HSBC Bounce back loan

Thrugelmir

wols4 said:

wols4 said:

Hi , I applied for feeder account on July 8. I was approved for the feeder account on 8th August , applied for the BBL and received the acknowledgment on 8th of August . However since then I haven’t received any echo sign docs from HSBC, reviewing the threads above I can see that some people who I applied after me , have received there echo sign or Atleast the funds . Is there any precedence for anyone who has been rejected bbl application With HSBC. I am just abit confused about on how to go about this ,my business is ltd company established 2018 and has been trading since then .

I have also tried to call the business banking line , they have only said I should wait and my application is in the queue . Not helpful customer service Atal 

Given the sheer volume. Would be a waste of time to follow up on individual queries. Staff resource is better allocated to simply getting on with the job. Far more productive. Unfortunately somebody has to be dealt with last. That's life. 

FlightClubCEO

FlightClubCEO said:

FlightClubCEO said:

Signed the documents exactly one month ago today re:BBL/Feeder account. Managed to speak to someone on live chat whilst waiting on hold on the phone. Apparently, I've done everything I need to do and they are waiting on their side, specifically the Account Opening Team who they 'expect' to review in the next few days. 

Will update in the next few days. I'm not hopeful judging by some of the comments here regarding how long people have had to wait, however I feel like it is a case of if I failed to follow up, things would continue at snail pace. I think a little nudging is required.

Update to this. After speaking with customer support who told me it would be done in a few days, I have just received an email from HSBC telling me that my application has been saved, along with the application number. 

Yes, this is the exact same email I received over a month ago, prior to them sending the documents. The email gives you the application reference number along with the link to check your status, which I did....and it's exactly the same as before Re: Pre-Approval stage. So for whatever reason they have updated my application but it remains 'stuck' in the pre-approval stage (meaning the loan hasn't even been approved yet). Will follow up with them Monday.

Another update: Had to wait a further 2 weeks for a phone call from their account opening team. Waited two weeks for them to call me and ask if it was ok for them to do a soft credit check, I was on the call for 4:32 exactly. A further week has passed since the phone call and I've still had no updates or contact from them. 

cass8

FlightClubCEO said:

FlightClubCEO said:

FlightClubCEO said:

Signed the documents exactly one month ago today re:BBL/Feeder account. Managed to speak to someone on live chat whilst waiting on hold on the phone. Apparently, I've done everything I need to do and they are waiting on their side, specifically the Account Opening Team who they 'expect' to review in the next few days. 

Will update in the next few days. I'm not hopeful judging by some of the comments here regarding how long people have had to wait, however I feel like it is a case of if I failed to follow up, things would continue at snail pace. I think a little nudging is required.

Update to this. After speaking with customer support who told me it would be done in a few days, I have just received an email from HSBC telling me that my application has been saved, along with the application number. 

Yes, this is the exact same email I received over a month ago, prior to them sending the documents. The email gives you the application reference number along with the link to check your status, which I did....and it's exactly the same as before Re: Pre-Approval stage. So for whatever reason they have updated my application but it remains 'stuck' in the pre-approval stage (meaning the loan hasn't even been approved yet). Will follow up with them Monday.

Another update: Had to wait a further 2 weeks for a phone call from their account opening team. Waited two weeks for them to call me and ask if it was ok for them to do a soft credit check, I was on the call for 4:32 exactly. A further week has passed since the phone call and I've still had no updates or contact from them. 

I would apply for a kinetic account through Hsbc as I applied for a feeder in the beginning of July and got that call mid august about another soft check, I applied for a kinetic account on the 30th august and it was open the second of September! Applied for bbl the same day! Only yesterday did I get an email about I’ve been accepted for a feeder account so I’ve just left it now as I applied through the kinetic 

Alisaab

Hi all ,
any help would be greatly appreciated,applied for a feeder account back in June,finally got feeder account opened and also applied for the bbl and signed off edocs yesterday , A bit confused on what happens next,hopefully money gets paid into the feeder account in too long but how do I transfer that money into my business account as not received any debit card or PIN numbers etc or pass words for logging in online.and do Hsbc inform us on when and if money gets paid and what steps to take regarding the transfers . I hope I’m making sense as a I’m a bit confused.
thankyou.

bazzyb

Alisaab said:

Hi all ,
any help would be greatly appreciated,applied for a feeder account back in June,finally got feeder account opened and also applied for the bbl and signed off edocs yesterday , A bit confused on what happens next,hopefully money gets paid into the feeder account in too long but how do I transfer that money into my business account as not received any debit card or PIN numbers etc or pass words for logging in online.and do Hsbc inform us on when and if money gets paid and what steps to take regarding the transfers . I hope I’m making sense as a I’m a bit confused.
thankyou.

The feeder account will automatically draw down to your business current account and then the feeder will be closed. 

living_le_covid_loco

DwmGateshead said:

I applied to open a feeder account on 24 June 2020. This was opened on 10 August 2020 ( long delay partly my fault as I mislaid a letter they sent out). I applied for b b l on the same day and was advised that this had been approved about a week after that.  Documents to esign received  on 10 September and date for payment is set to be 24 September.  To be fair to HSBC whilst progress has been slow, they have done exactly as they said they would at each stage and it looks like it has worked out. So to everyone out there who is waiting I hope these dates give them a guide as to the time spans involved and gives them hope. Stick with it . Remember HSBC are the only large bank to offer this facility to non customers and they have been flooded with applications. 

Thats great to hear, I applied for the account in may, it was opened in June and applied for CBILS, still no response, massively long story, similar to many others. I have emailed the massive list of email address today, as supplied by the mr bounce back website. Fingers crossed I get something back soon, thank you for your timeline, it gives me some optimism.

Adegokew

I applied for BBL since 4th of June and got the email confirmation few minutes later. That was all.
Since then I have been chasing, I have called and visited HSBC branch few times. All I was told is to wait and that my case has been escalated. Main while I have a friend who applied last month and got the funds in his account 5 days later. Don't know what else to do. The whole process is ridiculous!

kay134

I thought I’d drop a message in regards to timelines. I opened my account via the Kinetic app took around two days to open. 

Applied for bounce back: 23/6
Complaint email: 19/8 
edocs: 09/09

Still waiting for the funds to be released. Really frustrating, hope this helps! 

cwiddle

Hi 
can I ask a quick question - echo sign was done yesterday, do HSBC contact you when you get the funds or do they automatically drop them in to your regular business account? Or how does it work? Not expecting the money to go in immediately, I just want to know if I need to contact them or just sit tight and they will email me or what? 

M_H

kay134 said:

I thought I’d drop a message in regards to timelines. I opened my account via the Kinetic app took around two days to open. 

Applied for bounce back: 23/6
Complaint email: 19/8 
edocs: 09/09

Still waiting for the funds to be released. Really frustrating, hope this helps! 

Any news on this? Have you been paid yet? I’m in a similar boat.