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First Direct ADMIT it couldn't cope with it's daily sweep facility

VioletFlame
Posts: 4 Newbie

I have a business account with HSBC which operates an automatic overnight 'sweep' facility between the savings account and current account. A min balance is kept in the current acc and it makes no difference whether money is paid in/out (irrespective of the amount); overnight the debit/credit amount is transferred between the two accounts. Wonderful stuff.
I've often enquired for this facility with First Direct (personal bank) to be told "we don't have one". HSBC said "oh yes they do...ask them to call us".
FD said they weren't the same bank as HSBC. They then said: "we used to have this facility but now only have a 'one way' sweep from current to savings."
Not good enough - I want something where I don't have to remember to transfer money from my savings a/c to cover daily or one-off expenses.
ME: "Ok..so what you're saying is, if I want this facility I need to change banks to HSBC?".
Supervisor went away and called me back. I was told if I really want this facility they could provide it for me....but it "might not work".
Might not work ??
e.g. should a cheque be raised to make the account go overdrawn (which would be the case until the overnight sweep) a block is triggered...which then goes somewhere else for approval. Often the 'block' doesn't get passed to the relevant person and the cheque doesn't get 'approved'. The Supervisor freely admitted that it caused such an internal problem with unhappy clients that they withdrew the facility. However, they'll let me have the 'may-not-work-facility' for a fee of £50 !!
Umm....unbelievable.
I've often enquired for this facility with First Direct (personal bank) to be told "we don't have one". HSBC said "oh yes they do...ask them to call us".
FD said they weren't the same bank as HSBC. They then said: "we used to have this facility but now only have a 'one way' sweep from current to savings."
Not good enough - I want something where I don't have to remember to transfer money from my savings a/c to cover daily or one-off expenses.
ME: "Ok..so what you're saying is, if I want this facility I need to change banks to HSBC?".
Supervisor went away and called me back. I was told if I really want this facility they could provide it for me....but it "might not work".
Might not work ??
e.g. should a cheque be raised to make the account go overdrawn (which would be the case until the overnight sweep) a block is triggered...which then goes somewhere else for approval. Often the 'block' doesn't get passed to the relevant person and the cheque doesn't get 'approved'. The Supervisor freely admitted that it caused such an internal problem with unhappy clients that they withdrew the facility. However, they'll let me have the 'may-not-work-facility' for a fee of £50 !!
Umm....unbelievable.
0
Comments
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Although annoying for you, and although they're part of HSBC, good on First Direct for admitting they can't do something for you. At least they're not fobbing you off or lying or spinning the truth.
They admit they can't do it - so if you need that facility, you can move your personal banking elsewhere. If I suddenly wanted to change the way I banked and my bank couldn't do it, I'd move.
KiKi' <-- See that? It's called an apostrophe. It does not mean "hey, look out, here comes an S".0
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