HSBC & the £500 rule - Question

Lith

Just recently got another letter from them... if you don't pay in £500 blah blah but I've paid in 350 to 580 a month 0_o for 5 months straight and i still get this bogus letter? !!!!!!


So i ask... if i upgrade to the HSBC Advanced account £12.95? does this £500 rule become invalid? and i don't need to pay in every month as long as i have spare cash to pay for the monthly fee of course?


http://www.hsbc.co.uk/1/2/current-accounts/hsbc-advance/details

Can't fine anywhere about this on the site

System

I wouldn't be surprised if the next letter you get is 60 days notice of them closing the 'bogus letter' account as they don't want you.

Lith wrote: »

Just recently got another letter from them... if you don't pay in £500 blah blah but I've paid in 350 to 580 a month 0_o for 5 months straight and i still get this bogus letter? !!!!!!

Lith

Why don't want me? didn't you see what i said? lol

that account is booming with cash also have a credit card tied with it (which im paying off every month with a decent amount)

so would they dare close an account while a credit card is owed?

InsideInsurance

Lith wrote: »

that account is booming with cash also have a credit card tied with it

Lith wrote:

I've paid in 350 to 580 a month

How do the two above tie up? you say you are being told you must pay in a minimum of £500 a month but are sometimes paying in less than that and occasionally only a little bit more than that. How do you therefore come to the conclusion that its booming in cash?

The credit card and current account are two separate accounts, they may believe you are a suitable candidate for one but not the other as banks dont often look at a customer as a whole but the parts individually.

[Deleted User]

Why are you not paying in at least £500 a month into your HSBC account, if your signature is correct???

Lith

InsideInsurance wrote: »

How do the two above tie up? you say you are being told you must pay in a minimum of £500 a month but are sometimes paying in less than that and occasionally only a little bit more than that. How do you therefore come to the conclusion that its booming in cash?

The credit card and current account are two separate accounts, they may believe you are a suitable candidate for one but not the other as banks dont often look at a customer as a whole but the parts individually.

When i say booming... lol has some decent amount in there but as you said more or less 50/50 its not 500 o the dot...

Starline wrote: »

Why are you not paying in at least £500 a month into your HSBC account, if your signature is correct???

Define main account? :P not all my bills come through that account you know (maybe i should change my sig then lmao)

[Deleted User]

Lith wrote: »

...
Define main account? :P not all my bills come through that account you know (maybe i should change my sig then lmao)

Well you wrote it.

But your main bank account is usually considered the one you have your main form of income regularly paid into

InsideInsurance

Lith wrote: »

When i say booming... lol has some decent amount in there but as you said more or less 50/50 its not 500 o the dot...

This is the problem, the requirement isnt that you deposit an AVERAGE of £500 each month but that you actually deposit £500 or more EVERY month. The fact you have "overpaid" one month doesnt allow you to under pay another month.

If you arent able to hit the threashold required for this product then speak to them to see if they have a more relevant product for your needs.

spenderdave

And I assume 'month' is statement month rather than from the 1st. Early this month a rather large deposit went through my account but appears on last month's statement. I think I have to pay another £500 in before the end of the month to keep them happy even though the balance is very healthy at the moment.

RobTang

InsideInsurance wrote: »

This is the problem, the requirement isnt that you deposit an AVERAGE of £500 each month but that you actually deposit £500 or more EVERY month. The fact you have "overpaid" one month doesnt allow you to under pay another month.

I'm not so sure about that actually, I've never paid in £500 every month for the last 8 years and they have not sent me any letters about doing it.

Although the account does get credited with a good bit more than the 6k a year min

CLAPTON

RobTang wrote: »

I'm not so sure about that actually, I've never paid in £500 every month for the last 8 years and they have not sent me any letters about doing it.

Although the account does get credited with a good bit more than the 6k a year min

what sort of account do you have?