HSBC's New £120 Switch Offer

Voyager2002

Today... I received my 120 pound incentive payment.
Nice, but not sure if it was worth all the trouble.

colsten

dggar wrote: »

I don't know what would cause HSBC to declare an account void but people do need to be aware that they mention it

That's better than what you said before.

dggar wrote: »

There is a possibility that the ISA could be declared void by HSBC of there are no funds in it.

No instant access ISA will be declared void because there are no funds in it.

Westie983

I asked this question when I opened the ISa and was told that the money doesn't have to remain in the isa as its the qualifying payment in that qualifies you.

I got this in writing too, although I haven't taken any out yet but may do for Xmas, I paid £300 in back in March.

Ed-1

dggar wrote: »

I don't know what would cause HSBC to declare an account void but people do need to be aware that they mention it.

An ISA is voided if the ISA regulations have been broken (e.g. by depositing into a 2nd cash ISA in the same tax year, the 2nd ISA is void). HMRC inform an ISA provider that an ISA is void.

TheEffect

Voyager2002 wrote: »

Today... I received my 120 pound incentive payment.
Nice, but not sure if it was worth all the trouble.

Think of it as a temporary part-time job...

Sobraon

I've had real problems opening an 'advance' account and I may well post my experiences later. But the point of this post is regarding the seemingly random way HSBC require extra data from seemingly well qualified applicants (as posted on this thread and elsewhere).

I went into an HSBC branch today and the person reading my details voiced details from the account form on screen as they read them and said under their breath '...not on electoral roll...'. This was odd as I am on the electoral roll (same address for many years).

Now my son tried to open an HSBC account earlier in the year and he also had requests for extra data because his address apparently couldn't be confirmed using the electoral roll.

Both my son and I have opted out of the 'open' register so my suspicion is that HSBC are using the 'open' register and not the full electoral roll. Credit reference agencies can use the full register but at a cost so are HSBC being 'cheap' by not using the full register?

colsten

Sobraon wrote: »

Both my son and I have opted out of the 'open' register so my suspicion is that HSBC are using the 'open' register and not the full electoral roll. Credit reference agencies can use the full register but at a cost so are HSBC being 'cheap' by not using the full register?

I doubt that. I am opted out of the pubic register, and had no problems with online HSBC applications. It is more likely that there is a discrepancy between your name and address on the Register, and your name and address on the application. Even the smallest difference could cause a "not found" error.

Chadsman

I applied for an account around three weeks ago but still have not heard anything. How long did it take people to hear anything from HSBC?
:beer:

Frank121

Chadsman wrote: »

I applied for an account around three weeks ago but still have not heard anything. How long did it take people to hear anything from HSBC?
:beer:

We applied for three accounts on 31st August and just received the letter for two of them yesterday. (they were declined probably due to not enough income, they were for my retired parents)

I called them last weekend about my own application and was told they had no record of it...I wasted my breath airing my opinion about their archaic systems and ended up having to spend another 45minutes+ giving my details again. At the end of the call, I was told that my application was successful and I didn't need to visit a branch, they would just send me an agreement for signing.

Yesterday I received a letter which states I must come into the branch for income verification! I called them to challenge what I was told on the phone but again it fell on deaf ears. I was told I must make an appointment and come into a branch...it's not possible to do it by post or simply drop the required the docs in branch. What a shambles! With most other banks, I can open an account in about 10 minutes and already have an account number and sort code!

Indeed...you do need to be paid to switch to HSBC. I have no idea why anyone else would bother...it might ok if you open in Branch but it's pointless exercise for them to offer online/phone application which are need to be manually processed and reviewed.

Anyways...even if I spend 3 hours on this, it's still 40GBP per hour..so it's ok. ;p I truly hope the switch will be simple!!

Cheers.
Frank

Chadsman

Frank121 wrote: »

Anyways...even if I spend 3 hours on this, it's still 40GBP per hour..so it's ok. ;p I truly hope the switch will be simple!!

I am only opening it for the switch incentive and the regular saver.
Where did they post it from? I work away from home most of the time so I have to ask family to look out for post from HSBC or whatever address they send it from.
:beer: