HSBC put me onto Debt Collections when I'm not in debt?!

DevCoder

bobwilson wrote: »

Mine didn't and I've never met one who does!

So you are a millionaire with a WP/RM and you find yourself in this predicament?

Virtually all non retail bank WP/RM look after client accounts on a daily basis, they have audit reports which warn them if their clients are going to go into unauthorised overdraft or exceed their credit limit.

The credit department will also be keeping a close eye on collateral shortfall reports to ask the RM to contact the client to issue more funds.

Sound like, as a millionaire you need to switch to a wealth management bank rather than a retail one.

bobwilson

krisdorey wrote: »

The auto limit increase is only upto a certain point, at which it is deferred for manual review.

a-ha but it doesn't say this clearly when you tick the check box, so in that case it bloody well should.

bobwilson

krisdorey wrote: »

So you are a millionaire with a WP/RM and you find yourself in this predicament?

Virtually all non retail bank WP/RM look after client accounts on a daily basis, they have audit reports which warn them if their clients are going to go into unauthorised overdraft or exceed their credit limit.

The credit department will also be keeping a close eye on collateral shortfall reports to ask the RM to contact the client to issue more funds.

Sound like, as a millionaire you need to switch to a wealth management bank rather than a retail one.

Key bit: "non retail bank" - you ommitted that part before

What is this ''wealth management bank'' sector you speak of. A bank's a bank! You get small ones and big ones. The bigger usually the more stable

DevCoder

bobwilson wrote: »

no probs



re-read the thread, they used to do it.

If you can get google calendar to text you limitlessly for limitless events, for FREE I might add, considering the millions of users they have, then I'm sure the banks could at the very least do it for a tiny fee.

The bank will then spread the cost across the client base, so everyone else takes an impact due to a minority not being able to manage their finances.

Banks always look to recoup their losses in revenue via increased charges, you only have to look at the FSA's enforced RDR starting January this year and the increased charges in other advisory areas to see this.

DevCoder

bobwilson wrote: »

Key bit: "non retail bank" - you ommitted that part before

What is this ''wealth management bank'' sector you speak of. A bank's a bank!

No, there are different types of bank, some have different "arms" to cater for more than one area.

Retail
Corporate Investment
Wealth Management
Real Estate

DevCoder

For example, Barclays is a retail bank but they have WM "arm"

http://www.barclays.co.uk/PersonalBanking/P1242557947640

http://www.barclayswealth.com/international.htm?WT.mc_id=14&WT.srch=1&utm_source=google&utm_medium=cpc&utm_term=barclays%20wealth&utm_campaign=UK%20-%20Brand%20-%20Exact%20-%20PC#

HTH.

bobwilson

krisdorey wrote: »

The bank will then spread the cost across the client base, so everyone else takes an impact due to a minority not being able to manage their finances.

No they wouldn't have to do that, re-read my post.

DevCoder

Yes, they would, trust me.

Or do you think they finance development and implementation on a finger in the air "ohh we think x amount of people will subscribe" ?

they cap-ex any expenditure on software/hardware, op-ex the consultancy and (try to) recoup the expenses within the op-ex year.

bobwilson

krisdorey wrote: »

For example, Barclays is a retail bank but they have WM "arm"

http://www.barclays.co.uk/PersonalBanking/P1242557947640

http://www.barclayswealth.com/international.htm?WT.mc_id=14&WT.srch=1&utm_source=google&utm_medium=cpc&utm_term=barclays%20wealth&utm_campaign=UK%20-%20Brand%20-%20Exact%20-%20PC#

HTH.

is HSBC premier the same thing?

I find barclay's customer service atrocious.

DevCoder

You need ~250,000 in assets for HSBC Premiere iirc.

Anyway no, HSBC WMP is different

http://www.hsbcprivatebank.com/plan/wealth-management.html

But then you aren't a millionaire, you just have an issue managing your finance which should be a more pressing problem to resolve.