Did you know that HSBC start the next day at 23.45 !!!!!

Anthony_Hemsley

Hi there. Have incurred a couple of £25 bank account charges from HSBC as a result of my account showing a balance exceeding the overdraft limited despite having logged on to internet banking before midnight and transfer suffiicient funds from either my business account or our joint account. I queried this and today received a letter stating that transactions after 23.45 count as next day! I find this quite frankly laughable and have just told them so. I am curious to know if anyone here has come across this and if HSBC having backed down.

Thanks

dunstonh

I find this quite frankly laughable and have just told them so.

Why? It was not too long ago that banking hours ended at 3.30pm.

I am curious to know if anyone here has come across this and if HSBC having backed down.

Every bank will have a cut off for transactions being included that day. It will be in a range between 3.30pm and midnight. They normally state it in their terms and conditions.

Suarez

Who reads the T & Cs?

spadoosh

If it makes you feel better Orange only have 30 days in every month, so if you ask to pay your bill on the last working day of every month it will actually be the 30th of every month. Theres a £30 charge and outright refusal to go anywhere near orange again.

noh

Suarez wrote: »

Who reads the T & Cs?

Those that like to know what they are agreeing to and wish to avoid making mistakes that may cost them money?

Anthony_Hemsley

dunstonh, yes I can understand a branch where manual transactions are taking place to have an early cut off as they still do because they are staffed by humans who have homes to go home to. But for internet banking to have a grey period between 23.45 and 00.00 due to a computerised systems flaws is farcical.

I take the point about t&c's but also there should be an element of fairness if a customer disputes this. I know for a fact that the transactions I made will have been recorded to the second and will show as being made prior to midnight.

Also when I rang HSBC internet banking customer helpline to query these charges I was told that transactions up to midnight count as that working day not the next. Then I receive a letter contradicting this.

Suarez

noh wrote: »

Those that like to know what they are agreeing to and wish to avoid making mistakes that may cost them money?

You have too much time on your hands then.

Further thought, the money you have saved and the time it takes you to read the T & Cs would put you on less than minimum wage :rotfl:

Anthony_Hemsley

Maybe a better man than me can find a reference to transactions after 23.45 counting as next day in HSBCs internet banking terms and conditions because I can't. Its only 4 pages long (shorter than I expected) so its not a major task if anyone is up for checking it! Cant post link as a new user incase I'm a spammer but if you google hsbc internet banking terms and conditions its the first result which opens the t&cs PDF.

dunstonh

Anthony_Hemsley wrote: »

dunstonh, yes I can understand a branch where manual transactions are taking place to have an early cut off as they still do because they are staffed by humans who have homes to go home to. But for internet banking to have a grey period between 23.45 and 00.00 due to a computerised systems flaws is farcical.

I take the point about t&c's but also there should be an element of fairness if a customer disputes this. I know for a fact that the transactions I made will have been recorded to the second and will show as being made prior to midnight.

Also when I rang HSBC internet banking customer helpline to query these charges I was told that transactions up to midnight count as that working day not the next. Then I receive a letter contradicting this.

The bank online systems are woefully out-of-date in many cases. They are often bolted on to legacy systems and that is part of the problem with timing. The front end may look nice and flash but if its an austin allegro behind the scenes, you are always going to be held back.

The other thing that may restrict it in some way is the clearing cycle. Payments need to be lodged by the clearing house and then the bank of England. I dont know what time of day that occurs nowadays as I have been out of it for a long time.

For reference, I am not trying to defend them. Just explain some of the issues that may apply.

Anthony_Hemsley

dustonh, I understand entirely the point you are making about antiquated systems. I'm just not of the opinion that customers should be penalised due to some lingering idiosyncracies that aren't made absolutely clear to them. If 15 minutes are required for processing of transactions then why don't HSBC do it from 00.00 to 00.15 when it wouldn't catch anybody out? Could it possibly be because its to their benefit?

I'm sure its not their biggest earner by any means but 50 quid out of me in two months and other customers making the same mistake probably goes some way to plumping up somebodies bonus at HSBC

Anthony_Hemsley

Copy of my email to HSBC

Dear Mr XXXXX

Thankyou and perhaps you can forward this one too. Could you spell my surname correctly next time though?

Having just read through your Personal Internet Banking Terms and Conditions (attached) I have found nothing whatsoever pertaining to a transaction cut-off time of 23:45. It is absolutely remiss of HSBC to not include and not adequately inform every customer using internet banking of the implications of transactions beyond this deadline. Doubtless you will point me in the direction of another document but it should be here if you wish to justify your charges.

I wish to reiterate that I want a refund in full. I don't want any gestures of goodwill and adjustments to the charge. I also want every bank charge levied against me in the last 8 years that has arisen as a result of this inadequately advertised deadline refunded in full. These charges are unfair, unjustified and quite probably illegal as it does not appear that any customer is being informed of this issue.

Many thanks
Mr XXXXXXXX

Fingers crossed