in the near future. That I am not overly concerned about, however I do use the worldwide travel insurance and wonder if it would be invalidated should I need to make a claim whilst a Premier customer, but not meeting the criteria. Surely until HSBC decide that I need to be downgraded, the insurance remains valid?
Page 1
    • Shakin Steve
    • By Shakin Steve 13th Sep 17, 4:11 PM
    • 1,044 Posts
    • 761 Thanks
    Shakin Steve
    • #2
    • 13th Sep 17, 4:11 PM
    • #2
    • 13th Sep 17, 4:11 PM
    One phone call and you will have your answer....or maybe it's an answer you don't want to hear.
    I came into this world with nothing and I've got most of it left.
    • adonis10
    • By adonis10 13th Sep 17, 4:20 PM
    • 1,477 Posts
    • 194 Thanks
    adonis10
    • #3
    • 13th Sep 17, 4:20 PM
    • #3
    • 13th Sep 17, 4:20 PM
    One phone call and you will have your answer....or maybe it's an answer you don't want to hear.
    Originally posted by Shakin Steve

    Well I don't really want to phone them as it will flag that I am no longer eligible for the account. Got until May to get it sorted as won't be going abroad until then, anyway!
    • bigadaj
    • By bigadaj 13th Sep 17, 8:39 PM
    • 10,692 Posts
    • 6,981 Thanks
    bigadaj
    • #4
    • 13th Sep 17, 8:39 PM
    • #4
    • 13th Sep 17, 8:39 PM
    Well I don't really want to phone them as it will flag that I am no longer eligible for the account. Got until May to get it sorted as won't be going abroad until then, anyway!
    Originally posted by adonis10
    In what way don't you qualify?
    • YorkshireBoy
    • By YorkshireBoy 13th Sep 17, 9:09 PM
    • 29,530 Posts
    • 17,326 Thanks
    YorkshireBoy
    • #5
    • 13th Sep 17, 9:09 PM
    • #5
    • 13th Sep 17, 9:09 PM
    If (when) they decide to downgrade you they'll give you 2 months notice.
    During that notice period your travel insurance cover remains in place.
    • redmalc
    • By redmalc 13th Sep 17, 9:53 PM
    • 1,256 Posts
    • 477 Thanks
    redmalc
    • #6
    • 13th Sep 17, 9:53 PM
    • #6
    • 13th Sep 17, 9:53 PM
    They wrote to me advising they were going to downgrade my account after fifteen years being a very good client because we did not qualify after paying our mortgage off.
    Earning 90 K a year and never being overdrawn I decided I did not like their attitude so I went to the branch the same day I received the letter and withdrew all of our cash and closed the account.
    Since then I have had numerous letters asking if I would like a meeting,sorry you made the initial decision and I did not like it,so goodbye
    • Marchitiello
    • By Marchitiello 14th Sep 17, 2:30 PM
    • 269 Posts
    • 98 Thanks
    Marchitiello
    • #7
    • 14th Sep 17, 2:30 PM
    • #7
    • 14th Sep 17, 2:30 PM
    They wrote to me advising they were going to downgrade my account after fifteen years being a very good client because we did not qualify after paying our mortgage off.
    Earning 90 K a year and never being overdrawn I decided I did not like their attitude so I went to the branch the same day I received the letter and withdrew all of our cash and closed the account.
    Since then I have had numerous letters asking if I would like a meeting,sorry you made the initial decision and I did not like it,so goodbye
    Originally posted by redmalc
    sounds indeed very harsh for them to downgrade you when the qualifying criteria is £100k and you are at £90k and already owned the account.

    In reply to the OP original question, as far as you have the account you are covered. I know some people that have been upgraded for other reasons and not fully meeting the qualifying criterias so I would not worry about telling them. If they do review your account and decide to downgrade you then they will need to give you the notice period and you can look for alternatives to your worldwide travel insurance.
    • fiisch
    • By fiisch 14th Sep 17, 4:42 PM
    • 201 Posts
    • 78 Thanks
    fiisch
    • #8
    • 14th Sep 17, 4:42 PM
    • #8
    • 14th Sep 17, 4:42 PM
    They wrote to me advising they were going to downgrade my account after fifteen years being a very good client because we did not qualify after paying our mortgage off.
    Earning 90 K a year and never being overdrawn I decided I did not like their attitude so I went to the branch the same day I received the letter and withdrew all of our cash and closed the account.
    Since then I have had numerous letters asking if I would like a meeting,sorry you made the initial decision and I did not like it,so goodbye
    Originally posted by redmalc

    I suspect your decision absolutely decimated HSBC's profits and the CEO goes to bed every night regretting the decision...


    Don't see you're gripe - qualifying criteria is £100k, you earned £90k, therefore didn't qualify. It's not exactly ambiguous...
    • adonis10
    • By adonis10 15th Sep 17, 9:08 AM
    • 1,477 Posts
    • 194 Thanks
    adonis10
    • #9
    • 15th Sep 17, 9:08 AM
    • #9
    • 15th Sep 17, 9:08 AM
    I suspect your decision absolutely decimated HSBC's profits and the CEO goes to bed every night regretting the decision...


    Don't see you're gripe - qualifying criteria is £100k, you earned £90k, therefore didn't qualify. It's not exactly ambiguous...
    Originally posted by fiisch
    Whilst I agree with you and they are quite within their rights to downgrade his/her account, I think his/her gripe is the 'computer says no' approach. However, we no longer live in a face to face world so this is to be expected.
    • cloud_dog
    • By cloud_dog 15th Sep 17, 10:07 AM
    • 3,254 Posts
    • 1,815 Thanks
    cloud_dog
    Just a little (sic) gripe re HSBC... Have been sorting out LPA on my mothers account and the processes and ineptitude from HSBC have astounded me.

    It took five phone calls to their customer support to simply arrange a meeting at the branch. As an example, the customer line expects you to enter account details; if you wait for a person they were unable to assist (because they deal with account holders). Ok, get that. There is a non-customer line to ring but they expect you to enter account details.... eh? The customer support people I spoke with couldn't make appointments themselves; couldn't provide me with the correct branch telephone number to make the appointment.

    First meeting. So we go there all prepared, all paperwork in hand and they very pleasantly and efficiently go through administering the LPA. Requested that we are set up for online banking as part of the process..... Ah, well, you can't do that at this stage you need to wait for the LPA to be 'registered'....mmmm, ok.

    Received confirmation of LPA....Tried to set up online banking....computer says 'No'.

    Contacted support.... Well, you need to register for telephone banking first. Ok, lets do that.

    Tried to set up online banking....computer says 'No'. General error. Customer support advised that is because my mother is not set up on telephone banking (Yeah, there's a reason for that). Advised to go to the branch.

    Since the initial branch meeting I was very clear on what we/I required and that my mother did not have telephone or online access and never once did anyone mention this might be a problem.

    Go to branch.

    Lovely person helps me and 'does stuff', checks I am LPA and goes through security, and hands me a 'Secure Key' (like a mini calculator). Said I can set up online banking at home quite happily now.

    Get home, set up online banking....computer says 'No'.

    It is requesting that I download and install the HSBC mobile app in order to complete banking registration. I don't want the mobile app, hence why they gave me the Secure Key (calculator thing) at the branch.

    Contacted customer support...Ummmm, your not registered as an LPA so I cannot help you. BUT, but, I just went through this at the branch...... <<pulls hair>>

    Ok, line went quite for quite some time then eventually they come back and confirm that yes, I do have LPA and how can they help me.

    Went through above registration completion issue. They were great and modified the online page presented with a different page relevant to the Secure Key thing....except I need the registration number displayed on the old page that I no longer have access to.

    Ring them up again....sorry we cannot send you a new registration code to your linked mobile number as you appear to have changed it recently. Ummmm, no, I've had this mobile number for many many years. Could it be linked to the fact that I've only been on the account within the month? Ah, that could be it. We'll have to post it to you (your mother's address). <<heart sinks>>

    So, rant over except to say that I don't care how much financial incentive HSBC offer for people to move accounts to them, I will never go to HSBC <<waits for hair to re-grow>>
    Last edited by cloud_dog; 15-09-2017 at 10:20 AM.
    Personal Responsibility - Sad but True

    Sometimes.... I am like a dog with a bone
    • EachPenny
    • By EachPenny 15th Sep 17, 2:24 PM
    • 2,869 Posts
    • 5,182 Thanks
    EachPenny
    I suspect your decision absolutely decimated HSBC's profits and the CEO goes to bed every night regretting the decision...

    Don't see you're gripe - qualifying criteria is £100k, you earned £90k, therefore didn't qualify. It's not exactly ambiguous...
    Originally posted by fiisch
    I suspect you are right. A customer with no mortgage and never in overdraft is not exactly an attractive prospect for a bank. It doesn't mean it is good business practice to alienate your customers in that way.

    There are other criteria though. I might have invited the customer in for tea and biscuits and discussed their future financial plans, now they've paid off their mortgage, rather than just writing to say you're no longer eligible.
    "In the future, everyone will be rich for 15 minutes"
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