HSBC cashback offer

Umiamz

I actually cancelled my ISA transfer to HSBC a few weeks ago but I still received the email and in-app notification that everything was proceeding but taking longer than usual. I suppose that they'll finally get the message when they're told there's no longer anything to transfer by the other bank!

1931modela

https://forums.moneysavingexpert.com/discussion/comment/81994718#Comment_81994718

Update 2

Received this email from HSBC, so still lost 19 days interested on £66300, on an electronic transfer that should take minutes, and all due to them being inundated with transfers, their problem not mine.

"Thankyou for contacting us about the delay to your Fixed Rate Cash ISA (FRISA) Transfer-In request (FRISA). I’m really sorry for the inconvenience and frustration this has caused.

At the start of the new tax year, we received far more Fixed Rate Cash ISA applications and transfer requests than expected. This is mainly due to the new tax year, the incentive currently available, and the competitive interest rate on the product. As a result, it’s taking us longer than usual to process requests — and I appreciate this isn’t the service you were expecting from us.

Industry guidelines allow up to 15 working days to complete Cash ISA transfers between providers or 30 calendar days if transferring from an investment. However, because of the unusually high demand, your transfer may take a little longer than this.

I know this won’t be the update you were hoping for, but I want to reassure you that we’ve fully reviewed your complaint, and the delay is only due to the demand.

Once your ISA transfer is complete, we’ll make sure you don’t miss out on interest. We’ll backdate the interest owed to the date your funds credited HSBC, into one of our internal accounts, not the date the funds were paid into your FRISA. If the transfer took long than 15 working days (cash to FRISA) or 30 calendar days (investment to FRISA) we will backdate interest to either 15 or 30 days depending on where the funds are coming from, cash or investment.  

We also received your transfer request during the incentive period. This means that if you meet the incentive eligibility criteria, you’ll still receive the incentive in September. As a reminder, the incentive required: a deposit and/or transfer of new funds of £20,000 or more into an eligible HSBC ISA product and this must be maintained until the cashback is paid. 

(New funds are funds that are not already held in any HSBC, First Direct or M&S Bank account before 9 March)

I can see you applied on 9th April and the payment was received into HSBC on 27 April, therefore this was completed within the 15 working days allowed. I do appreciate we then delayed the payment into your isa until the 11th May when it credited the account. Please note interest will be back dated to this day for you. 

Therefore, I've chosen to resolve the case in your favour in this instance. And to further my apology and recognise the impact these issues have had on you, I've chosen to credit your HSBC UK Advance Account with 100.00 compensation. 

Lastly, I hope this now fully resolvesyour concerns for you. Should you have any further queries regarding this case, please reply directly to my email."

You have the right to refer the complaint to the Financial Ombudsman Service, free of charge, but you must do so within six months of the date of this response. The Ombudsman is the independent body that looks into disputes between consumers and financial businesses. It looks at what's happened and gives an independent view on the situation. For a copy of the Financial Ombudsman Service consumer leaflet please refer to "Your complaint and the ombudsman" (www.financial-ombudsman.org.uk/publications/consumer-leaflet.htm) and for further information please refer to the Financial Ombudsman Service site. Please let me know if you’d like a paper copy of this response and the Financial Ombudsman Service leaflet.

Money_Stitch

Anyone else still in the position where the transfer in hasn't even been requested from old provider? Just wondering if the backlog of transfers is still in bottleneck status.

Rich2808

I did get a nice text from HSBC today telling me my lSA transfer is complete and the funds are now in my account.

Helpful of them to let me know four weeks after this all happened!

ccluedo

https://forums.moneysavingexpert.com/discussion/comment/82021911#Comment_82021911

Yes, one of mine.

The other one was authorised by ceding bank on 22nd April but they haven't heard a word from HSBC since. So neither have moved yet.

gt94sss2

I see the telegraph now have an article about the delays.

https://www.telegraph.co.uk/gift/ba5b6830119c84b1

friolento

https://forums.moneysavingexpert.com/discussion/comment/82021955#Comment_82021955

Lucky you.

My funds left my old provider 6 weeks ago today, by Faster Payment. Still no sign of them in my HSBC ISA. Just empty waffle from HSBC about my money being safe etc etc etc. Absolutely disgraceful, unprofessional, and to top it, illegal behaviour. To make matters worse, neither HMRC nor the FOS seem to care.

Have you verified that you will be getting the correct amount of interest? Or do you need to wait for this until maturity?

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/82022163#Comment_82022163

I was told when they resolved my complaint that they would pay interest from the date they received the funds from my previous provider. The transfer date was 8 working days before the funds appeared in my HSBC ISA.

The complaint compensation pay out was broadly equivalent to the lost interest from the 3 and a half week delay from my electronic transfer request to the date of transfer.

Of course we won’t know for certain if they will actually deliver on this promise until we see the interest paid next May or June.

My post about the text was merely to highlight their communications are no guide to what is actually happening in your case. Most providers would send a text confirming the transfer completion on the same or the next working day - not 4 weeks later!

I appreciate I am one of the lucky ones - I hope you get things sorted soon.