Could HSBC be the worst high street bank right now?

The_Blacklist

Just went through an interrogation by the FD staff to get an increase in my credit card limit as Christmas is coming. Even though I have been with HSBC/FD for over 5 years, 
One of the question was about any change to my income - I responded by stating that at the present no, but in the future, I may become a drug dealer of money launderer - favourite and desirable customers for HSBC.
Therefore, it seems that HSCB is no longer interested in honest customers.

NottinghamKnight

The_Blacklist said:

Just went through an interrogation by the FD staff to get an increase in my credit card limit as Christmas is coming. Even though I have been with HSBC/FD for over 5 years, 
One of the question was about any change to my income - I responded by stating that at the present no, but in the future, I may become a drug dealer of money launderer - favourite and desirable customers for HSBC.
Therefore, it seems that HSCB is no longer interested in honest customers.

Wonder if they will now close your accounts down, not known for their sense of humour. 

gt94sss2

The_Blacklist said:

Even though I have been with HSBC/FD for over 5 years, 
One of the question was about any change to my income

I'm not surprised banks are asking this question. They know many people are currently under the threat of redundancy etc.
I have always found similar questions on  mortgage applications etc - so in no way are HSBC unique in asking this.
Sounds perfectly reasonable in my opinion unlike your response perhaps

Sandtree

adamp87 said:

I'm already a customer for one account, I was just looking at comparable banks and noting they don't seem to really offer anything. I thought they'd taken away all the perks for advance the website doesn't work anymore for advance last time I tried it.

If you think that makes a bank bad certainly dont ever go near Lloyds, Nationwide etc who’s processes are archaic. Doing a change of address across probably a dozen different financial organisations Nationwide were the only ones I couldnt do instantly online or on the phone. Instead was told to write a letter or go in branch... I did the later but they cannot change your address either but instead effectively send your letter for you and tell you it’ll take up to two weeks to process.

Retail banking is increasingly less interesting to banks and so lack of perks is ok... banks can be selective with who they want as customers so no issues with that... but basic functionality and ability to do things over the phone/internet etc is much more critical to me at least

Rich2808

There are some advantages of being part of a global banking group.
I lost my HSBC card while in Miami - went to a local HSBC branch and was able to call the UK for free to cancel it (they let me use their phone). While in Singapore I could also visit branches to get balances etc. HSBC aren't closing foreign bank accounts post Brexit either unlike other major UK banks.
And they make it more difficult to login and set up payees than many other banks which suits me - I have a card reader which feels more secure than other banks where a mere login and password allows me to do that including in some cases within apps.
In the end there are other options!

Thrugelmir

You do wonder how long it is before HSBC return to their roots. Asia is going to be the growing market. 

Herbalus

Thrugelmir said:

You do wonder how long it is before HSBC return to their roots. Asia is going to be the growing market. 

Can’t see it happening any time soon. The UK is one of their prize markets. Plenty of other areas to divest before looking at selling the UK arm.

Herbalus

The_Blacklist said:

Just went through an interrogation by the FD staff to get an increase in my credit card limit as Christmas is coming. Even though I have been with HSBC/FD for over 5 years, 
One of the question was about any change to my income - I responded by stating that at the present no, but in the future, I may become a drug dealer of money launderer - favourite and desirable customers for HSBC.
Therefore, it seems that HSCB is no longer interested in honest customers.

I’m unsure why you think it’s funny to be facetious at logical questions about potential changes to income when applying for more credit. It’s entirely relevant to check income is not facing any changes if you need more credit card space to pay for Christmas.

(I have no idea about your circumstances, but it’s usually the case that limits are high enough for you to not go near the limit eg I’ve never been more than 20% of my limit on each of my cards as I pay them off in full each month. It’s from that standpoint that my comment about needing more limit may imply financial stress, nothing more. Though you haven’t gone into detail so I may be wrong here).

ratechaser

Herbalus said:

Thrugelmir said:

You do wonder how long it is before HSBC return to their roots. Asia is going to be the growing market. 

Can’t see it happening any time soon. The UK is one of their prize markets. Plenty of other areas to divest before looking at selling the UK arm.

It's absolutely happening already, if you look beyond the retail side of the bank. The shift eastwards has been accelerating over the past year, and it's only a matter of time before the question of global HQ location comes up again. Only thing holding that up may be geopolitical issues in HK. Plus the fact that the current mostly UK and French senior management may not be quite ready to up sticks. Especially the French ones!

And as for the retail side, Lloyds have just poached HSBC's head of retail to be their new CEO, so could possibly prompt a few changes that will actually be felt on the high street.

adamp87

ratechaser said:

Herbalus said:

Thrugelmir said:

You do wonder how long it is before HSBC return to their roots. Asia is going to be the growing market. 

Can’t see it happening any time soon. The UK is one of their prize markets. Plenty of other areas to divest before looking at selling the UK arm.

It's absolutely happening already, if you look beyond the retail side of the bank. The shift eastwards has been accelerating over the past year, and it's only a matter of time before the question of global HQ location comes up again. Only thing holding that up may be geopolitical issues in HK. Plus the fact that the current mostly UK and French senior management may not be quite ready to up sticks. Especially the French ones!

And as for the retail side, Lloyds have just poached HSBC's head of retail to be their new CEO, so could possibly prompt a few changes that will actually be felt on the high street.

I read that the other day and thought that’s probably worse for Lloyds & better for HSBC to have someone new in