HSBC Changing all Bank accounts

Lokolo

It says in the T&Cs about what must be going in.. It depends on the features. It says somewhere in this thread.

But meh the whole change doesn't really bother me.

MissCellaneous

I'm confused... I received the letter about this the other day, but they're telling me I'm being moved to the non-Advance account. Huh. I've been paying over a grand per month into my grad account regularly for nearly 3 years.

Could it be because I was only very recently switched from a grad account to a 'normal' current account? Strange - will call them tomorrow to see what's going on.

MissCellaneous

ldavies wrote: »

No that doesnt matter.. Do you have a secondary current account?

Nope Hmmmmm. Will report back after I ring them tomorrow!

gt94sss2

Beate wrote: »

I knew nothing about this until I got the letter 2 days ago! As I pay my salary into my HSBC Current Account, I will be getting the Advance Account. They dress it up as if nothing was changing to my account and I would even get more benefits. Well I can't see that!

- Eligibility for 8% Regular Saver: I have been saving with that for years already

HSBC actually stopped the 8% regular saver ages ago for bank account customers- though they kept the 10% version for Plus/Premier and Passport account holders.

They are actually reintroducing it for the Advance account..

Regards
Sunil

dougz_2

Beate wrote: »

"many of you said that you'd prefer better savings products than getting a very ordinary 0.1% AER rate of credit interest on a current account"

and then yesterday they slash at least 0.5% off all their savings products :rolleyes:

WarrenG_2

Its is quite simple and straight forward.

HSBC (the once great Midland 'listening Bank') has become the total opposite to big and too greedy.

The reality is they are not interested in your banking any more and the changes to their accounts just proves it.

I have personally been a customer of the Midland / HSBC bank for some 18 years and also a business customer. I remember the days when you could telephone call you local branch, speak directly with your bank manager, and speak to somebody that can actually speak English.

The bank has changed from being a local friendly bank to a corporate operating bank which means that the likes of you and me don't matter any more. There are bigger fish to fry. These new changes just proves it.

The bank has become very unfriendly with very poor service and takes the attitude 'if you don't like it take your business else where'.

As for the new changes, I discovered only yesterday that my personal account had been debited with a £25.00 annual fee for the use of my overdraft facility, something that was set up for free with the Midland bank many years ago.

My advise to anyone banking with HSBC is to change their bank account to somewhere else. Its YOUR money.

Thats what I intend to do with ALL my HSBC accounts.

After all the bank works for me - I don't work for the bank! :mad:

Lokolo

When do you go into Asda and are able to see the manager? Pretty much impossible.

Banks are even harder, theres thousands of customers.

It happens with all big business's.

These new changes just proves it.

Theres only 1 more charge that I know of.
The £25 OD charge has recently been put in, I think its a good idea. But then again I don't have an OD (well I do but I am cancelling it before the charge ).

So 'charges' are not, there is one extra charge. And the new account they have stopped the monthly charge for their premier account.

I also prefer the new accounts. I don't want to pay for the new features, but with this method I get a little extra stuff for nothing.

Also I have never had poor service with HSBC. Staff have always been helpful and friendly. As with 99% of people that bank with them.

mintedmatty

I do agree WarrenG,

As an ex-HSBC staff member, it is sad that customers ie. you! do feel this way, and I agree with you but the banking industry has changed so much from the 'call your local branch' days unfort. It just simply isnt feasible, The branch I worked at was a flagship northern branch that serviced over 75,000 customers, If everybody contacted the branch via telephone then there simply wouldnt be any staff for the 'walk ins'? yes there is the arguement of employing more staff, but you cant just create office,locker,toilet facilities out of fresh air?

myself and other members of my team, did realise the importance of 'old school' banking and tried where possible to provide local numbers for specific needs but it is very difficult i assure you.

There were new cheque paying in machines installed to help cut queuing times, we always had a member of staff there helping people pay in cheques, but we would get people saying 'im not paying in at a computer even if it saves me 10 mins' what can you say to that? its baffling? I worked in an excellent branch staff wise, I would often go on 'factfinds' to other local branches of competitiors and I assure you i was horrified at some of the things i saw but I can only speak for the branch i worked in, but generally HSBC is one of the better banks it just does some baffling things i.e the £25 O/D review fee.

sadly in this day and age you can never keep everyone happy, the way HSBC are going, is down the road of utilising the people that are valuable to them which isnt exactlty a rare business strategy is it?

The gist of it is, knock hsbc? but generally they tend to be ok generally, they are one of the few names not been dragged through the mud at the moment anyhow.

p.s on the subject of your £25 annual fee. ive said this before but the understanding at our branch was that the fee would only be payable if you had exceeded your limit or asked for an increase in the previous 6 or 12 months (cant remember) so if you have done neither? Id ask for a refund???????

Hope that helps

merlin069

So, the letter states: -

"many of you said that you'd prefer better savings products than getting a very ordinary 0.1% AER rate of credit interest on a current account, we won't be paying credit interest on Current Account Advance."

Is there anyone out there that was asked their opinion on this? I know I wasn't!
A 'better saving product" would have been to simply give a good rate of interest on current accounts, rather than making people mess about moving money all the time.

Personally, I have a fairly large amount of money in a current account, since I purchase everything with my Mastercard, which gets paid off at the end of each month via the current account. I don't want to have to keep monitoring how much I've paid on my card and then try to ensure I have the funds in the current account in time for paying off my account.

Of-course, I have other savings accounts that earn interest, but should those of us in a reasonable amount of credit be expected to micro-manage all our accounts just to get a little bit of interest? After all, the banks need those of us with no debt to be able to function properly.

Finally, I don't understand when people complain about being charged for being in debt (not including arranged overdrafts!). Banks in most of the other countries charge for having the account in the first place. We're one of the only countries that has 'free banking', so as a business, they need some sort of model to compensate.

Thanks for reading my rant
Merlin

MissCellaneous

MissCellaneous wrote: »

Nope Hmmmmm. Will report back after I ring them tomorrow!

I got to the bottom of this - because they don't show account numbers or names or anything on the letter, I was assuming my main account was being switched over to a non-advance account - turns out that it was relating to my joint account with my partner - and that makes perfect sense as we don't put that much money in it! My graduate account will indeed be an advance account once it switches over to a non-grad account.