HSBC cashback offer

friolento

“We’ve already started an ISA interest rework exercise”

While this should be reassuring news, it does little to inspire confidence. Why has this not been proactively communicated to all affected customers? More fundamentally, why is an interest recalculation exercise necessary in the first place? And why aren’t they in a position already to confirm the date from which your transfer is earning interest?

In my experience with several other ISA providers, I have never encountered a situation where ISA transfers were credited using incorrect transfer dates. HSBC’s handling of these transfers continues to fall well short of the standards I would expect, and the lack of clear communication only adds to those concerns

friolento

A friend of mine whose ISA transfer had not been credited for several weeks after it had been sent to HSBC has now also been offered a further £100 compensation by HSBC, making it £150 so far. Yet HSBC are still not giving an actual date from when they will pay interest, just wishey-washey words which are largely meaningless. What is so difficult? I have suggested to my friend to reject the offer and request the confirmation of a date interest will start from, as well as more than £100 for the ongoing unacceptable handling of the transfer.

gt94sss2

https://forums.moneysavingexpert.com/discussion/comment/82037796#Comment_82037796

I assume it is due to the fact that ISA transfers to HSBC appear to go to a central holding account before being allocated to a customers account.

As such, they have an extra step in the process.

Date ISA transfer Requested

Date Funds Received

Date allocated to the customers account

From other posts here, HSBC have already paid out the "formula" they plan to use but they will need to confirm all 3 dates for every customer impacted - not just those who complained.

SuzeQStan

my OH finally had his response from HSBC about the money they left in his matured Lloyds is despite him requesting a full transfer.

HSBC have closed the complaint saying it was Lloyds fault as they requested as instructed a full matured isa transfer. Lloyds pointing the finger back at them. I know who I believe 🙄

So that means his sum total compensation a paltry £75

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/82038658#Comment_82038658

Perhaps worth submitting subject access requests to both, seeking copies of all data relating to your transfer?

efunc

https://forums.moneysavingexpert.com/discussion/comment/82038586#Comment_82038586

I was originally told that interest would be backdated to 15 days following receipt of my paper Transfer request form. I then wrote to confirm that I reject their compensation offer and will be escalating to the FOS. They then responded that it will be backdated to 15 working days of the application date! That left me perplexed so I insisted on written confirmation with an exact calander date instead of a crude metric that they can change at will. I was then given the precicse date from which my specific interest will accrue. I don't see why this isn't possible for anyone else.