HSBC cashback offer

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81970462#Comment_81970462

I requested an electronic transfer a couple of days before the Easter weekend on line. My existing provider confirmed they had received it (via an app notification/letter via their app) on 10 April - having checked the letter it says the request reached them on 9th. As of today the funds are still with my existing provider as HSBC (apparently) according to my existing provider haven't done the completion confirmation - at which point the funds are transferred.

I only know this from my current provider - and I hate to waste their time - as I have had zero communication from HSBC on my transfer request or its progress. Perhaps they sent it by post and it is still making its way noting I received a letter last Thursday (16th) from HSBC thanking me for opening the fixed rate ISA account which took two weeks to reach me as the letter was dated 2 April. I know the Royal Mail has its issues and there was the Easter bank holiday but seriously!!

So if electronic transfers are that slow between HSBC and another major high street bank I doubt many paper transfers sent by post/delivered via a branch will have been completed yet. But you never know!

bioboybill

Hallelujah! The £20K has appeared in my HSBC Fixed Cash ISA this morning just 20 days after they received the transfer. I don't suppose they will pay me the interest I lost waiting so long?

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81971433#Comment_81971433

Congratulations!!

I see another poster has received £100 for the problems with their ISA transfer and the associated delays. And that was merely about the problem with the initial transfer forms and not accepting Post office savings roll numbers (as they have 10 and HSBC requires 12 digits on their electronic forms).

Surely for your stress and inconvenience with multiple calls and a formal complaint - you should be getting a lot more for them 'losing' your £20k for 3 weeks.

Only 12 months until you have to transfer your funds out again…..I hope I am not still waiting for my inbound transfer to complete in May 2027

https://forums.moneysavingexpert.com/discussion/6664141/transferring-cash-isa-from-the-po-to-hsbc#latest

Rusty190

@bioboybill Thank you for giving the rest of us hope🙏😉

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81972365#Comment_81972365

I don’t think his post gives us hope at all.

HSBC mislaid £20k of his money for three weeks post transfer and only after multiple phone calls and a formal complaint raised did they finally allocate it to his ISA account.

The stress and hassle must have been appalling.

Even when they finally complete a transfer of course - I am on my third week tomorrow since my electronic transfer request was made (and I am not alone) - this means there is no guarantee your funds will appear in your ISA on s timely basis. And HSBC customer services - beyond warm words - cannot tell you what is happening and when it will be completed.

It is disgraceful that a major global high street bank should be in such a mess. It is also causing hassle for other providers no doubt as HSBC aren’t meeting industry agreed deadlines to action and complete transfers.

friolento

Industry guidelines for cash ISA transfers  https://www.tisa.uk.com/wp-content/uploads/2023/03/Cash-to-Cash-ISA-5-Transfer-Industry-Guidelines.pdf

These are voluntary but we may be able to refer to them when complaining about the handling of our transfer requests

bioboybill

Today HSBC complaints finally phoned me to confirm that they found in my favour. They promised that the interest on my ISA would be backdated to 1st April and they offered £100 compensation, which I accepted to just move on. They said that they don't have a dedicated ISA team, and that is a major problem.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81975136#Comment_81975136

Really poor excuse for a global bank and even crazier when they're putting out huge ISA incentives.

Well done on the complaint and compensation tho.

Rich2808

I have some astounding news - over three weeks after I requested my ISA transfer electronically the funds have finally left my existing ISA this evening and are tonight heading in the direction of HSBC.

Hoping I have more luck than Bioboybill and they appear in my new HSBC ISA account tomorrow - and not in three weeks time.

Still painfully slow though! If they are going to do offers like this in future they should have a dedicated cash ISA team as has been highlighted above who are focused on the job in hand and know what it is happening. And if they are overwhelmed with applications - pause or pull the offer like the comparatively tiny Saffron did.

Good luck to others with pending ISA transfers to HSBC.

kipsterno1

Just for balance it took eleven working days from opening my account to the transferred funds showing in it for me. Electronic transfer requested during the account opening process.