Switching account after switch - time

Marco90

Hi all,

I recently switched to HSBC but I have regretted it a few days after opening the account with them. Every single bank transfer to my wife or my other account trigger a fraud warning and it takes long calls to clear them.

I now want to switch from them but here's my question - can I do the switch at this point (I opened the account two weeks ago) or I'd there a minimum time I need to stick with them before doing it? I'm aware that I won't be eligible for the £150 switch freebie but I prefer to have £150 less than losing mental sanity. The terms and conditions don't seem to mention a minimum time to stay with them, so I assume I'm free to leave.

Thank you!

penners324

No.

I've had accounts open for less than a week before switching elsewhere.

What's causing issues at hsbc?

wiseonesomeofthetime

You can switch away whenever you like.

It is only incentive switch bonus that can sometimes be affected by time, and those cases tend to be included in T&Cs.

You may find other banks do the same checks though. Are you going to switch every time?

Good luck in resolving this, whichever bank or option you choose.

Brewer21

Marco90 said:

Hi all,

I recently switched to HSBC but I have regretted it a few days after opening the account with them. Every single bank transfer to my wife or my other account trigger a fraud warning and it takes long calls to clear them.

I now want to switch from them but here's my question - can I do the switch at this point (I opened the account two weeks ago) or I'd there a minimum time I need to stick with them before doing it? I'm aware that I won't be eligible for the £150 switch freebie but I prefer to have £150 less than losing mental sanity. The terms and conditions don't seem to mention a minimum time to stay with them, so I assume I'm free to leave.

Thank you!

Sometimes I find setting up a transfer with a new bank can trigger a security check, especially if it's s large amount, say over £1k. 
I usually start off with a smaller amount if a new payment and put the larger one through at a later date, not necessarily on the same day.
Some may say  "I've been ok with my bank" trust me I've fell foul of this before, Lloyds and First Direct for my wife in particular with FD.

MDMD

Marco90 said:

Hi all,

I recently switched to HSBC but I have regretted it a few days after opening the account with them. Every single bank transfer to my wife or my other account trigger a fraud warning and it takes long calls to clear them.

I now want to switch from them but here's my question - can I do the switch at this point (I opened the account two weeks ago) or I'd there a minimum time I need to stick with them before doing it? I'm aware that I won't be eligible for the £150 switch freebie but I prefer to have £150 less than losing mental sanity. The terms and conditions don't seem to mention a minimum time to stay with them, so I assume I'm free to leave.

Thank you!

Why not just open a new account somewhere else then wait for HSBC to pay the incentive before switching. That way you don’t have to deal with them day to day but you hopefully still get the £150.

Marco90

Thanks all for the great comments. I might opt to keep this account dormant until I get the £150.

Not sure what triggers the fraud alerts. HSBC would claim that it's due to the amount but even a £50 transfer to my wife triggered the alert. Same goes for other transfers - 10 alerts out of 10 transfers. I feel I might make many more transfers compared to the typical HSBC customers and I would make transfers to my Monzo for day to day payments. I also find their agents' approach rather aggressive as if they don't like the idea that I use the account this way.

Thrugelmir

Marco90 said:

 I also find their agents' approach rather aggressive as if they don't like the idea that I use the account this way.

Unusual behaviour will result in red flags. Shouldn't be a surprise in this highly regulated environment. Where banks are responsible for their individual customers and reporting/flagging high risk transactions. Failure to do so resulting in fines. 

Emily_Joy

OP, before you switch away, consider a couple of things:

1. HSBC doesn't like to offer new accounts to former customers who switched away

2. HSBC offers a number of foreign currency accounts which might or might not be of any use to you

3. HSBC allows to transfer your credit history from one country to another which again might or might not be of any use to you

4. HSBC is really good in spotting frauds - i.e. when cards get skimmed at ATMs