HSBC cashback offer

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/82013275#Comment_82013275

I think perhaps the worst thing was they knew they were struggling and couldn't cope - but they still carried on promoting the offer until it closed on 11 May. Saffron withdrew their 4.5% instant access ISA when overwhelmed within days - HSBC ploughed on so the delays and backlogs just got worse and those who applied later were typically hit the worst. So they compounded the problem by failing to withdraw the offer.

I count myself lucky - I applied at the start of April and only had to wait 1 month and 5 days for my electronic transfer to complete - including 8 working days in their 'holding account' post transfer to funds appearing in my HSBC ISA.

efunc

https://forums.moneysavingexpert.com/discussion/comment/82013299#Comment_82013299

Sure. Then do what I did, make a formal complaint to HSBC, but do not leave it there and allow them to buy you off or dismiss the gravity of their failures. Escalate.

Money_Stitch

I'm almost at the two month mark. No transfer even started from old provider but the ISA is open as it is part funded but not enough for the cash back criteria without the transfer in. Raised the formal complaint 3 weeks ago.

Today, I received an email informing me that they 'are unable to resolve my complaint as a result I should proceed directly to contact the ombudsman.'

Completely baffled what this means. They have made no attempt to contact me via app, email, post or phone. They have made no attempt to request a transfer from old provider, a well established bank with full electronic mechanisms.

No idea whether they intend to attempt to transfer this ISA or if this is the get out of the cash back move. They certainly don't seem interested in getting my money.

Has anyone else received this email?

RD88

Husband is also now at the stage many of you are. Funds disappeared from Aldermore in 8th May and have not appeared in HSBC ISA. The values is over 100k and was for the cashback and also supposed to be the eligibility for the premier account, so not sure he'll even get the switch offer cashback as well as the ISA transfer now. We raised a complaint last week to get the ball rolling and yesterday he received a response that all interest would be backdated and he's still get the cashback and he was also given £75 goodwill which was in his HSBC current account instantly. Great but we're not really happy that we still can't see the 100k and wouldn't really call this resolved, however unsure if we can actually escalate this to the ombudsman if he had had the £75, does this deem acceptance of the resolution?

hgt

There's now an article on 'This is money' about the issue with slow HSBC ISA transfers...

https://www.thisismoney.co.uk/money/saving/article-15848805/HSBC-Isa-transfer-chaos-savers-face-six-week-delays-one-says-20-000-disappeared.html

SuzeQStan

we are at the 8 week point now. I believe Helen Crane from This is Money/Daily Mail has been in touch with some of us now as she was given the same rubbish cut/paste message we all have had off HSBC.

So hopefully that will translate into an article that makes HSBC sit up and take notice. What amazes me is that the same thing happened last year so they have clearly upgraded zero policies and remain woefully incapable of planning to conduct basic business.

It’s a lot of work approaching a governing body (we did it with CICAS) but if no one bothers HSBC will continue to get away with it.

SuzeQStan

https://forums.moneysavingexpert.com/discussion/comment/82014079#Comment_82014079

my OH got £75 this week too. Not me tho 🤣

SuzeQStan

Just read the article - nice to see it but won’t hold my breath. Main focus is moving forward once complaint is officially past 8 weeks

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/82014176#Comment_82014176

I don't know if Lorraine from Scotland - presumably not the breakfast tv presenter Lorraine Kelly?😊 - David from Leicestershire and Suzanne from Lancashire have been posting in this forum (I think I recognise one or two of the stories!)? But thanks to them all for getting this story into the media.

poblomov

Money finally got debited from Virgin Money today having applied on 13 April and it is also showing in my HSBC account

So since mine and @kipsterno1 's one went OK it looks like Virgin Money know how to deal with HSBC