HSBC's New £120 Switch Offer

Dird

I'll be handing in my signed docs Tomorrow so hoping for the card by the end of the week

Nationwide8

nearlyretired2004 wrote: »

I would have thought they got all the 'market data' they could out of me in the 1 hour 20 min - ish in(terrogation)terview last week!!

Anyone else had this call??

Will be interesting if you refuse to answer their call and the 10 mins ( Why !!! ) of questions if they backtrack on their offer.Must admit if I had been approved and started getting a call like this I would not be best pleased.

julield

Also got rejection letter but offered basic bank account as consolation prize! Feel like telling them to tell them to bog off but tempted to accept the basic to switch to Nationwide switch and TCB reward.
Say they can generously offer me this basic account (how generous) subject to satisfactory certain checks and verification requirements....which begs the question what else do they need?
Already the most invasive application process I have ever known. Not liking these people so far?

nimdy

I too received a rejection letter. I phoned them up this morning and ask why I was rejected. I was told that I failed the credit check. The person I spoke to apoloised that she couldn't go into any more detail.

Not wanting to be defeated, I popped into a local HSBC branch at lunch time equipped with my rejection letter and welcome pack and asked the same question. She said 'oh don't worry, you haven't been rejected, you've been offered an alternative product'. I said I was interested in the Advance account because of the linked ISA (not wanting to say I'm only in it for the switch incentive). She said 'well ok then, lets change some details and get you an Advance account opened instead'. Pretty painless other than the 15 mins it took to set up online banking in branch with the adviser.

She apologised on two occasions - one for being told about credit scores on the phone earlier today, then for saying the paperwork I had been sent wasn't clear (i.e. a rejection letter along with a welcome pack!)

Might be worth others doing the same (if you have the time), if your local advisors are as helpful as this one.

Gers

Thought I would have a go at applying.

Got refused an Advance account and offered an 'ordinary' account - so not failed the credit reference searches.

Did a formal complaint.

Heard back today that I don't meet the eligibility criteria for funding the account.

Called the customer services agent and was told the following:

"The account has to have mandated monies, salary or pension, coming in by BACS every month. Minimum of the £1,750.

Money (in my instance, savings) cannot come from ANY other account from ANY other bank."

:huh:

She wasn't budging even when she read out the criteria from their own website ' what is means is...' was the the reason.

I've now sent of a formal complaint to the FOS. Think it's deceitful to give out such woefully misleading information.

sharpharp

Already had an Advance account, so opened a Loyalty ISA and it was accepted.

Have made a payment, will see if the £10 appears next month

fuzzgun19

Looks to me as though HSBC now only want high earners for this account.

norm_

Gers wrote: »

Called the customer services agent and was told the following:

"The account has to have mandated monies, salary or pension, coming in by BACS every month. Minimum of the £1,750.

Money (in my instance, savings) cannot come from ANY other account from ANY other bank."

My account sees £1,750 a month come into it by standing order the source of which is savings. The fact it's by SO means it's mandated? :cool:

Gers

norm_ wrote: »

My account sees £1,750 a month come into it by standing order the source of which is savings. The fact it's by SO means it's mandated? :cool:

Seems they don't really know what to do! It's just a shambles.

The woman told me " we can't take savings into account". My only income is a pension which pays a little under £1,000 a month. Not enough apparently even though I have substantial savings. Weird situation.

Nationwide8

I know I would say this because I was rejected for the Advance but am pretty sure after reading the latest entries on here I wouldn't want an Advance even if they offered it.They are not being upfront with the FULL T&Cs and they are getting extensive information out of people because of it,and then rejecting people for the Advance who would never have applied for it and given over that info if they knew savings could not be used to fund the account,that must be mis-selling or gaining info under false pretensies or something ??