Missing faster payment

iqy007

Ballard wrote: »

You're claiming that HSBC deliberately delayed your $400 payment so that they can earn roughly a cent a day interest in the hope that you don't contact them to query it as the work that that would involve for them would easily wipe out any interest that they could hope to earn.

Good luck with the class action.

I think you are not reading it clearly, one for me it isn't just $400, amount of delayed funds exceeds £25,000 in multiple transactions
Second and more importantly It is about banks targeting vulnerable people, on a personal level I can manage with compensation or an apology, I already have shifted my banking to Citibank and Barclays, but if this is malpractice on similar lines as overdraft fees that targets poor then I would want to make sure this ends and HSBC are held accountable

Ballard

iqy007 wrote: »

I think you are not reading it clearly, one for me it isn't just $400, amount of delayed funds exceeds £25,000 in multiple transactions
Second and more importantly It is about banks targeting vulnerable people, on a personal level I can manage with compensation or an apology, I already have shifted my banking to Citibank and Barclays, but if this is malpractice on similar lines as overdraft fees that targets poor then I would want to make sure this ends and HSBC are held accountable

If they are systematically doing as you suspect they'd ignore the tiny amounts and concentrate on those in the hundreds of thousands. There is absolutely nothing to gain delaying payments under $100,000 as even for a month it's only about $100 and anyone who was waiting for more than a day or two for that sort of amount would be on the phone thereby costing HSBC money in investigating.

Go for the class action, though. I wish you all the luck in the world.

iqy007

Ballard wrote: »

If they are systematically doing as you suspect they'd ignore the tiny amounts and concentrate on those in the hundreds of thousands. There is absolutely nothing to gain delaying payments under $100,000 as even for a month it's only about $100 and anyone who was waiting for more than a day or two for that sort of amount would be on the phone thereby costing HSBC money in investigating.

Go for the class action, though. I wish you all the luck in the world.

Strangely i never had any problems transferring larger sums of 80-100 k,
Looks like there's a packing order probably banks are scared of people with big pockets
It is only poor people who get impacted, banks apply charges for missed direct debit and overdraft charges which are usually in tens of pounds, same thing happens for illegal parking fines most people cut their losses and pay up without fight
For my losses and 50 wasted hours I can ask for compensation but if the practice is widespread and targets vulnerable then this needs to be stopped and that would require class action suit

PeacefulWaters

iqy007 wrote: »

Strangely i never had any problems transferring larger sums of 80-100 k,
Looks like there's a packing order probably banks are scared of people with big pockets
It is only poor people who get impacted, banks apply charges for missed direct debit and overdraft charges which are usually in tens of pounds, same thing happens for illegal parking fines most people cut their losses and pay up without fight
For my losses and 50 wasted hours I can ask for compensation but if the practice is widespread and targets vulnerable then this needs to be stopped and that would require class action suit

I think you should forget your paranoia and focus on getting them to compensate you for your £460.

Geoff1963

penalties and interests totalled to £460

Was this penalty & interest payable to HSBC ; or to the 3rd party which should have received on 12 August, money which reached HSBC on 31 July ?

16 days of interest isn't worth the aggravation, but £460 of interest & penalties ( which is likely to be much greater than the cost to the business ) ; could be a strong motivation. Banks are regularly fined for misbehaviour, see the FCA web-site.

I would be explaining the situation to HSBC and ( especially if they are the beneficiaries ) asking for my £460. Whether you get it, is a different question.

iqy007

PeacefulWaters wrote: »

I think you should forget your paranoia and focus on getting them to compensate you for your £460.

Trust me it ain't no paranoia, I have inside info on malpractices just not sure about scale, you will soon see big changes to charges levied by banks :j (unrelated to my issue)

PeacefulWaters

iqy007 wrote: »

Trust me it ain't no paranoia, I have inside info on malpractices just not sure about scale, you will soon see big changes to charges levied by banks :j (unrelated to my issue)

Their not clinging onto your cash as part of a criminal conspiracy.

It's a screw up. Nothing more.

iqy007

PeacefulWaters wrote: »

Their not clinging onto your cash as part of a criminal conspiracy.

It's a screw up. Nothing more.

Could very well be
Will wait for HSBC inquiry if not satisfied will take further steps and BTW my multiple sources estimate HSBC block 8-10% payments, now that is another question if that out of diligence or just pure opportunism, if the problem with payment is not due to practice of fleecing customers then one less thing to worry

MGLondon

iqy007 wrote: »

Had another payment scheduled on August 12th missed out on those so penalties and interests totalled to £460

Just visited the branch and the logs clearly show that payment was in on 31st July but the person in branch was unable to see any reason as to why it was not credited into my account for 16 days

Hi there, I am facing the exact same situation. I transferred about £ 2,200 to HSBC using faster payment. It has been more than a week still the money has not been credited. Kindly could you explain which branch you visited? Was it the branch where you had your account or was it any other HSBC branch.
Also, whom do I need to ask to see the logs? Is it the branch manager. Also, could you give any more advice based on your experience, how to quickly ask these guys to act. I am loosing my mind on these HSBC thugs.

eskbanker

MGLondon wrote: »

Hi there, I am facing the exact same situation. I transferred about £ 2,200 to HSBC using faster payment. It has been more than a week still the money has not been credited. Kindly could you explain which branch you visited? Was it the branch where you had your account or was it any other HSBC branch.
Also, whom do I need to ask to see the logs? Is it the branch manager. Also, could you give any more advice based on your experience, how to quickly ask these guys to act. I am loosing my mind on these HSBC thugs.

You're unlikely to get a response from that poster as they haven't been on the forum for ten months, probably too busy with all that litigation.... [Edit: proved wrong on this then, as below, the wonders of subscribing to thread alerts I presume]

In terms of your questions, your own branch seems the obvious place to start your enquiries, although I'm unconvinced that wading in demanding to see logs would be a particularly fruitful approach. What have HSBC said so far when you contacted them? Have you obtained the relevant tracking data from the bank responsible for sending your funds (a UK clearing bank?), and confirmation that they're happy that the money left their control OK without any delays or errors?