hsbc current account application query

popperpie

Can anyone give me any advice? I applied online for a HSBC current account. I was called back by team who went through my application and avised that my application was succesful and I could apply for a credit card and overdraft and gave me limits that had been (I believe) provisionally approved. She advised me that I needed to go into the branch to sign some forms and confirm my ID.

I went into the branch today and signed the application forms. The advisor then told me that since I had another bank account they had to send off an additional fraud check but he was sure this wouldn't be a problem. Does anyone have any experience of this? He advised he would call me back today but he hasn't. I'm slightly concerned as I have a default 5 1/2 years old and I was shocked to get accepted for the account anyway. Any advice appreciated.

noah271007

popperpie wrote: »

Can anyone give me any advice? I applied online for a HSBC current account. I was called back by team who went through my application and avised that my application was succesful and I could apply for a credit card and overdraft and gave me limits that had been (I believe) provisionally approved. She advised me that I needed to go into the branch to sign some forms and confirm my ID.

I went into the branch today and signed the application forms. The advisor then told me that since I had another bank account they had to send off an additional fraud check but he was sure this wouldn't be a problem. Does anyone have any experience of this? He advised he would call me back today but he hasn't. I'm slightly concerned as I have a default 5 1/2 years old and I was shocked to get accepted for the account anyway. Any advice appreciated.

I am not sure what you mean (in red). Is this a bank account you want to transfer from? Or a bank account where you defaulted 5 and half years ago? It looks like HSBC are doing additional final checks with other two credit ref agencies to ensure your credit files with all THREE are fine as often credit ref agencies (Experian, Equifax and Callcredit) have different info held on their files about a customer. Your default registered might be in one of the three credit ref agencies and not all three? Have you checked all the three credit ref agencies what info they held about you? I used to have a default from o2 (now removed) registered with Equifax and Callcredit, and NOT Experian. So I knew i had better chance of being accepted using Experian credit search only.

noah271007

Do you know which credit ref agency HBSC initially used to credit search when you applied online? Experian? I wish you luck.

popperpie

Thanks for the reply - my default shows on all 3 credit reference agencies. I checked online before I went into the branch and I had been searched on Experian. I had explained to the advisor on the phone that this was a secondary account for my household bills as I had my own personal current account elsewhere. I explained that my partner banks with HSBC and I'd been impressed with the service he received but that I wanted to see how their service was before I tranferred my full account to them.

I'm just confused by the way that he phrased it "as you bank somewhere else we need to carry out some additional fraud checks". (seemed odd as almost everyone but first bank account applications would have an account elsewhere). The advisor on the phone had told me it had all gone through ok and if he had said they needed to verify some details I wouldn't have thought twice about it. Hopefully they'll come back to me tomorrow!

TheKeyMaker

HSBC has the policy, which I think in the current situation is a bit forward thinking in comparition with, other banks: …stay with me:
Although they do the credit check, but for them it’s relevant the last 2-3 years rather then analyse all 6 years of your financial behaviour.
There’s one catch though: once you passed their (shorten) credit check and they happy with you financial behaviour of the last 2-3 years, they will require you to switch your accounts and just keep the newly opened HSBC one, with facilities which you probably didn’t have before: full current account, serviced card, overdraft, loan, etc.
The next stage would be you open the account through their switch team; the downside is that takes a bit longer then usually to get that account and you will have to give up whatever account you might have.

An HSBC manager explained to me at the branch all the process, but I’m still thinking about switching.

sutton111

popperpie wrote: »

Thanks for the reply - my default shows on all 3 credit reference agencies. I checked online before I went into the branch and I had been searched on Experian. I had explained to the advisor on the phone that this was a secondary account for my household bills as I had my own personal current account elsewhere. I explained that my partner banks with HSBC and I'd been impressed with the service he received but that I wanted to see how their service was before I tranferred my full account to them.

I'm just confused by the way that he phrased it "as you bank somewhere else we need to carry out some additional fraud checks". (seemed odd as almost everyone but first bank account applications would have an account elsewhere). The advisor on the phone had told me it had all gone through ok and if he had said they needed to verify some details I wouldn't have thought twice about it. Hopefully they'll come back to me tomorrow!

I have 4 bank acounts and this is the first i have heard about "additional fraud checks". I was going to apply for a HSBC account but i'm not closing any of my others.