Problem setting up a standing order

ManyWays

What @Rob5342 has suggested sounds like a neat way around the HSBC problem which will also simplify your finances. Set up all the debt payments from the new account by standing order and set up a single payment from your main HSBC account to your Monzo account as a standing order on the day you are paid. 

RAS

Monzo.........

Billy_Dandy

@Rob5342
To open an account with Monzo, do they undertake a credit check? I'm just thinking that I now have defaults, so it won't look pretty...

Rob5342

Billy_Dandy said:

@Rob5342
To open an account with Monzo, do they undertake a credit check? I'm just think that i now have defaults, so it won't look pretty...

I think they do, but I have four defaults and they gave me an account. The worst that can happen is that they just say no. 

CraftyFox_2

Hi @Bill_Dandy

Yes, I have experienced the HSBC removal of offering Standing Orders (SOs) being available to be setup, Online, for major beneficiaries.

I’ve complained to HSBC about this and their recent written reply to me was that the reason is “commercially sensitive” and they will not explain why. (My suspicion is that the beneficiaries prefer Direct Debits as this means they can help themselves to the payee’s bank account rather than the payee sending them the payment). HSBC did, however, advise that setting up SOs is possible via telephone banking so it’s clear that the capability is available and that the major beneficiaries accept SOs.

I am taking this further and will raise the matter with both the Financial Ombudsman and the FCA. (I’m not sure that this will achieve anything as HSBC’s a private company and they can offer a service, or not, as they see fit but I will try). 

To achieve the equivalent of an SO, with HSBC Online, I have in the past setup repeated “future payments”. It can be protracted to do this, say, twelve times (for a whole year’s worth of payments) but it does achieve the equivalent outcome to an SO. But certainly telephone banking would be more efficient.

Billy_Dandy

@CraftyFox_2
Thanks for the update. Please feel free to keep me posted. Much appreciated.