HSBC feeder account

Danrover82

Is it cause you're Ltd company 

TylerPalmer

Houndy191 said:

I am a controls engineer - director and sole employee of limited company - my turnover for July 2019 to Feb 2020 was 35K.
When all this started everything was good - negative £2000 in profit now. If I don't get loan will have to withdraw some of my pension.

Hi, if you don’t mind me asking what your  score is on Experian? Mine is class as fair (Score 848) as well but I’m 20 so my score is still being built up, sole trader and my turnover for 2019 was 50k. I’ve had NatWest and Lloyds both pause my application and now I’ve applied for the HSBC feeder account which realistically is my last option. 

Axmatic

Given that the bounce back loan is meant to be available regardless of credit score, I don't understand why they are not opening all feeder accounts for anyone that has applied once they have confirmed identity, name and address.

Houndy191

I cannot remember my exact Experian score - but it was 6 points short of good.

Houndy191

I have an update. I thought I would try with Nat West as I have a personal current account with them. I filled in all the forms to open a business (feeder) account last Thursday. Had an EMail yesterday to tell me my account had been opened and giving me the account details. I was also advised that I could now apply for the bounce back loan. Filled in the loan application at about 2pm today (Tuesday) and was told by email at 4pm that my application had been accepted. have signed the agreement - just waiting for the funds to appear. (asked for 15K).
So, don't give up folks

TylerPalmer

Awaiting for HSBC to contact however from what I’ve heard it’s a waste of time. 

I bank with Barclays and the quickest way to open a business account is to go to my nearest branch which is open with a business bank manager to open an account and then apply for the BBLS. Seriously not ideal as It’s 70 miles away... also unfortunately don’t drive yet so train is the only option. 

Daz4471

Hi everyone, just wanted to know if anyone has actually received a lone with a feeder account?
I no I’m lucky as I have been able to get a feeder account and be able to apply for the bounceback loan. However I’m rather concerned because they’ve not asked me to upload 18/19 tax returns.Has anyone else got this far in the process and not had to show their tax returns. I’ve just come off the phone with HSBC customer service, He told me that will probably be alright as they will be checking which with HRMC and Halifax who I bank with, I don’t have a problem with this but this could take months with everything that’s going on!! Could anyone let me know if their experience is any different to this.. many thanks

White_Gorilla

I applied for a feeder account on the first day of the scheme to be told 3 weeks later it had been rejected as my First direct a/c was not eligible. Having called the so-called "Corona Virus Helpline 0800 012 1614" a lady advised she will take my details to set up a feeder a/c which then gets forwarded to the onboarding team. No confirmation or ref is supplied at the time of applying for a feeder a/c. When I have chased this up on numerous occasions to find out the progress, HSBC advise they are not able to check as their system does not allow them too and they can only advise reapplying.

HSBC advised all calls are recorded but if you ask for them to go back and obtain the calls as a form of proof you have made the application over the phone, they then advise they are not able to obtain this.

I made an official complaint to which they come back saying they have no record of the application (which they wouldn't if they do not provide a ref or confirmation and you can only apply for a feeder account over the phone!), the complaints team advise you can go to the financial ombudsman which I have done and lodged an official complaint with them. 

HSBC have got this whole process wrong on so many levels, for such a big organisation they are a shambles, for a small business to have to wait nearly 8 weeks for a small loan with no idea if they will receive it, is having the opposite effect of what the scheme was initially set up to do. 

FYI as of today, I have had to apply again in the hope that a feeder a/c will be set up, but having gone through this process the past 8 weeks I do not hold any hope of this being done. 

Janethunter65

I applied for a feeder account on the 6th May. After emailing ceo I got a feeder account on the 11th. They checked my credit file on the 4th June. Applied for bbl on the 11th and have signed the final paperwork today. I’ll keep you posted 

Danrover82

Janethunter65 said:

I applied for a feeder account on the 6th May. After emailing ceo I got a feeder account on the 11th. They checked my credit file on the 4th June. Applied for bbl on the 11th and have signed the final paperwork today. I’ll keep you posted 

11th June you got the Feeder?  So 6 days to echosign?

They did credit search on me on 3/6 and was opened yesterday and I reapplied for the BBL same day. So by that I'd be looking at Monday?

When I called them today, they said it could be 4-5week just for the esign then another week for funds 😩