HSBC Bounce back loan

M_H

cwiddle said:

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? 

From my understanding is that once edoc is signed, you just have to wait for funds you land in your account. HSBC won’t inform you when they send the money.

M_H

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. 

Hey, just read your message. As the 24th has passed, have you been paid? Also how did you know that you would be paid on the 24th?

Poppyb1

I waited 6 weeks to open an HSBC business account and 4 weeks to hear if id been successful for s BBL. I signed my echosign a week ago and still havent received and money.......is this normal? It said it would take 48 hours to get the funds into my business account.....

DwmGateshead

Hi there. Yes was paid out about a week ago. Money just appeared in my account before 24th September.  Took about a week or so after signing online documents. 

gt94sss2

HSBC have stopped accepting BBL applications from those who have not already started the process and/or are existing business customers

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Changes to Bounce Back Loan Scheme for non-customers

We've taken the difficult decision to close applications for Bounce Back Loans to any businesses who are not currently customers of HSBC UK. This is so we can focus our existing resource on providing this product to our existing customers, prior to the closure of the scheme by the British Business Bank on the 30 November 2020.

This means that as of 9am on 30 September 2020, we're closed to applications for all new accounts across Small Business Banking in the UK. We've taken this decision to make sure we have the capacity to provide these loans to our existing customers and for those businesses who have already registered with us and are waiting for their application to be processed before the scheme ends.

If you were a HSBC UK business customer before 30 September 2020, you'll still be able to apply for a Bounce Back Loan until 30 November 2020.

If you applied for an account before 9am on 30 September 2020, we'll review your application and be in touch if we need any further information. You’ll still be able to apply for a Bounce Back Loan (BBL) providing your application for a feeder or business current account is successful and you meet the BBL eligibility criteria.

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22Shaan

Hi Everyone

i completed the echo sign documents on the 30th September but I haven’t received my pdf of confirmation , has this happened to anyone else and what’s the usual timescale of payout ? Thanks and good luck everyone

Poppyb1

22Shaan, I didn't receive a PDF confirmation either, i signed my echo sign documents last Tuesday, still no funds. Today is the 7th working day since signing so fingers crossed for today. I have spoken to numerous people at HSBC, just get the same response about it taking longer due to covid. 

22Shaan

Poppyb1 said:

22Shaan, I didn't receive a PDF confirmation either, i signed my echo sign documents last Tuesday, still no funds. Today is the 7th working day since signing so fingers crossed for today. I have spoken to numerous people at HSBC, just get the same response about it taking longer due to covid. 

Thanks for putting my mind at ease, hopefully yours comes today then, please keep me updated, I wonder if it might be because on the echosign document it says the documents are due on in my case 14th October so maybe I’m thinking That date might correspond to when the transfer will be complete, as some people say they get there money on the same day or up to 2 weeks

Poppyb1

22Shaan said:

Poppyb1 said:

22Shaan, I didn't receive a PDF confirmation either, i signed my echo sign documents last Tuesday, still no funds. Today is the 7th working day since signing so fingers crossed for today. I have spoken to numerous people at HSBC, just get the same response about it taking longer due to covid. 

Thanks for putting my mind at ease, hopefully yours comes today then, please keep me updated, I wonder if it might be because on the echosign document it says the documents are due on in my case 14th October so maybe I’m thinking That date might correspond to when the transfer will be complete, as some people say they get there money on the same day or up to 2 weeks

Ah, I hadn't noticed that date. Mine says the 6th October which will be 2 weeks after signing so maybe we will get the funds on those dates? I will update if I get it today though.

22Shaan

Poppyb1 said:

22Shaan said:

Poppyb1 said:

22Shaan, I didn't receive a PDF confirmation either, i signed my echo sign documents last Tuesday, still no funds. Today is the 7th working day since signing so fingers crossed for today. I have spoken to numerous people at HSBC, just get the same response about it taking longer due to covid. 

Thanks for putting my mind at ease, hopefully yours comes today then, please keep me updated, I wonder if it might be because on the echosign document it says the documents are due on in my case 14th October so maybe I’m thinking That date might correspond to when the transfer will be complete, as some people say they get there money on the same day or up to 2 weeks

Ah, I hadn't noticed that date. Mine says the 6th October which will be 2 weeks after signing so maybe we will get the funds on those dates? I will update if I get it today though.

Yes that’s what I’m thinking by that date, but odd there’s no pdf confirmation like it stated, might try and ring them today