HSBC Advanced refused

veryintrigued

Mannanan wrote: »

Ok, last year I wanted to open an HSBC Advance account just to get the 6% RS. I knew they were picky so I just lied on the online application about two things, income and employment. I grossly exaggerated my employment status and salary. I knew I could fund with £2000 pcm easily from my savings anyway. The Advance account was opened without a hitch along with the RS. The only monthly transaction on the Advance account is to feed into the regular saver. No one has come chasing me yet for falsifying my application as they have no reason to. It's just about getting over the initial application hurdle and provided you stay under the radar, it's plain sailing. Not recommending this method necessarily, but it is an option.

You committed fraud.

[Deleted User]

Mannanan wrote: »

Ok, last year I wanted to open an HSBC Advance account just to get the 6% RS. I knew they were picky so I just lied on the online application about two things, income and employment. I grossly exaggerated my employment status and salary. I knew I could fund with £2000 pcm easily from my savings anyway. The Advance account was opened without a hitch along with the RS. The only monthly transaction on the Advance account is to feed into the regular saver. No one has come chasing me yet for falsifying my application as they have no reason to. It's just about getting over the initial application hurdle and provided you stay under the radar, it's plain sailing. Not recommending this method necessarily, but it is an option.

Yes, fraud is always an option you should consider....:doh:

YorkshireBoy

Mannanan wrote: »

I grossly exaggerated my employment status and salary.

Are you aware that your application data is shared with Fraud Prevention Agencies, and used to highlight application inaccuracies?

One possible outcome is a CIFAS marker.

Thrugelmir

HBarca wrote: »

I was told that it was probably because my actual income did not match the £1750 monthly pay in. I explained that that my income was irrelevant

Not irrelevant. HSBC have target markets for their personal banking. You appear not to meet their criteria. Seems simple enough.

Roseanne1

I had the same experience as yourself, was very frustrated at the too-ing and fro-ing over the phone and the conflicting informtation they gave me. So I complained. I would stress that you can have no complaint about not being accepted because a bank can accept or decline applications for whatever reason they see fit. However, I complained and a nice lady telephoned me and explained the position - basically, the internal scoring you refer to is something they will never disclose because it is sensitive information - mad as it means you don't know what to put right to meet their criteria but that is the position and there is not a whole lot you can do about that. She did give me £50 compensation, which was a nice bonus and, OK I didn't get the advance account or the switch bonus but it meant something that she explained things to me and I got a wee bit of compensation as a gesture of goodwill. I now have the normal bank account. I'm stretched as far as I can be with new money in reg savers just now but my plan in the future is to start putting £1,750 in and out using the jemmying method referred to on MSE in the hope that I can upgrade then and get the reg saver. It's a PITA not to get the switch bonus but I can't really grumble as there are lots and lots of other banks offering decent deals.

HBarca

Thanks guys for all your thoughts.
It does seem to be pay related, so not much I could have done, just upset at missing out on £260+ for the switch and reg saver. I did open a 1st direct account at the same time I applied for the HSBC. So I can get that ones regular saver at least. I will now make sure that I meet 1st direct criteria to enable me to claim the £100 leaving bonus next year. I was not planning to leave but I am already not impressed with HSBC group!

Herminator75

veryintrigued wrote: »

You committed fraud.

Ooh, Fraud, oooh. Lying about income to open a bank account. Naughty naughty. The crime of all crimes. Wonder how many detectives Scotland Yard have got on the case.

dunstonh

Herminator75 wrote: »

Ooh, Fraud, oooh. Lying about income to open a bank account. Naughty naughty. The crime of all crimes. Wonder how many detectives Scotland Yard have got on the case.

A thread revival for that? Now that should be a crime

Anthorn

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HBarca wrote: »

I was intending to switch my main bank account to the HSBC Advanced account to take advantage of the now no longer available switch bonus of £200. I applied in plenty of time but was refused on what they called internal scoring. I met all the criteria for eligibility, so I do not see why. I called them and I was told that it was probably because my actual income did not match the £1750 monthly pay in. I explained that that my income was irrelevant because I would be paying in other money from another non HSBC account. I have done the same in the past to qualify successfully for other accounts, and is effectively the same advice given out by MSE in such cases.
The rep on the phone then said that I would qualify but would have to prove my other credits into the account by going to a branch appointment, which is what I did, taking any relevant paperwork.
At the end of the interrogation into all my personal finances. I was still not given an answer, as the interviewer said they had to make a call, to find out something, and would call me later that day.
Later they called and said I could not open the Advanced account, despite meeting all their published criteria and against the normally foolproof advice on this site. They simply cited that I did not meet their internal scoring. I could not get anything more out of them but they offered to open a standard account and later upgrade to the advance (not qualifying for the switch bonus of course). However they were prepared to offer me their Premier account which as I understand it is a higher grade than the Advance.
Needless to say I will be complaining to them, for wasting my time in the least.
Any comments or views on this situation would me of interest to me. Advice from MSE is second to none and always up to date so I was shocked to be refused. If anyone from the MSE team could look into this, it would be fantastic.

Been there, done that, got the tee shirt, badge and diploma. But in my case it was Metro Bank's unpublished criteria.

You will no doubt have noticed that when you post something like this certain forum members will go all out to defend the bank and the bank's "rights" and that you don't have a leg to stand on.

What it comes down to is that certain banks have the time to waste in rejecting applications which do not meet their unpublished internal criteria. But if they published that criteria applicants who do not meet that criteria presumably wouldn't bother to apply and then the bank(s) wouldn't have to waste their time !

There is an element which has not been suggested in previous posts in this thread and that is profiling: Very oversimplified, they construct a profile such as age, gender, employment, address such as town, county, etc., and then if you have the same profile as previous ones they have encountered it's a match. Then if your match has defaulted you stand a very good chance of being rejected.

Mchambers

Got my HSBC last year. Nice and easy with a bit of porkies !!:D