HSBC & the £500 rule - Question

RobTang

CLAPTON wrote: »

what sort of account do you have?

Its just listed as "Bank A/C" on internet banking which should have the £500 requirement.

Then again its been converted so many times I suppose something might have got lost in their system.

henm2

The account will not close. All that will happen if the minimum credit turnover of £500 a month is not met is that it will be downgraded from 'bank' account to 'current' account terms.

On 'current' account terms you will not be eligible for increased overdraft facilities (any existing formal overdraft limit will be removed at the time of the next due renewal date) and you will not be eligible for their loans, credit cards, some of HSBCs mortgage deals, or the 4% regular savers account.

InsideInsurance

RobTang wrote: »

Its just listed as "Bank A/C" on internet banking which should have the £500 requirement.

Then again its been converted so many times I suppose something might have got lost in their system.

All banks are bad at applying their own terms but as long as its in the customers benefit then there is no foul. I had a staff loan years ago on preferential rate (about 3% if I remember) and its terms were that it was repayable in full if I left employment. Left employment and the loan continued for the rest of its term (about 2 years) at the preferential rate.

iAMaLONDONER

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? !!!!!!


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

If you're 24 or under the £500 rule won't apply to you!

Lith

was 22 when i got the account, im now 26... when i hit 24 i got letters none stop about that rule

very stupid i think (it's like they're waiting for me to turn 24)

pmduk

Transfer £500 out and then return it a couple of days later. I'm sure the letters (and eventually any instruction to down grade the acoount), will be computer generated without human intervention.

It's not as if they don't make the requirement very explicit.

rb10

Just let the account downgrade, or close it, if it's causing this much difficulty.

It's not as if HSBC give you anything special for banking with them.

anotheruser

^ I am leaving HSBC because of this.

Well, I say leaving... leaving £1-£10 in the account and filing away the card and cheque book just in case they become really good again.