HSBC issues with transferring in ISA

Rich2808

https://forums.moneysavingexpert.com/discussion/comment/81992272#Comment_81992272

How HSBC will of course track this 11 May deadline when they can’t seem to keep track of anything else though will be interesting. Especially for documents sent by post or delivered in branches - best keep all documents/evidence if your ISA transfer hasn’t fully completed by Monday.

I also wonder how many more threads and posts we will get in early October to say i haven’t received my cash back due in my current accountby 30 September deadline and HSBC can’t tell me why.

Let alone in May or June next year when we want to move our cash out again!!

Umiamz

Transfer applications are scanned into your account when received, whether posted to them or dropped off in a branch. When dropping the form(s) off in a branch, ask for them to be scanned into your account and they will do that rather than just posting them to the same address that we could have done.

I rang HSBC to confirm that my outstanding transfer application had been scanned in and the agent was able to confirm that and the date that it was done.

I see your point about the actual cash back payment, though. That might be fun…

passau91

https://forums.moneysavingexpert.com/discussion/comment/81992341#Comment_81992341

I love the “fun” phrasing. 👍🏼

The cash incentive is the only reason why I chose HSBC. I could at the time (and I believe still can) get a slightly better rate (4.75%?) elsewhere, but as I am an early retiree (made redundant at 61), my savings and cash ISAs are my only “income” until I turn 67. Therefore, every penny counts 😁 (I am leaving my workplace pensions alone for as long as possible as they aren’t huge and hadn’t performed all that well…)

sweetpea85

In terrible mess with HSBC ISA. After numerous calls etc and being told I'd get called back I requested to cancel the transfer in from my previous ISA provider but the transfer went ahead despite the account being closed. My life savings are in HSBC holding account since 2nd June. After numerous calls (one was an operative in Cairo) and being told to leave it a week etc I now have an appointment this Wednesday in branch despite being told not to expect any resolution. I'm sitting there til it's sorted. Already raised a complaint but after 2 weeks was sent an email saying they needed more information but didn't tell me what. I'm a pensioner and need my money. When this is finally over I'm leaving HSBC. If no luck with branch it'll be the Ombudsman or the Fraud Squad.

friolento

he HSBC ISA transfer-in processing is simply terrible. They are causing people untold anxiety, and they couldn't care less.

snookerloopy96

The level of ineptitude is quite staggering bit as Friolento says so is the attitude.

The bad press from a few weeks ago seens to have made the sum difference of precisely diddly squat.

It would be very insightful to be a fly on the wall at some of the HSBC offices.

friolento

A full two months after they had received my transferred funds, HSBC have finally confirmed in writing that they will be paying me interest from the date they received my funds from my old provider. The credit date on my account is still incorrect but as I got their written assurances, I am satisfied with this as the transfer was actually completed within 15 working days. I will still have to confirm that they actually will have paid the correct amount of interest, though I can obviously only do this next year.

They have also offered me a further £100 compensation, which I don't think is a fair amount but they will not budge and the FOS suggested they would probably side with HSBC, so I have let it go.

Next stop September 30 for the cashback……….

arnoldjohn06

I am now 2 months and 2 weeks past the transfer application was submitted. I have had over 4 hours of online chat and in the last 2 days 3 hours on the phone. They now say the transfer hasn't taken place because they don't have a specimen of my signature and that I need to go into a branch to provide one. I have raised a complaint and it is an 'escalated' one, yet I am told this means at least 5 working days before I get any response, maybe longer.

I have absolutely no idea what is happening, my prior ISA matured and the funds are in a variable rate ISA with that provider, a lower rate. Will I get my interest back dated? Will I get the cash bonus? As oithers have saidf that was the reason I chose HSBC.

I have now raised a complaint with the Financial Ombudsman about this.