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.

snookerloopy96

https://forums.moneysavingexpert.com/discussion/comment/82038642#Comment_82038642

https://forums.moneysavingexpert.com/discussion/comment/82038642#Comment_82038642

This is exactly what happens.

On my 'complaint' call I was given the impression that because my ISA account was up and running that the transfer would go directly into it.

Of course this hasn't happened and the complaints bloke denied that was the case.

Got all my dates listed, rubbish thing is nobody will find out if the interest is correct for a year yet.

Warslet

I was on the ‘phone to HSBC Customer Services today for 50 mins after ‘chatting’to an agent who told me I hadn’t signed the manual ISA transfer form after informing me it had been sent to the other ISA provider. Opened the ISA on 26 April and handed in the paper transfer form to a branch on 5 May. It had been sent to the HSBC ISA team by the branch but existing provider has never received it. I called on 28 May to be told it was being processed and would happen soon.
Chased again today to be told I had signed the transfer form but it was pending as they didn’t have my specimen signature to compare against despite using driving licence when current account opened. No contact from HSBC to be told this and I had been to the branch since about the account. I now have to visit a branch with ID before it can be processed.

snookerloopy96

Knock me down with a feather my money has appeared in my HSBC account.

Took 8 working days from leaving YBS so I'm lucky compared to most.

Lets hope they're finally making headway.

charlie12525

Sent my ISA transfer forms about 10 weeks ago.
Yesterday got a text message from HSBC - "Hello, we couldn't complete your ISA transfer request. Please phone...".
During my 1 hour call to a guy in India I found out that they had "merged" my 2 paper ISA transfer forms when they had scanned them on 14th April. They think they can sort it out. Not sure why I had to phone to progress this.
The whole thing is blinking unbelievable.