Automatically switched accounts FAIR?

unheard

Today I received a letter pack from my bank detailing how my account is automatically going to change to an Advanced account on 30 December 2014. I don't want this and I have not been asked about this change. It is due to my salary being paid into the account, this has been the case for the last fourteen years, and, ironically, since this month (November) I am paying my salary into an alternative account that rewards my custom.

I feel let down by my bank as they have not contacted me about this idea to change accounts or request my permission. In effect I consider the change to be a marketing ploy, which I have always been overtly clear I do not want to receive marketing from my bank. :mad:

I telephoned my bank today to be informed I had to ring back on Monday which will inconvenience me further. :eek:

I am disgusted by this practice and wondering whether such Financial Conduct is above board and appropriate. Can this be considered marketing so against my wishes and what is the financial standing on automatically switching my account without my confirmation?

Many thanks, unheard

Steve_xx

What bank account are you being switched from?
What bank account are you being switched to?

unheard

My bank is HSBC and they are automatically switching me from a current account to an Advanced account.

Steve_xx

So the Current Account that you currently have is a current account. They want to switch you to the Advanced Current Account? What's the problem exactly? I see that there are no charges for having the Advanced Current account and similarly no charges for having their Basic Bank account or Bank Account.

unheard

The issue is I'm no longer paying in my salary which the Advanced account requires, I've not been asked about the change and don't want the change. If I had been asked I would've told them it's not worth the effort or the paperwork.

Steve_xx

Simply call them and say, " I don't want my account to change to what you have proposed". Say "I want to keep my existing Basic/Bank account". Assuming that what you have is the Basic Current account or Bank Account?

colsten

I can only see advantages in having an HSBC Advanced account, as opposed to just having their Bank account. They don't charge you for Advance but you are given some benefits if you would like to avail yourself to them. Seems more than fair to me (and I upgraded my Bank account to Advanced as I love the idea of a 6% Regular Saver).

What have I missed, OP?

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

EDIT: For detailed terms, see: http://www.hsbc.co.uk/1/PA_esf-ca-app-content/content/pws/content/personal/pdfs/HSBC_Advance_Bank_Account_Terms_and_Conditions.pdf

extract from these terms:

You must pay at least £1,750 into your Account each month other than by internal transfer from another personal HSBC Account.
If you don’t meet the eligibility requirements we’ll convert your Account to our BankAccount (details of our Bank Account can be found on our website hsbc.co.uk) and you’ll lose your HSBC Advance benefits. We’ll always tell you at least two months before we do this.

Can't be any fairer than this.

bsms1147

What's the problem?

Steve_xx

bsms1147 wrote: »

What's the problem?

The OP is incensed!

Archi_Bald

Steve_xx wrote: »

The OP is incensed!

U sure that's the problem?

Steve_xx

Archi_Bald wrote: »

U sure that's the problem?

Seemingly so.