My Experience with HSBC :(

rayoflight_2

I wanted to write to make everyone aware of my poor experience with HSBC to help anyone who's considering which bank to bank with and indeed the 100 pounds + 45 pounds reward in Quidco for switching to Alliance and Leicester offer.

I have banked with HSBC since 1997 and have been a very good customer. I have a considerable amount of savings with them and am likely to prove more valuable in the future given my job circumstances.

Last month, I went overdrawn. This was not due to lack of money: I had plenty in my savings (several thousand). Rather, it was due to my own lack of organisation with regards to remembering to log in and transfer the money ready for this month with unusually high outgoings (like most moneysavers, I keep as much money as I can in savings to get the small amount of interest I can, transferring what I need into my current account when required). I was charged 75 pounds by HSBC for this. When I questioned a supervisor on how this would be representative of any charges the bank had incurred, he could not give me answer: rather, he simply reiterated the bank's policy on charging when you go overdrawn. They were not able to answer me clearly at all when I was simply asking to understand what exactly I was paying for in that specific amount charged to me.

When I explained that I stood to profit from the Alliance and Leicester offer and explained that it made good financial sense to shift to them since I stood to profit and since I didn't feel valued as an HSBC customer, the supervisor simply said, "It's up to you to decide which bank account would be best for yourself". This did not make me feel valued at all

This is the second time HSBC have upset me: the first time was when I was a Masters degree student: they claimed that they weren't prepared to give me a student account, despite the fact that I was a student and could prove it with my acceptance letter and student ID etc. They just simply kept saying that it was only first degrees that qualified. I explained that given that Masters students are not eligible for Student Loans and therefore I was in particular need of the benefits of a student account for this study, but they refused to help me as a customer.

I understand that it was my error for not having transferred the money from one of my HSBC accounts to another...it would have taken only 60 seconds. But I don't think this merited a charge of 75 pounds, or to be spoken to by the bank as though I was not of any value, despite my savings and decent, consistent salary being paid into them every month.

I have just applied to join Alliance and Leicester which friends tell me are always helpful and efficient. I will also gain 145 pounds which will help me offset the charges from HSBC. The financial incentive is a no-brainer, but when you take into account the way you are treated (and I have that on very good authority from a number of sources), Alliance and Leicester is a clear winner and with HSBC you as the customer are never right :mad:

adamc260

Wait till you start banking with A&L, they wont look so great then.... you'll soon realise why they're offering 145 quid =/

Lokolo

rayoflight wrote: »

I have just applied to join Alliance and Leicester which friends tell me are always helpful and efficient. I will also gain 145 pounds which will help me offset the charges from HSBC. The financial incentive is a no-brainer, but when you take into account the way you are treated (and I have that on very good authority from a number of sources), Alliance and Leicester is a clear winner and with HSBC you as the customer are never right :mad:

LOL good luck with that.

And in fact, if you had read T&Cs of your account, you would know how the charges system works and how to avoid it, obviously you did not.

And secondly, why should HSBC have to give you a student account for a masters? Why should you be the exception to the rule. They set out accounts for specific purposes.

epsilondraconis

OP, why don't you try writing to HSBC to see if they will waive the charges on this occasion.

I'm with HSBC and have been happy with them; however I've not gone overdrawn. I'm sure if I did, I would feel like you that their charges are unfair.

Hope you get everything sorted...

rayoflight_2

Lokolo wrote: »

LOL good luck with that.

And in fact, if you had read T&Cs of your account, you would know how the charges system works and how to avoid it, obviously you did not.

And secondly, why should HSBC have to give you a student account for a masters? Why should you be the exception to the rule. They set out accounts for specific purposes.

I did read the terms and conditions of the account: LIKE I SAID, I normally log in to transfer funds to avoid it. This month I did not. My point is, as you would know if you had read my post correctly, I was punished in a way which was not proportionate to the mistake made.

Regarding your comment about them not having to provide me with a student account for doing a masters, NOWHERE did I state that they HAD to. What I was trying to suggest was they were not a good bank in that they were not working hard to meet my needs as the customer, and therefore in my opinion not a good bank.

P.S. do you work for HSBC?!?!

rayoflight_2

adamc260 wrote: »

Wait till you start banking with A&L, they wont look so great then.... you'll soon realise why they're offering 145 quid =/

Well, my plan is start banking with them, pocket the 145 quid, move on if they're bad. It's all about shopping around for the best deal and leaving when there's a better one on the table (assuming there's nothing to lock you in as there would be with a phone contract etc).

Businesses rely on people just settling for them because they can't be bothered to change: businesses rely on return custom. Chopping and changing keeps them on their toes!

Thanks for letting me know about your experiences with them: always good to hear from people who've actually had experience with a business and want to use it to help other moneysavers, as I have been trying to do with my post.

gt94sss2

rayoflight wrote: »

I have just applied to join Alliance and Leicester which friends tell me are always helpful and efficient.

I think you will find your friends are having you on.. A&L have a very poor reputation.

HSBC charges are pretty easy to understand - you probably made at least 3 transactions while you were overdrawn (on separate days)

Regards
Sunil

adamc260

Changing banks too often looks bad on your credit report tho =/

Lokolo

gt94sss2 wrote: »

I think you will find your friends are having you on.. A&L have a very poor reputation.

HSBC charges are pretty easy to understand - you probably made at least 3 transactions while you were overdrawn (on separate days)

Regards
Sunil

Exactly.

OP, you knew the consequences and what they would be if you made a mistake, but now are saying they are unfair, even though you knew what they would be charging you.

It's like me knowing a rollercoaster is going to make me sick, going on it, being sick, then complain about it making me sick! Just plain silly.

But no I don't work for HSBC. I just dislike people for complaining about charges they should know about and can easily avoid. Seems odd that you knew what HSBCs charging structure is, but feel as though it is unfair, only when you get charged. If you didn't like their charging structure in the first place, you should have left before getting the charges.

HSBC and First Direct are 2 of the good banks. Good luck with A&L.

Lokolo

adamc260 wrote: »

Changing banks too often looks bad on your credit report tho =/

Changing once or twice is OK. Constantly applying for credit has a bigger effect though.

Bloomberg

rayoflight wrote: »

I wanted to write to make everyone aware of my poor experience with HSBC to help anyone who's considering which bank to bank with and indeed the 100 pounds + 45 pounds reward in Quidco for switching to Alliance and Leicester offer.

I have banked with HSBC since 1997 and have been a very good customer. I have a considerable amount of savings with them and am likely to prove more valuable in the future given my job circumstances.

Last month, I went overdrawn. This was not due to lack of money: I had plenty in my savings (several thousand). Rather, it was due to my own lack of organisation with regards to remembering to log in and transfer the money ready for this month with unusually high outgoings (like most moneysavers, I keep as much money as I can in savings to get the small amount of interest I can, transferring what I need into my current account when required). I was charged 75 pounds by HSBC for this. When I questioned a supervisor on how this would be representative of any charges the bank had incurred, he could not give me answer: rather, he simply reiterated the bank's policy on charging when you go overdrawn. They were not able to answer me clearly at all when I was simply asking to understand what exactly I was paying for in that specific amount charged to me.

When I explained that I stood to profit from the Alliance and Leicester offer and explained that it made good financial sense to shift to them since I stood to profit and since I didn't feel valued as an HSBC customer, the supervisor simply said, "It's up to you to decide which bank account would be best for yourself". This did not make me feel valued at all

This is the second time HSBC have upset me: the first time was when I was a Masters degree student: they claimed that they weren't prepared to give me a student account, despite the fact that I was a student and could prove it with my acceptance letter and student ID etc. They just simply kept saying that it was only first degrees that qualified. I explained that given that Masters students are not eligible for Student Loans and therefore I was in particular need of the benefits of a student account for this study, but they refused to help me as a customer.

I understand that it was my error for not having transferred the money from one of my HSBC accounts to another...it would have taken only 60 seconds. But I don't think this merited a charge of 75 pounds, or to be spoken to by the bank as though I was not of any value, despite my savings and decent, consistent salary being paid into them every month.

I have just applied to join Alliance and Leicester which friends tell me are always helpful and efficient. I will also gain 145 pounds which will help me offset the charges from HSBC. The financial incentive is a no-brainer, but when you take into account the way you are treated (and I have that on very good authority from a number of sources), Alliance and Leicester is a clear winner and with HSBC you as the customer are never right :mad:

If you do not make a habit of going overdrawn then normally banks will refund you as a good will gesture. In the first instance I would advise you to email them via the website and see where that takes you. Chances are you will get a favourable response.

The person you spoke to may well have not been very passionate about their job and the attitude which they conveyed may not have been representative of HSBC's relatively lenient charging policy.

More often than not people are attracted by the incentives which some banks offer to jump ship, look beyond this and find out what kind of service level you can expect long term. If this forum is anything to go by the small amount of money which A+L will give you is poor compensation in advance of poor service. The fact that they now fall under the Santander umbrella should be warning enough.