HSBC cashback offer

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81981852#Comment_81981852

How long has it been since your funds left your current provider? I assume the four weeks must be when you made your transfer request. Surely you haven’t had to wait four weeks for them to credit your new HSBC ISA with money they have received nearly a month ago?

What I really cannot understand is when the transfer has occurred why the funds do not appear in your ISA the next working day - especially when it is an electronic transfer. It should be automated and automatic?

I am really starting to think we need to start raising this with the media. HSBC are failing to properly manage and account for tens of thousands of pounds for multiple people it appears. It is unacceptable for a major bank to be in this situation!

eskbanker

I am really starting to think we need to start raising this with the media. HSBC are failing to properly manage and account for tens of thousands of pounds for multiple people it appears. It is unacceptable for a major bank to be in this situation!

Can't see the media being particularly interested in relatively wealthy people missing out on some interest while trying to benefit from a cashback offer!

That's not to say that HSBC's handling of this is defensible though…

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81981942#Comment_81981942

The issue is not about cash back or interest.

It is about people’s funds just disappearing for potentially weeks post transfer and not being credited to accounts. It might be only £500 or it might be £100k - but it shouldn’t happen!

HSBC can’t tell you where your money is and when you will see it in your account. If someone - even a bank - has taken your cash and can’t tell you where your cash is days or even weeks later - then it is effectively theft and a systemic failure in systems.

And when it is a major high street bank it is a potential issue of media interest.

SuzeQStan

https://forums.moneysavingexpert.com/discussion/comment/81981927#Comment_81981927

quite right - the request was 4 weeks ago - and the funds somewhat strangely left my Lloyds account at 7:30pm 10 days ago whilst I was complaining to HSBC on app chat about why the transfer had not yet taken place. And I haven’t had sight of those funds since.
My OH has a lot more than me disappeared without a trace - his has been gone for 7 days.
but oddly both our Lloyds isa accounts have been left with exactly 20k in them to the penny.

friolento

There seems to be a total disconnect between the HSBC Marketing team, the busybods who process the ISA transfers, and their ISA transfer backlogs.

To rub salt into the wounds of people, who like myself have been waiting for weeks for their transfer requests to be processed, they now display this message in the app 🤬🤬

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81982110#Comment_81982110

If u applied after 23rd March you should get the current cashback incentives.

I agree it's galling that they are still marketing when they so obviously can't cope with existing transfer requests tho!

SuzeQStan

search bringing up an old article from Daily Mial on April 2024 about someone complaining of similar issue we are discussing. And I can’t seem to attach a link

long story short he got his money back and hsbc made the usual excuses. My take away is they haven’t learned lessons

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81982382#Comment_81982382

The link is here.

https://www.thisismoney.co.uk/money/saving/article-13344589/I-transferred-61-000-new-HSBC-Isa-money-vanished.html

In this person's case - Daniel (not their real name) - they had asked for £41,000 to be sent from another HSBC (non ISA) account and £20,000 from another HSBC ISA into their new HSBC one year fixed ISA. So this was an internal transfer!

Apparently the £61k funds were actually sent to an unnamed account he didn't recognise - which he noticed on his statements (for the HSBC accounts being transferred from) as the funds were not in his new ISA six days later. He clearly complained quickly and only after the Daily Mail/This is money intervened was issue was corrected and his missing £61k returned to him and into his new HSBC ISA. The initial transfers were made on 15 April 2024 and the article was dated 29 April so it was a quick turnaround from problem occurring to the Mail resolving it. Which shows what can happen when the media intervene!

You can contact this is money by emailing them at editor@thisismoney.co.uk - probably worth linking the above article as their ISA problems in 2024 still continue!

HSBC have themselves acknowledged there is a widespread problem on their website. But it is clearly not just to do with the volume of applications - it is because their systems and processes (for electronic transfers at least) are not fit for purpose! So worth including the message below.

We're currently receiving a high number of ISA transfer-in applications, which may mean we're taking longer than usual to process your request. Please avoid resubmitting your application.

https://www.hsbc.co.uk/savings/products/fixed-rate-isa/

If HSBC can't find where your cash has gone - my tens of thousands left Lloyds last Friday and they are still not in my HSBC ISA - maybe the Daily Mail can help?!

SuzeQStan

I emailed the editor - see what happens.

Thanks for posting the link @Rich2808

SuzeQStan

got this reply from Helen Crane at Daily Mail today:

I deal with readers' problems and would be happy to get in touch with HSBC and ask it what's going on. Hopefully if others have had the same problem, they would then get in touch too...
If you'd like me to, please could you let me know the details of the accounts involved - account numbers, names and how much is in each - as well as the date you tried to initiate the transfer and how you did it (online banking, app etc). 
I'd also need an email from you giving me your permission to speak to HSBC, something along the lines of:I [full name] give Helen Crane of This is Money permission to speak to HSBC about my Isa transfer on my behalf. I'd also need a separate email saying the same from your husband, from his own email address. If you could send that in a separate email so I can forward it to them without our conversation being visible, that would be great.Happy to speak about this on the phone next week if you prefer.All the best,Helen

Didn’t know if anyone else on here might want to get in touch with Helen (editor@thisismoney.co.uk). as she has mentioned she would welcome others getting in touch too about their experience with the HSBC isa transfers (or lack thereof!)

It’s my mums birthday this weekend so am busy - but will be emailing them back with the requested info etc on Monday/tuesday.