HSBC Fast Payment System Trouble

JJBH

Hello

I am having and have had big problems with HSBC.
A few months ago they started taking out my direct debits and standing orders before my pay was credited thus landing me in lots of trouble with reversals, resulting in charges and now a credit rating which means I cannot get a new credit card to transfer my existing debt onto.

I spoke to HSBC every month this happened and they were refunding me the charges but the only explanation they would give was they are operating a fast payment system meaning that even though my pay is in on the same day it comes in later than the direct debits etc go out. The last few times it happened they refused to give me the fees back.

I would like to try to get these blots on my credit history expunged and would like some advice on how to do this please?
Has anyone else had this same problem?

I have opened a new account with Nationwide so I can get out of HSBC but unfortunately the overdraft is not enough so I cant change.
I am really stuck all ways that I turn and the only way I can see out is if I get my credit rating improved - it is 'fair' at the moment.

In anticipation of your help many thanks.

dalesrider

Well its not HSBC's fault is it.
So you are lucky they have refunded the charges. Unless they were taking them before the date stated.

Issue is with your employer and how they pay you.

TBH. You should not have DD's going out the same day you get paid. You should allow at least a couple of day in case of issues.
Even faster payments have until end of next day to credit you.

rb10

It's not a problem unique to HSBC - if you are using the same dates for your pay, direct debits and standing orders then you will have the same difficulties at Nationwide.

You need to ensure that your direct debits and standing orders are set to come out a few days after your pay comes in.

It is also worth asking for an arranged overdraft - this way, if your pay is delayed for whatever reason, you will only be charged a small amount of interest. Note that you might have to wait a few months before Nationwide will give you an overdraft.

Finally, sign up for Nationwide text alerts - they will send you a text when your balance drops below a value that you choose. That way, if you do go overdrawn, you can hopefully rectify it.

You cannot amend your credit report now, if everything on there is factually correct. Just make sure you don't add to the problems.

BASFORDLAD

You should simply change the day your bills go out

stclair

Some banks offer a grace period for this type of senario.

The ones that spring to mind are RBS, Natwest & Lloyds TSB.

Providing their is cleared funds in your account by 14.30 for Natwest & RBS and 15.30 for Lloyds TSB your DDs etc wont bounce.

dalesrider

As do HSBC.

10. When payments will and will not be
made by us
10.1. We will make/authorise a payment from your
account if you authorise it in any of the ways set
out in this Section 1 of the General Terms, and:
• there are sufficient cleared funds in your account; or
• the payment is covered by an overdraft that we
have agreed following a formal or informal request
from you for an overdraft or an increase to an
existing overdraft limit (please see clause 3 of the
Current Accounts Terms, and clause 16 of the
Current Accounts Terms if you have Bank Account
Pay Monthly, for more details).
• there is still a sufficient available balance to make
the payment at 3.30pm.

From HSBC T/C
So the op's wage must be coming in after 15:30.

Can't understand why after 1st month that they did not amend the DD's etc....

JJBH

Thank you for your comments.

I have changed all of my DD's that I can but this is not possible for all providers as my pay comes in on the 28th and my mortgage cannot be taken after this date otherwise I would need to pay twice in one month which I cannot afford to do.

Thank you for letting me know that other banks do give grace.

JJBH

dalesrider wrote: »

Well its not HSBC's fault is it.
So you are lucky they have refunded the charges. Unless they were taking them before the date stated.

Issue is with your employer and how they pay you.

TBH. You should not have DD's going out the same day you get paid. You should allow at least a couple of day in case of issues.
Even faster payments have until end of next day to credit you.

Many thanks for your empathic responce. Very helpful.

gt94sss2

JJBH wrote: »

I have changed all of my DD's that I can but this is not possible for all providers as my pay comes in on the 28th and my mortgage cannot be taken after this date otherwise I would need to pay twice in one month which I cannot afford to do.

Thank you for letting me know that other banks do give grace.

As has been said, so do HSBC - in fact I think their close of play deadline is more generous than the other banks quoted.

AFAIK nothing has changed with the way HSBC debit/credit accounts in the last few months - if your employer is using faster payments rather than Direct Credits they must be doing it later than they used too.

Its good you have changed the date of many of your DD's but I suggest asking HSBC for an overdraft as well to avoid any further issues with delays in your salary being paid.

Regards
Sunil

opinions4u

JJBH wrote: »

Many thanks for your empathic responce. Very helpful.

Clear and to the point though.

Not much to gain by signing off with kisses.

Xxx

grumbler

opinions4u wrote: »

Clear and to the point though....

What point? The point was:

JJBH wrote: »

...I would like to try to get these blots on my credit history expunged and would like some advice on how to do this please?....

The answer to the point had to be that formally the OP had no grounds for having the records removed from the history.