HSBC Switch Offer - Use overdraft for the 1500 transfer out then back in?

IAMIAM

Applied for account, transferring Santander account to it.
Account open, £2000 overdraft.
Transferred £1500 of the overdraft to my First Direct current account opened in 2010 and sent it straight back to HSBC.
Will I get the switch offer, or is FD excluded and classed as internal transfer and not new monies. 
Thanks.

Thrugelmir

Depends on how HSBC interpret the word fund.  

PRAISETHESUN

I do something similar where I use the OD of my Lloyds bank account to fund the regular pay in requirements for other banks (money pays out to external banks, then back into Lloyds before I'm charged any OD fees). Never had an issue with any banks not seeing counting this for their funding requirement - OD money is still money at the end of the day.

Also, unless there's something in the terms of whatever offer you're trying to take advantage off that specifically excluded transfers to/from HSBC and FD then you're in the clear.

jimjames

Why not transfer the money to Santander and pay it from there to avoid any such issues?

RG2015

jimjames said:

Why not transfer the money to Santander and pay it from there to avoid any such issues?

The OP has switched (or is in the process of switching) from Santander to HSBC.

I would have thought that using the Santander account is an unnecessary complication.

In any case HSBC and First Direct are separate banks, albeit part of the same banking group. I cannot see this being classed as an internal transfer.

wmb194

RG2015 said:

jimjames said:

Why not transfer the money to Santander and pay it from there to avoid any such issues?

In any case HSBC and First Direct are separate banks, albeit part of the same banking group. I cannot see this being classed as an internal transfer.

Same bank, separate divisions.

"first direct (sic) and HSBC are both trading names of HSBC UK Bank plc and so if you hold deposits with us and first direct you’ll only be eligible for one claim of up to the FSCS deposit limit in total."