HSBC and Feeder account

Bolt1234

Husband has applied for a feeder account so that he can apply for a Bounce Bank Loan. He spoke to someone who was struggling to understand what he was saying due to English not being her first language.  She said that he would hear within 5 days.  Does anyone who has applied get a confirmation email immediately to confirm their request.  If the email address was taken down wrongly it wont go anywhere!

I am nervous that HSBC will pull this feeder loan option as they seem to be the only ones offering this.  Husband banks business wise with TIDE.  His personal bank account is with Nationwide and we both bank with Lloyds (who have pulled the option to set up a business account due to being swamped!)

[Deleted User]

We're all in the same boat with regards to this situation. We bank with Tide and Revolut and have no other options to apply. We've provided our details on Monday and no call back. We've been told to check our emails and should have a call back within 3 to 5 days (technically by tomorrow). I've called to try to follow up, they can't check anything. There's an article about HSBC redefining the 24 hours on IFA magazine, it seems that no one has heard anything from them, not even email acknowledgements.

harishnehru

Bolt1234, could you please advise how did your husband apply for a Feeder Account with HSBC. I too bank with Tide and having difficulty to open a Feeder Account with HSBC. 

davetheraver

www.cbil.business.hsbc.co.uk/bbls/6791eb14-173e-4010-86b6-a8fcb1eeeeda

holly1991

I rang HSBC earlier and have my details said someone would be in touch either by phone or email , didn’t give me any kind of ref number an haven’t had a confirmation email or anything yet, also had to keep repeating details so I hope he got them right , has anybody had any success opening a feeder account with hsbc? 

thumpthump

I also rang them.
She said check your spam for an email..... erm I wasn't asked for an email address just my phone number.
She said they have no timeline and she has no idea when someone will get back to me. 
She was well mannered and she sounded Australian 😊

Houndy191

Hi there, I applied for a feeder account on the 18th May - went through everything on the phone and filled in all the forms. A day or so later had to E_sign the documents. Just had an email today stating that they had declined my application for a feeder account,this was part of the EMail.

"Based upon the information provided by an external reference agency, we’ve declined your application. We’re sorry we can’t show you this information, as it doesn’t belong to us, but you have the right to see all of the information they hold about you"

Waited nearly 3 weeks - and then to be told you are back to square one - so depressing - I am almost out of money now in my business account.

richi1515

What you reckon is wrong with your credit rating?

bigjoe90

Why are HHoundy191 said:

Hi there, I applied for a feeder account on the 18th May - went through everything on the phone and filled in all the forms. A day or so later had to E_sign the documents. Just had an email today stating that they had declined my application for a feeder account,this was part of the EMail.

"Based upon the information provided by an external reference agency, we’ve declined your application. We’re sorry we can’t show you this information, as it doesn’t belong to us, but you have the right to see all of the information they hold about you"

Waited nearly 3 weeks - and then to be told you are back to square one - so depressing - I am almost out of money now in my business account.

Why are HSBC doing credit credits for feeder accounts? they should only be doing soft credit credits, your credit rating is irrelevant personal or otherwise for bounce back loans. 
The government guidance is very clear about this, you can confirm this on various websites, this is from the unbiased website " having a bad credit rating (either business or personal) will not hinder your application." 
Did they give you any more info. other than this for why it was declined?

Jeremy535897

HSBC do this because they believe they must apply the normal new customer acceptance criteria to the opening of the feeder account, which includes a credit check. You can only get away with a bad credit rating if you already have the business bank account the loan will be paid into.

Ayoola78

I got declined on HSBC feeder account with same vague information on credit scoring. I have a CashPlus business account only to wait 2months after chasing HSBC for information on the feeder account and got declined. It is heart breaking as the feeder account is closed immediately bounce back loan is facilitated through them. The account is of no use and they stated clearly on their site. 2months of hope had just been shattered and now back to square one.