HSBC Changing all Bank accounts

metrochick15

Even if you don't have internet access it is easy to get an uptodate mini statement from HSBC cash machines!
I use HSBC for my private account and my huisband uses Barclays, I also use Natwest for a charity of which I am treasurer and of all three banks I prefer HSBC for customer service, types of machine available etc!

ahai1

Mini statements may be part of the solution but I am sure they like everyone else don't want to be excluded from financial services.

I know a lot of people who don't have net access and they are not elderly but also they do want regular access to their accounts.

I have been in a suitation in the past due to screw ups where I did not have the net at home for a number of months and I would not consider going to the internet cafe for internet banking.

dougz_2

metrochick15 wrote: »

Even if you don't have internet access it is easy to get an uptodate mini statement from HSBC cash machines!

Obviously there are ways around it. But that is not the point.

My point was, the sort of people who do not have a steady minimum of £500 every month coming in, will also tend to be the sort of people who struggle to organize themselves and their finances, and keep in the black. Thus this targeted denial of monthly printed statements can only increase the tendency to get accidentally overdrawn, of those people already more at risk of it.

Inactive

I agree, HSBC are just treating the less well off as second class customers.

nzseries1

They're switching my account to a "Current Account Advance". If I cease to be able to pay £500 per month into the account... what happens to me? Do I get hit with a fee? Or will they just change it to a regular Current Account if I don't pay into it for a while?

ahai1

Maybe that is what they want to do to the customers.

dougz wrote: »

Obviously there are ways around it. But that is not the point.

My point was, the sort of people who do not have a steady minimum of £500 every month coming in, will also tend to be the sort of people who struggle to organize themselves and their finances, and keep in the black. Thus this targeted denial of monthly printed statements can only increase the tendency to get accidentally overdrawn, of those people already more at risk of it.

mintedmatty

I seriously dont believe that the idea behind this account migration is the aim of charging customers more?

There is very little difference between the current account and the current account advance? its designed to save HSBC money rather than earn it mainly, the ongoing maintenance needed for 'current account' holders will be next to nothing? therefore saving HSBC a packet over an account cycle i.e providing statements, debit cards, account analysis etc.

ahai1

I am of the same view. It is a money saving thing.

Lokolo

nzseries1 wrote: »

They're switching my account to a "Current Account Advance". If I cease to be able to pay £500 per month into the account... what happens to me? Do I get hit with a fee? Or will they just change it to a regular Current Account if I don't pay into it for a while?

Yeh think so, I think they just take away the 8% interest rate and text services. I would assume they will update it yearly rather than monthly though.

Lokolo

Inactive wrote: »

I find that remark extremely offensive.

Sorry was only a joke!