HSBC cashback offer

Oh_Baubles

My issue is that. having opened one and put £500 to start it off, when it came to putting in the rest of this year's ISA allowance 'computer said no'. I've phoned numerous times and nobody seemed to know what the glitch is, nor how to fix it. So I've phoned a few more times (as I'm still within the 30 days) to get them to close the account, make it null and void, etc (quoting all the legal jargon words), return the deposit to my current account (with HSBC) and restore that bit of my ISA allowance. I was promised it would be done by close of business yesterday. It wasn't. I phoned to start a complaint and the agent could see it was sat there pending 'someone on the team to work on it' but as nothing was happening, she promised to escalate it, due to my complaint. I don't hold my breath! Scary that nobody seems to know what caused the glitch and Googling shows I'm not the only one in this situation. It's all digital so should have been an easy fix. I guess there's just a long queue of folk for whom it has gone wrong.

friolento

Live footage from the HSBC ISA department. All team members present right now.

1931modela

The saga continues, I opened a new HSBC Cash ISA on the 9th April with this years allowance from another HSBC account and also arranged for them to transfer £66500 from my Yorkshire Building Society cash ISA which had matured.

As of today 11th May still no transfer in of the £66500 and despite numerous phone calls to them, nothing.

They say that I cannot raise a complaint until money is in my account, YBS confirmed money has gone and all HSBC tell me is that they have had a lot of transfers to deal with and they are not the only bank that has this issue. The fact that if I needed this money I cannot access it is of no concern to them, just fobbed off with you will get interest backdated to when ISA opened although different HSBC staff have told me different on some calls.

Angry and confused to say the least,

SuzeQStan

insist upon raising a complaint if it’s been more than 15 working days - they then email you a complaint reference. But you have to insist as they have clearly been advised to discourage folk from opening complaints. Not that it will get you very far mind - but am thinking of any future compensation/backdated interest etc

friolento

https://forums.moneysavingexpert.com/discussion/comment/81994242#Comment_81994242

Definitely raise a formal complaint, and insist on getting a complaint reference number. They are likely to do everything to discouage you from raising a complaint but they are not legally entitled to stop you from doing so. Persist, but very calmly and unemotional.

It is completely irrelevant that they had a lot of transfers - they have a legal obligation to complete an ISA transfer within 15 working days.

It is also completely irrelevant how long ISA transfers take with other companies - although there is ample evidence that others have consistently been completing transfers within a few days.

In parallel to, or before, raising a complaint with HSBC, get the exact details from YBS - when did they transfer your funds, how did they transfer them (FP / BACS / Cheque?), if electronic transfer, which sort code / account / reference number was used.

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81994242#Comment_81994242

You could consider contacting this is money (the Mail financial website) - as explained below. This is an annoyance for those of us putting the funds in the 13 month fixed rate - but if you have gone for instant access and need the cash now it is quite another matter! £66,500 is a lot of money to not have access to for weeks!

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!)

snookerloopy96

I don't have much faith in either side of the equation. Neither the existing provider nor HSBC seems to have any idea whether my re-application has been received, accepted, anything.

As I was physically there when the HSBC 'adviser' sent the transfer forms through I know its been done - and done exactly as per YBS instructions.

Pretty bad really.

ccluedo

I have raised a formal complaint today as neither of my two transfers have been actioned and indeed one of them has had no contact at all from HSBC.

snookerloopy96

https://forums.moneysavingexpert.com/discussion/comment/81994481#Comment_81994481

Can I ask how you have done this please?

I think I will do mine today as its the final day of the offer.

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/81994504#Comment_81994504

I called them on 03457 404404.