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HSBC Current Account/Bank Account Upgrade/Downgrade?
Malory
Posts: 176 Forumite
I have a Current Account (not a "Bank Account") with HSBC. It is not the bank account that my pay goes into - that is a joint HSBC bank account that I opened with my husband later.
I put £50 a month into the current account. Once in a while, more money will go in, but that is unpredictable.
I also have payments set up through this current account, because it is my oldest existing current account, so I sometimes transfer money from my other accounts to this account, and then pay someone. (So I'm not actually adding money to the account; I'm just moving money in there temporarily in order to pay for something.) My regular direct debits - utilities, etc. - all come out of my main account that my pay goes into.
I received a letter from HSBC saying that my account is going to be upgraded to a Bank Account, as I am "now paying over £500 a month into my Current Account." - I'm not sure where they got this figure from, probably a bunch of random payments into the account and transfers happened to add up to £500 a few times.
I do not have an additional £500 to pay into this account every month.
The letter says that if I don't want my account to be upgraded, I can call HSBC, so I did.
When I spoke to the HSBC representative, and told him that I can't put £500 into the account every month, he said that it didn't make a difference.
He said that it just reflected a change of name and when they saw that I wasn't putting £500 into the account every month, they would downgrade me back to a current account.
I explained that the letter said that I was supposed to call by 30 March 2012 if I didn't want the upgrade, and he said that it wasn't necessary for anything extra to be done.
He said that there was no difference between the Bank Account and the current account, despite the fact that the letter came with a shiny pamphlet telling me how great the new Bank Account is.
The letter itself says that the Bank Account allows me to have balances and mini-statements sent to my mobile and access to a high earning savings account. I don't care about either.
I said that I did not want to be penalized in any way by having my account downgraded after it was upgraded, and he insisted that nothing would change. (I have an £800 authorised overdraft limit with this account, by the way).
The rep then put me on hold for a bit. Then when he came back on the line, he told me had tried to get in touch with the "liaison", but that person wasn't in.
He then said that if I wanted to, I could walk into the branch with the letter and ask them there. However, I want to avoid going into the bank and having to go through a "review". (Someone from HSBC called me last week about a review and I declined.)
Is it OK, as the rep said, for me to just not do anything? If worse comes to worse, I have other bank accounts. I would really like to keep the £800 overdraft though, but I can deal with not having it. (The HSBC bank account that I put my pay in does not have an overdraft facility.)
I just don't like the idea of having my bank account downgraded when I never wanted it upgraded.
To me, downgraded sounds like I haven't been meeting my financial responsibilities or living up to my promises, when I never promised that I could put that amount of money in the account
Are they going to re-upgrade and re-downgrade the acount whenever I randomly happen to put £500 in?
Has anyone been through this with HSBC before?
I put £50 a month into the current account. Once in a while, more money will go in, but that is unpredictable.
I also have payments set up through this current account, because it is my oldest existing current account, so I sometimes transfer money from my other accounts to this account, and then pay someone. (So I'm not actually adding money to the account; I'm just moving money in there temporarily in order to pay for something.) My regular direct debits - utilities, etc. - all come out of my main account that my pay goes into.
I received a letter from HSBC saying that my account is going to be upgraded to a Bank Account, as I am "now paying over £500 a month into my Current Account." - I'm not sure where they got this figure from, probably a bunch of random payments into the account and transfers happened to add up to £500 a few times.
I do not have an additional £500 to pay into this account every month.
The letter says that if I don't want my account to be upgraded, I can call HSBC, so I did.
When I spoke to the HSBC representative, and told him that I can't put £500 into the account every month, he said that it didn't make a difference.
He said that it just reflected a change of name and when they saw that I wasn't putting £500 into the account every month, they would downgrade me back to a current account.
I explained that the letter said that I was supposed to call by 30 March 2012 if I didn't want the upgrade, and he said that it wasn't necessary for anything extra to be done.
He said that there was no difference between the Bank Account and the current account, despite the fact that the letter came with a shiny pamphlet telling me how great the new Bank Account is.
The letter itself says that the Bank Account allows me to have balances and mini-statements sent to my mobile and access to a high earning savings account. I don't care about either.
I said that I did not want to be penalized in any way by having my account downgraded after it was upgraded, and he insisted that nothing would change. (I have an £800 authorised overdraft limit with this account, by the way).
The rep then put me on hold for a bit. Then when he came back on the line, he told me had tried to get in touch with the "liaison", but that person wasn't in.
He then said that if I wanted to, I could walk into the branch with the letter and ask them there. However, I want to avoid going into the bank and having to go through a "review". (Someone from HSBC called me last week about a review and I declined.)
Is it OK, as the rep said, for me to just not do anything? If worse comes to worse, I have other bank accounts. I would really like to keep the £800 overdraft though, but I can deal with not having it. (The HSBC bank account that I put my pay in does not have an overdraft facility.)
I just don't like the idea of having my bank account downgraded when I never wanted it upgraded.
To me, downgraded sounds like I haven't been meeting my financial responsibilities or living up to my promises, when I never promised that I could put that amount of money in the account
Are they going to re-upgrade and re-downgrade the acount whenever I randomly happen to put £500 in?
Has anyone been through this with HSBC before?
0
Comments
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Wouldn't worry about it,
there the same account... there just fussy i got the letter to (simply because i turned 24...) terrible that.
You don't need to add £500 a month its just a lie for them to get money... tsb halifax barclays etc don't have this requirement... on my letter it said the difference is... you cant have a high savings account with 'current account' who cares... i have 5 savings account with HSBC anyway lol, bank account/current account are the same (just a tad different) you'll still have ya debit card same sort code same account number etc.
wouldn't worry about it.• HSBC (Main A/C)
• Halifax Back up A/C
• Lloyds (Spending) A/C
• RBS Back up A/C
• Barclays Old A/C
• Nationwide Old A/C0
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