HSBC basic account

ShelfStacker_3

The 3 returns rule is getting more common. With HSBC's basic account, any SODDs that would take you over your limit get bounced free of charge - not even a tiny overdraft is allowed to occur as a result. If you get three things returned, ever, the account is summarily closed and any credit balance held in a suspense account for withdrawal at a branch.

Basically (pun not intended) they want to see you run your finances well, which suffice to say not leaving enough money to cover expected outgoings in the account doesn't quite come under the rubrick of.

tattycath

sutton111 wrote: »

I think you will have to open a on-line dispute with Equifax and ring Experian up.

Are they defaults?

Yes they are defaults-the dates they state that I defaulted are after I went BR-but I definitely included them.
Thanks for the info, I'll give Experian a ring

never-in-doubt

tattycath wrote: »

Yes they are defaults-the dates they state that I defaulted are after I went BR-but I definitely included them.
Thanks for the info, I'll give Experian a ring

Check your BR Order and be certain of this. They cannot add a default after you went BR.... you need to check the court papers you got at the time of BR Petition - not Experian!! Experian just portray the data they are told, it would be the lender who broke the law, not Experian.

Check your court petition and the actual summary.... this wil help you ascertain the reason why the defaults were added. If they were included in the petition then they must be included as part of the BR and cannot default you. Although, technically you have defaulted, its recorded as a BR.

Scousebird_2

HSBC Basic Account rules are exceptionally strict as this type of account does not make the bank any money and actually (apparently) costs HSBC £700 A YEAR to maintain and run ''for the customer''. They really do not mind closing down a basic account and will give 28 days notice-no more and no less. The closure letter is extremely formal when you have 3 returns and there is one line that basically tells you that it's game over and to make other arrangements for your finances.

You are allowed NO MORE than 3 returns EVER. Once you have used these up-there is no branch manager in the land who can override this closure marker as these are markers processed centrally.

(However, come into some money and watch them bend over backwards).

Basic accounts are no longer processed in the branches, you can only complete these in branch-all application now go through the DFS dept).

Follow the rule book with this account and you can't go wrong. You will still pay bank charges on a basic account as well so beware.

456789

Scousebird wrote: »

actually (apparently) costs HSBC £700 A YEAR to maintain and run ''for the customer''.

Wow that is a lot of money!!

sutton111

Scousebird wrote: »

HSBC Basic Account rules are exceptionally strict as this type of account does not make the bank any money and actually (apparently) costs HSBC £700 A YEAR to maintain and run ''for the customer''. They really do not mind closing down a basic account and will give 28 days notice-no more and no less. The closure letter is extremely formal when you have 3 returns and there is one line that basically tells you that it's game over and to make other arrangements for your finances.

You are allowed NO MORE than 3 returns EVER. Once you have used these up-there is no branch manager in the land who can override this closure marker as these are markers processed centrally.

(However, come into some money and watch them bend over backwards).

Basic accounts are no longer processed in the branches, you can only complete these in branch-all application now go through the DFS dept).

Follow the rule book with this account and you can't go wrong. You will still pay bank charges on a basic account as well so beware.

Can you open one over the phone?

I take it DFS is Direct Financial services?

ShelfStacker_3

456789 wrote: »

Wow that is a lot of money!!

Current accounts are unprofitable in general. Given that the basic account only offers quarterly statements, no debit cards, no cheque books or guarantee cards, little if any chance of bad debt, not even counter service beyond taking deposits (we can't even print a temporary statement in branch, you have to use the machine if there is one), imagine what the more fully featured accounts cost... then wonder how the hell A+L and the like can pay 293893% interest on top

456789

ShelfStacker wrote: »

then wonder how the hell A+L and the like can pay 293893% interest on top

by hiring chimpanzees as their staff?

Scousebird_2

sutton111 wrote: »

Can you open one over the phone?

I take it DFS is Direct Financial services?

Yes and yes

tattycath

ShelfStacker wrote: »

Current accounts are unprofitable in general. Given that the basic account only offers quarterly statements, no debit cards, no cheque books or guarantee cards, little if any chance of bad debt, not even counter service beyond taking deposits (we can't even print a temporary statement in branch, you have to use the machine if there is one), imagine what the more fully featured accounts cost... then wonder how the hell A+L and the like can pay 293893% interest on top

I get a 1 page statement every 3/4 weeks and I only have a basic account...or is that just with the HSBC basic account that you only get quarterly statements?