Dot ComUnity Credit Union - ISA

christh

Had a subsequent call from the manager of the HSBC branch saying their procedural support team are adamant about requiring an FCA letter.

So if that's the case then it's not the branch staff's fault, but I really don't know what to say!

He told me we could send the cheque and 'see what happens' but he was just a 'middleman' and couldn't guarantee anything. His concern was that it would come back after 15 days (that's how long it takes...) and would be rejected. I explained everything, including the £5.02 balls up and told him okay we'll try that and there's always the Financial Ombudsman to help sort it out.

Oh well, who says saving in 2015 has to be boring! Certainly got me reaching for the bottle.

colsten

Why not just go to another provider if HSBC have all their heads in dark places? It's not as if their interest rates are best.

MARTYM8`

colsten wrote: »

Why not just go to another provider if HSBC have all their heads in dark places? It's not as if their interest rates are best.

Yes - they could try First Direct who are of course owned by HSBC! They seem to know the difference between the FCA and FSCS - I find it incredible that the procedures team of our biggest bank have no idea what their respective roles are!

If they don't want your money or suggest they might take 15 days to work out how to bank your cheque - try elsewhere.

christh

Thanks Marty and colsten. I have a together isa for 2015 which is market leading http://www.hsbc.co.uk/1/2/savetogether

But I'm thinking transferring out is going to make life easier. Got a meeting at HSBC tomorrow and will hopefully get to talk to the morons in back office that reckon I should be talking to the FCA and will make a decision.

colsten

Having much more than £300 in the HSBC 'save together' ISA doesn't pay. You get 1.6% at Nationwide, or more in other places if you can go for a fixed term.

christh

Not wanting to veer off topic but if my calculations are correct the interest rate on Save Together is 41.5% without compounding on a £300 balance and still approx. 1.84% on £50,000 (with HSBC Premier)

I just wish they knew was the FSCS was. Will let people know if I get anywhere today.

hgt

If you're struggling to get your FSCS funds into your ISA of choice, it's not the end of the World. If you can get the cheque deposited successfully into any old ISA with any old provider, then once the cheque has cleared you can use the usual ISA transfer process to get your money to where you want to be.

That could be an option for those who want to deposit with HSBC but haven't been able to.

rebecca1

ST£V£ wrote: »

I took both mine and my daughters cheques to Skipton Building Society yesterday and had no problems at all in handing them over.

The £5 is already showing in an easy access savings account.

In our cases the ISA parts need to added at head office, as it was a web only ISA that had been taken out (the branch terminals were unable to do the updating)

The t&c of the ISA also state that interest is backdated to the date on the cheque.

So fingers crossed that everything goes as planned.

Steve

Steve
Can you let me know which Branch you went into? I went into my local Skipton branch this morning and the assistant said it would expediate matters with my stuff if he speaks to that branch that has assisted you ... he was not aware of the EBCU failing.... nevertheless seemed positive that I would be able to make a deposit.


Thanks
Rebecca

MARTYM8`

christh wrote: »

Thanks Marty and colsten. I have a together isa for 2015 which is market leading http://www.hsbc.co.uk/1/2/savetogether

But I'm thinking transferring out is going to make life easier. Got a meeting at HSBC tomorrow and will hopefully get to talk to the morons in back office that reckon I should be talking to the FCA and will make a decision.

As has been observed the HSBC save together ISA offer is great - but you get the £10 a month whether you invest/transfer in £300 or £50,000. You can move your DotCon funds into another ISA - and then open the HSBC isa linked to your advance account, move in £300 via a partial transfer - and get your £10 a month for a year.

I did exactly that - moved in a few hundred pounds and I am getting my £10.

At present with your DotCon funds you just want to bank the money and start investing it somewhere (either in an ISA or other savings/current accounts). Once invested in an ISA you can subject to the account terms move the funds elsewhere at any time.

Just hope Nationwide come through!

ST£V£

rebecca1 wrote: »

Steve
Can you let me know which Branch you went into? I went into my local Skipton branch this morning and the assistant said it would expediate matters with my stuff if he speaks to that branch that has assisted you ... he was not aware of the EBCU failing.... nevertheless seemed positive that I would be able to make a deposit.


Thanks
Rebecca

Rebecca,

The branch was Newcastle upon Tyne.

I first rang the head office to confirm that they would accept the cheque. Which they said yes to, as long as I had a statement. I then asked if I could take the cheque to my local branch (I did not mention which one it would be).

In branch on opening up my account details, the assistant found that there had been a note attached to my file stating I had rang head office.

Steve