Please help, HSBC have taken our money and won't return

manda1205

Bit of a long one, but I'll try to shorten it as much as I can.
Husband has had an e-isa with HSBC for years. This past tax year it has sat with £500 in and hasn't had any added over the last year either.
Last Monday I tried to send just under £7000 into it from our Nationwide acc. Days passed and it wasn't showing in account, so husband went into branch and asked where the money was.
They say the account is now dormant and can't receive money so they'll return it back to Nationwide.
Friday and still no money back in Nationwide acc. So he goes back into branch, they now say its sitting in a holding acc in a long list to be sent back. Manager is now called out, she says she'll personally sort it and give us compensation etc, promises it will get sent back asap.
So today, still not sent back to Nationwide. Husband went in again today and speaks to manager who goes on and on about spending hours tracing this money and gets him to call some higher up complaints dept, who she says will hurry it up. He does this, they say yes it will be put as urgent. Then, he gets off the phone and the manager starts crying, saying she's trying to sort it out and how they'll compensate etc. Husband was very shocked and left.
Can anyone please help us with how to get our money back, we've really lost faith in everything they're telling us at the branch and with manager crying it feels like something has happened and its her fault or something.

eskbanker

Just give it time, unwinding this sort of failed subscription isn't an instantaneous process, so there's no point in badgering them repeatedly about it, even if it is undoubtedly frustrating.

Presumably if this was money being paid into an ISA it's not needed urgently so have some patience and let things take their course over the next few days, perhaps give them a nudge if it's not resolved by this time next week.

It really won't have been lost and will turn up!

And, for info, https://www.hsbc.co.uk/1/2/savings-accounts/cash-isa explains:

If you already have an HSBC ISA, but haven't subscribed to it in the last tax year, you won't be able to subscribe in the current tax year unless you reactivate your ISA.

To reactivate your ISA and make further subscriptions, please download the HSBC Loyalty Cash ISA Reactivation Form (PDF).

Return it to us by post to the address on the form or drop in to your local branch. If you need help with filling in the form, just ask a member of staff – they'll be happy to assist you.

so hubby could still pay the money in if he wanted to, although it sounds like stress levels may preclude this (and there are much better homes for £7K anyway)!

manda1205

Thank you for answering.
That is my biggest worry, that the money has been lost.
Yes, we don't need the money urgently, it's just frustrating that they can't return it immediately, after all they're quick to take the money!
We can't re-activate the isa as HSBC say you need to have a current account now to hold an isa with them. He transferred his to Nationwide last year. And no I want nothing more to do with HSBC after this.
What's most annoying is that no one at HSBC will give a straight answer, why tell us it will be in asap, then tell us by the end of the day. If they know it's going to take X amount of time, just say that, then we wouldn't badger them!

xylophone

It's a good thing that you don't need access urgently.

The money is not lost.

When the cash is returned to Nationwide, find a better ISA for the cash( if that is what your husband wants) and transfer the small amount out of HSBC.