HSBC Bounce back loan

Daz4471

Hey everyone, Just wanted to update those applying through a feeder account. I called HSBC on
6th may as my bank don’t do BBL. It took till 2nd June to get feeder account opened. Applied on that day and got the email today saying I’d been approved and to sign the paperwork. Just wanted to hopefully give those who are applying through a feeder account a bit of hope as it’s been a real struggle. I’ll update once I’ve received the funds to give an idea of how long that takes.
Thanks to all that have been putting up posts it’s kept me going!

khanji17

My application update:
I did not have a business account with HSBC, requested to open an account early May, was told it will take long, got the account opened on 30th May, straight away applied for BBL, just today got the echosign email and have signed it (no communication in between), now lets see how long it takes to get the payment through to my account.

Janethunter65

Daz4471 said:

Hey everyone, Just wanted to update those applying through a feeder account. I called HSBC on
6th may as my bank don’t do BBL. It took till 2nd June to get feeder account opened. Applied on that day and got the email today saying I’d been approved and to sign the paperwork. Just wanted to hopefully give those who are applying through a feeder account a bit of hope as it’s been a real struggle. I’ll update once I’ve received the funds to give an idea of how long that takes.
Thanks to all that have been putting up posts it’s kept me going!

Likewise echo signed today. Any idea how we find out when it’s been paid? Have you an app? (For the feeder account) 

ashley0007

Hi folks,

just trying to understand if you had a similar experience.
I opened a HSBC business account for my Ltd. in order to apply for the bounce back loan.
I applied via my Ltd. two weeks ago and I got the an email approving the application today.
But when I looked at the document they wanted me to sign, the legal borrower had suddenly changed from my Ltd. to myself.
The document they sent me to sign clearly stated that I was now personally responsible for the loan, but that the funds would be paid out into my Ltd. business account.

I do not believe this was or is in any form what I applied for.

So when I called them today, I was told that they cannot discuss anything on the agreement and I should seek legal advice from my accountant.

I cancelled the esign request. 
Be very careful what you sign!

Daz4471

Janethunter65 said:

Daz4471 said:

Hey everyone, Just wanted to update those applying through a feeder account. I called HSBC on
6th may as my bank don’t do BBL. It took till 2nd June to get feeder account opened. Applied on that day and got the email today saying I’d been approved and to sign the paperwork. Just wanted to hopefully give those who are applying through a feeder account a bit of hope as it’s been a real struggle. I’ll update once I’ve received the funds to give an idea of how long that takes.
Thanks to all that have been putting up posts it’s kept me going!

Likewise echo signed today. Any idea how we find out when it’s been paid? Have you an app? (For the feeder account) 

Did try to download an app with the account details but with HSBC you need a security number ,so I gave up. I’m presuming that as soon as it lands in the account it will be transferred to my Halifax account, from what the loans manager told me. However this was all new to him. 

melissamoss2897

Hi everyone, just for everyone’s reference 

I applied for a business bank acc with HSBC as wanted to open one anyway. This was 19th May. My application was accepted 2nd June and the same day I applied for their BBLS. I spoke with an advisor on the phone who told me I would hear from a third party called echo sign re the loan, and that one I had signed the agreement the money would drop into my account within 48 hours (usually). 16th June I got the email and signed. It’s approaching the 48 hour mark and nothing appearing in my account yet but I am just assuming there’s a huge back log! 

jjmummy

melissamoss2897 said:

Hi everyone, just for everyone’s reference 

I applied for a business bank acc with HSBC as wanted to open one anyway. This was 19th May. My application was accepted 2nd June and the same day I applied for their BBLS. I spoke with an advisor on the phone who told me I would hear from a third party called echo sign re the loan, and that one I had signed the agreement the money would drop into my account within 48 hours (usually). 16th June I got the email and signed. It’s approaching the 48 hour mark and nothing appearing in my account yet but I am just assuming there’s a huge back log! 

I signed Echosign on 9th .. still waiting for the fund. called HSBC twice already. no one can answer.
Once I get the fund, I will move my business bank account to Barclays or Natwest.
HSBC is really disappointing.

joe3007

jjmummy said:

melissamoss2897 said:

Hi everyone, just for everyone’s reference 

I applied for a business bank acc with HSBC as wanted to open one anyway. This was 19th May. My application was accepted 2nd June and the same day I applied for their BBLS. I spoke with an advisor on the phone who told me I would hear from a third party called echo sign re the loan, and that one I had signed the agreement the money would drop into my account within 48 hours (usually). 16th June I got the email and signed. It’s approaching the 48 hour mark and nothing appearing in my account yet but I am just assuming there’s a huge back log! 

I signed Echosign on 9th .. still waiting for the fund. called HSBC twice already. no one can answer.
Once I get the fund, I will move my business bank account to Barclays or Natwest.
HSBC is really disappointing.

Hey, I've been following this thread for ages but decided to join in

I'm in the same situation, signed the echosign thing 16th after opening a business account.  I've emailed the customer services asking last night but guess it's just a matter of waiting.  Just called telephone banking and nothing showing yet.

Fingers crossed it'll be soon

bricklinng

An updated from HSBC today.

I tried to apply for a Business Account for BBL, as my Ltd Company was registered on Jan 2020.
But got a reply today saying that I am not a UK resident and my Business Account rejects.
I have uploaded my British Citizen Passport and my Council Tax Bill as supporting document before.
Really disappointing for the service.
What the hack they are doing?
Is that I am going to close my business and bankrupt because of COVID-19, and the disappointing service of HSBC!?

DanielleTTT

melissamoss2897 said:

Hi everyone, just for everyone’s reference 

I applied for a business bank acc with HSBC as wanted to open one anyway. This was 19th May. My application was accepted 2nd June and the same day I applied for their BBLS. I spoke with an advisor on the phone who told me I would hear from a third party called echo sign re the loan, and that one I had signed the agreement the money would drop into my account within 48 hours (usually). 16th June I got the email and signed. It’s approaching the 48 hour mark and nothing appearing in my account yet but I am just assuming there’s a huge back log! 

I’m in the exact same position as you! Signed echodocs with HSBC on 16th. 48hrs has passed. Wonder if it’s 48 working hours?! I’ll post here if I get the funds