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HSBC WORST EXPERIENCE OF SWITCHING BANK TO AWFUL BANK

2

Comments

  • pafpcg
    pafpcg Posts: 936 Forumite
    Tenth Anniversary 500 Posts Name Dropper
    skyanjel said:
    .......
    1) 14th July 2022 - It started with me applying for the switch account offer of £170.00. I saw this on Martins site as well so I filled out all the requested details online for HSBC. I met all the criteria so was looking forward to my new account. On this on the same day I received a text to advise that my application has received and they'll be in touch. 
    .....
    OP - have you had any confirmation that HSBC have accepted your application for a new account?   In all your descriptions of your interaction with HSBC call handers, I couldn't see any confirmation that an account had been opened for you. Obviously, a switch can't be processed until a new account has been opened.

    HSBC are renowned for arbitrary rejections of applications - there are numerous posts on the MSE forum about rejections for no obvious reason, leading to the conclusion that many applicants do not meet HSBC's (confidential) selection criteria.

  • gsmh
    gsmh Posts: 640 Forumite
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    Is HSBC markedly worse than first direct? I applied for a first direct account though their app and it was accepted straight away and I had my debit card within a couple of days. As smooth as any other bank I've been with and smoother than most. No paperwork, no hassle.
  • eskbanker
    eskbanker Posts: 38,022 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    gsmh said:
    Is HSBC markedly worse than first direct?
    Yes, based on plenty of anecdotal threads and posts on here, and the more scientifically compiled biannual service quality surveys would endorse this (although they cover much broader issues than simply account opening performance):

    https://www.ipsos.com/en-uk/personal-banking-service-quality-great-britain-august-2022
  • phillw
    phillw Posts: 5,666 Forumite
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    edited 30 August 2022 at 1:28PM
    gsmh said:
    Is HSBC markedly worse than first direct?
    What do you mean worse? First Direct accept more applications than HSBC do for their Advance account, which is the one they pay a switch bonus for and is for those with higher incomes.

    One of the requirements to open an advance account is:
    • qualify for an optional arranged overdraft of at least £1,000
    You don't need to have an overdraft, or you could have a smaller one that £1000. But you need to qualify for a £1000 overdraft. What the qualifying criteria is, of course unknown.
  • gsmh
    gsmh Posts: 640 Forumite
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    edited 30 August 2022 at 4:40PM
    I just thought with first direct being an HSBC brand they might share some systems and processes. Is first direct run completely separately? I know smile is pretty much the same as the Co-operative Bank and cahoot is part of Santander and in both cases there is not a lot of difference. Although cahoot hasn't accepted new customers for some time, the current account is still actively maintained.
  • Rich1976
    Rich1976 Posts: 700 Forumite
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    gsmh said:
    I just thought with first direct being an HSBC brand they might share some systems and processes. Is first direct run completely separately? I know smile is pretty much the same as the Co-operative Bank and cahoot is part of Santander and in both cases there is not a lot of difference. Although cahoot hasn't accepted new customers for some time, the current account is still actively maintained.
    First direct is a division of HSBC bank and as far as I know share the same systems, processes and call centre space in Glasgow.

    HSBC though relies heavily on overseas call centres which was my bugbear when I was with them.

    first direct operates a call centre in Leeds and Glasgow and place more emphasis on customer service and the staff are empowered to help in a way HSBC call centres overseas do not.

    the products and account opening processes both banks offer are virtually identical and could do with much shaking up but other than that you would not think they are brands of the same bank . 
  • artyboy
    artyboy Posts: 1,750 Forumite
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    edited 30 August 2022 at 9:55PM
    It's an organisation that is leaning ever eastwards in terms of focus, investment and leadership presence (whether those leaders like it or not!), and with a stated aim of keeping overall global costs flat (so basically a significant cut taking inflation into account).

    So frankly, if (as a bog standard current account holder) you can get through to someone in Glasgow then I'd take that as a win, because there are people in many more exotic (ie cheaper) locations you could be talking to instead.
  • WillPS
    WillPS Posts: 5,273 Forumite
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    Rich1976 said:
    first direct operates a call centre in Leeds and Glasgow and place more emphasis on customer service and the staff are empowered to help in a way HSBC call centres overseas do not.
    Howso?

    Other than what the agents sounded like the only difference I could perceive as a previous customer of both was that HSBC used a phone menu and automated system to pass security whereas First Direct phones would connect you to a human who'd run you through security and then ask what your call was regarding and place you in the relevant queue unless your query was something an automated system would otherwise handle (i.e. they'd do the job of a robot).
  • Rich1976
    Rich1976 Posts: 700 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    WillPS said:
    Rich1976 said:
    first direct operates a call centre in Leeds and Glasgow and place more emphasis on customer service and the staff are empowered to help in a way HSBC call centres overseas do not.
    Howso?

    Other than what the agents sounded like the only difference I could perceive as a previous customer of both was that HSBC used a phone menu and automated system to pass security whereas First Direct phones would connect you to a human who'd run you through security and then ask what your call was regarding and place you in the relevant queue unless your query was something an automated system would otherwise handle (i.e. they'd do the job of a robot).
    in my experience FD do not read from a script or even worse stick to a script or have a computer says no mentality, and can generally answer a query there and then without being passed around departments. They have also generally been easier to deal with.
    other people may have other opinions but thats always been my impression. they are not perfect by any means but certainly i have found them easy to deal with.   
  • phillw said:
    gsmh said:
    Is HSBC markedly worse than first direct?
    What do you mean worse? First Direct accept more applications than HSBC do for their Advance account, which is the one they pay a switch bonus for and is for those with higher incomes.

    One of the requirements to open an advance account is:
    • qualify for an optional arranged overdraft of at least £1,000
    You don't need to have an overdraft, or you could have a smaller one that £1000. But you need to qualify for a £1000 overdraft. What the qualifying criteria is, of course unknown.
    [Advance Account]  I was way off qualifying for a £1000 overdraft, not that I wanted one.I was accepted, no'prob. £170 cashback within a week.
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