Bounce Back Loan / HSBC Feeder account

NTAY04

freeid said:

Recommend Starling! Only just switched to them recently, they open sole trader accounts as well as businesses registered with companies house, all done on your mobile through the app, really quickly, and its opened really fast too. Think they aim to have this done in 48hrs at most. Then you can apply for a BBL with them. 

Thanks.
I just checked and Starling have now stopped all new sole trader account until 1st June unfortunately! 

My switch to Santander is currently going through so hopefully can apply for bounce back loan once the switch is complete!

- Still no response from HSBC regarding my feeder account either. 

fdkdes

Hi people,
Basically when you get your appointment over the telephone and you go through the paperwork with the account manager, you need to be in front of a PC etc to complete it. you will be given a link to use,  and the manager will give you an access code, takes about an hour for the appointment. At present they are waiting for the T&C's to be completed then Sort Code and Account numbers will be given to you. The account is solely for 2 transactions and then the account is closed. This will be: You will also require the HSBC Identify App. You have to send 2 forms of ID via the App and also take a Selfie.

• The BBL going into the feeder account
• You then transfer it out an account of your choosing.

The Account will then be closed. You then arrange which account you wish the direct debit payments to be taken out of next year. 
So all in all its just a waiting game for the T&C's 

richi1515

fdkdes said:

Hi people,
Basically when you get your appointment over the telephone and you go through the paperwork with the account manager, you need to be in front of a PC etc to complete it. you will be given a link to use,  and the manager will give you an access code, takes about an hour for the appointment. At present they are waiting for the T&C's to be completed then Sort Code and Account numbers will be given to you. The account is solely for 2 transactions and then the account is closed. This will be: You will also require the HSBC Identify App. You have to send 2 forms of ID via the App and also take a Selfie.

• The BBL going into the feeder account
• You then transfer it out an account of your choosing.

The Account will then be closed. You then arrange which account you wish the direct debit payments to be taken out of next year. 
So all in all its just a waiting game for the T&C's 

Hi, thanks for the info. Is the Id app exactly like when you open a normal business account with HSBC? What are the 2 pieces of ID required. Does it make it easier if you already have a personal account with HSBC? Do you know anyone who can not be verified (non Uk passport) do they have to go into branch with all the documens like a normal account? 

Thanks

fdkdes

The ID you use on the app which is HSBC identity, you can use for example a drivers licence and a passport as your ID, if you already have a personal account I assume HSBC can match you from those details. 

tigertedd_2

Has anyone had any luck at all with this yet? I applied for the feeder account 3 weeks ago now, and not even a confirmation email saying that I'd applied. I chased it this week, and was told my application may have been lost, so I should apply again. If I don't hear anything by the end of the week (today) then I should call again, and it will be escalated.
Called today to be told that it I was given misinformation before. There are no official timescales other than 'ASAP' and there is no way to escalate it, I just have to wait, and trust that it's being processed. They can't even look up my application, or tell me any statistics about how many people have successfully received a feeder account in what time frame. I'm expecting at least something like 'x% of applications have been fulfilled within x days.' I must have been among the first (probably with thousands of others) to apply within the first couple of days of it coming out, so if I've not got it yet, my assumption is that there can only be a few people who have. Otherwise my application really has been lost.
I'd go somewhere else, but there is nowhere at all accepting applications from non-customers (Starling have stopped accepting applications).
Any success stories out there, to give an indication of how fast or slow the process can take?

sam8787

I applied on the 5th, got a call on the 7th to go through details and sign documents. Nothing for a few weeks and then a call  yesterday to give me the account details and the print off and sign the loan docs. Sent them off 5mins ago. They will be processed on Monday and hope for the funds to be sent within 48hours. The good thing is that you don't have to separately apply for the loan

ceejayt

I have completed all the forms - the process has involved three separate phone calls over about three weeks to end up with the feeder account being opened and I completed the bounce back loan application specific form including how much we wished to borrow.  That was 6 working days ago - no money as yet.  Tried chasing for a timeline but it appears they cannot give one.  Has anyone actually received any money?

elainer00

I applied on the 7th. Not had anything back. Rang 2 weeks ago, told to be patient and check email. So frustrating that no info can be provided. Also, why are they credit checking? Starling are doing the same. It seems to me that this scheme is of no use whatsoever to most of the people who need it.

Houndy191

Hi there, applied on the 18th - have just had email stating that my application for a feeder account has been declined

jas71

Anyone received funds from a feeder account  yet? Still waiting here