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HSBC Will this switch over?
nownewretiredin2011
Posts: 25 Forumite
My wife had an old current account that she used to switch to HSBC advanced for the £125 switch reward.
Before she switched the account she paid in £10 (the balance was £0.00) and set up 2 standing orders of £1 each for 5 monthly payments.
The HSBC advanced account has now switched and is up and running but she hasn't set up internet banking yet so the only way to see the balance is to use an ATM.
She has no intention of using the HSBC account (all our banking is done through a joint account) and will withdraw the £125 (or £120 if no fivers) from an ATM as soon as possible.
With the standing orders transferred being for only 5 payments will that also apply to the HSBC account?
So in 4 months (as one month's standing orders were paid from the old account and the HSBC account has a balance at the moment of £8) the HSBC account will have a balance of £0.00 and will the standing orders be stopped/cancelled or will she have to go to an HSBC branch to cancel the standing orders?
Or spend an hour on the phone setting up internet banking and waiting for a digital key as I had to do for my own account?
Before she switched the account she paid in £10 (the balance was £0.00) and set up 2 standing orders of £1 each for 5 monthly payments.
The HSBC advanced account has now switched and is up and running but she hasn't set up internet banking yet so the only way to see the balance is to use an ATM.
She has no intention of using the HSBC account (all our banking is done through a joint account) and will withdraw the £125 (or £120 if no fivers) from an ATM as soon as possible.
With the standing orders transferred being for only 5 payments will that also apply to the HSBC account?
So in 4 months (as one month's standing orders were paid from the old account and the HSBC account has a balance at the moment of £8) the HSBC account will have a balance of £0.00 and will the standing orders be stopped/cancelled or will she have to go to an HSBC branch to cancel the standing orders?
Or spend an hour on the phone setting up internet banking and waiting for a digital key as I had to do for my own account?
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Comments
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Is the setting up of internet banking a term of the offer.
The standing orders should cancel after the 5th payment if you set them up correctly.0 -
If this is the current switch offer - isn’t part of the terms and conditions that you agree to deposit/transfer a minimum of £1750 a month for 6 months with the advance account ?0
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No, you're thinking of the terms of the account, not the switching offer. The terms of the switch make no mention of any of the terms you've mentioned: https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/125-switcher-offer-terms-and-conditions.pdfcymruchris said:If this is the current switch offer - isn’t part of the terms and conditions that you agree to deposit/transfer a minimum of £1750 a month for 6 months with the advance account ?0 -
Yes - you're right - it's the terms of the account not the offer. As the OP has no intention of using the account - I do wonder what recourse they might have by not following the agreed terms. I imagine just an internal systems black marker against the OP not to allow any future cashback promo transfers?Zanderman said:
No, you're thinking of the terms of the account, not the switching offer. The terms of the switch make no mention of any of the terms you've mentioned: https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/125-switcher-offer-terms-and-conditions.pdfcymruchris said:If this is the current switch offer - isn’t part of the terms and conditions that you agree to deposit/transfer a minimum of £1750 a month for 6 months with the advance account ?0 -
They'll simply downgrade the account, as per the Advance account T&Cs.cymruchris said:
Yes - you're right - it's the terms of the account not the offer. As the OP has no intention of using the account - I do wonder what recourse they might have by not following the agreed terms. I imagine just an internal systems black marker against the OP not to allow any future cashback promo transfers?Zanderman said:
No, you're thinking of the terms of the account, not the switching offer. The terms of the switch make no mention of any of the terms you've mentioned: https://www.hsbc.co.uk/content/dam/hsbc/gb/pdf/125-switcher-offer-terms-and-conditions.pdfcymruchris said:If this is the current switch offer - isn’t part of the terms and conditions that you agree to deposit/transfer a minimum of £1750 a month for 6 months with the advance account ?
But since Advance has lost most/all of its benefits that's no great loss.1
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