HSBC Advance not funded - consequences?

gingercordial

Starting off by admitting I'm an idiot and this is all my fault.

Short version: I failed to fund my HSBC Advance account by the required £1,750 in February. The T&Cs say that failure to meet the eligibility requirements will result in downgrade to a normal HSBC account. Does anyone have any experience of how likely they are to do this for a one-off? Is there leeway?

Longer story: I have many current accounts for access to various regular savers etc. It is my habit to fund these manually, which I do on payday or sometimes the day after if I'm busy. Until some time in the middle of last year my payday was the 21st of the month, but then got shifted to the 28th. Not a problem until February this year! I got paid yesterday, was busy at work so didn't get a chance to do my transfers, remembered with horror at (genuinely) one minute past midnight last night when I glanced at my phone and saw the date... Of course the transfers I made immediately in a panic are all shown as crediting on 1 March, no fooling the bank computers there.

I know this will mean no reward payments from Halifax or Co-op, no interest from Nationwide Flex Direct and my idiot tax of the £3 Club Lloyds fee not being waived. I can live with those. I'm just concerned about losing my HSBC Advance status and hence my Regular Saver interest rate dropping.

So, is it worth me ringing up and begging? Or should I just leave it and hope they don't do anything on this occasion? I have never missed it before.

Thanks in advance for any advice.

badger09

I doubt if they'll downgrade your account for a one off omission.

Why not pay in (& take out again;)) 2 x £1750 this month, thus hitting the alternative funding requirement of at least £10500 every 6 months?:)

The T&C also say they will give you 60 days notice before downgrading, so you could just wait and see.

gingercordial

badger09 wrote: »

Why not pay in (& take out again;)) 2 x £1750 this month, thus hitting the alternative funding requirement of at least £10500 every 6 months?:)

Oh blimey, I'd forgotten that alternative! That I can do easily. Thank you, you've put my mind at rest :T