HSBC - falling apart?
Discussion
We have just moved our personal and business accounts away from HSBC to Monzo after frustrations around antiquated processes and systems in place, highlighted by COVID-19. The problem with the big high street banks is their too big and complicated for their own good. These new Fintech/Challenger banks are really taking the right to the big boys, technology is making life so much easier to bank with.
NickCQ said:
They almost screwed up my house sale a few weeks ago by failing to produce a completion statement on time.
In the end we completed on the Friday but the money sat in escrow with my solicitors until they could finally repay the mortgage on Tuesday
This is the exact issue I had. Took them over 2 weeks to sort it out and provided it with a day to go.In the end we completed on the Friday but the money sat in escrow with my solicitors until they could finally repay the mortgage on Tuesday
I'm with Bank of Scotland and the only reason I never moved as a child was i was pretty late to internet banking but also realised that when things go wrong they are one of the few who have a bank in most towns and multiples in the cities. I also have Nationwide but just because of their previous 5% interest account.
Louis Balfour said:
We are becoming annoyed with a number of them. HSBC, Nat West, Barclays. We have previously binned Yorkshire Bank and CoOp.
I am not sure where to go in order to go for decent service and low risk.
We've discounted Handelsbanken because they are like the local golf club.
Any others worth considering?
Depending where you are and if there's a nearby branch, Metrobank may be worth a look.I am not sure where to go in order to go for decent service and low risk.
We've discounted Handelsbanken because they are like the local golf club.
Any others worth considering?
Actual branches in towns, open late and on Sunday, with staff you can speak to. They also seem to be averse to risky lending and offer bank vault services.
RSTurboPaul said:
Depending where you are and if there's a nearby branch, Metrobank may be worth a look.
Actual branches in towns, open late and on Sunday, with staff you can speak to. They also seem to be averse to risky lending and offer bank vault services.
My main bank is RBS, Mrs Nationwide and our mortgage is Halifax when we wanted to open a joint account for bill payments etc all of those were a massive pain in the arse. We strolled into Metro bank one sunday morning and the account was set up there and then all cards printed etc really helpful and having the branch where you could just walk in and wait (pre covid) was a real bonus.Actual branches in towns, open late and on Sunday, with staff you can speak to. They also seem to be averse to risky lending and offer bank vault services.
I mainly bank with HSBC, but have found the service increasingly frustrating.
Have recently got a Starling account for my day to day expenses, treating it as a savings account and like a pre paid debit card for everyday expenses. Been very pleased with the service so far at Starling and I have seen myself reduce my spending as a result and really pay down a lot of debt.
Have recently got a Starling account for my day to day expenses, treating it as a savings account and like a pre paid debit card for everyday expenses. Been very pleased with the service so far at Starling and I have seen myself reduce my spending as a result and really pay down a lot of debt.
danpalmer1993 said:
NickCQ said:
They almost screwed up my house sale a few weeks ago by failing to produce a completion statement on time.
In the end we completed on the Friday but the money sat in escrow with my solicitors until they could finally repay the mortgage on Tuesday
This is the exact issue I had. Took them over 2 weeks to sort it out and provided it with a day to go.In the end we completed on the Friday but the money sat in escrow with my solicitors until they could finally repay the mortgage on Tuesday
We abandoned a fairly advanced mortgage application with HSBC after 6 weeks of being punted between a mortgage advisor and valuation surveyors during lockdown. They kept fobbing us off while our chain was getting advanced and impatient so I hedged our bets with another application. Ended up going to NatWest who went from DiP to full offer in 4 business days!
HSBC didn't get our business.
HSBC didn't get our business.
The challenge with banking in the uk is that people still think it should be free and then complain that the service is s
t. When interest rates were 4 or 5 % banks made money on current accounts. Now they cost them money. I agree with the comments about first direct but if not them then either move to a challenger bank like metro or monzo or if you are wealthy enough someone like Adam & Co.
t. When interest rates were 4 or 5 % banks made money on current accounts. Now they cost them money. I agree with the comments about first direct but if not them then either move to a challenger bank like metro or monzo or if you are wealthy enough someone like Adam & Co.Yes, HSBC is falling apart.
Their anti-fraud measures have today prevented me having access to the cash in one of our businesses and my personal bank account.
There is no business banking customer service at the weekend now I gather.
We are going to bin them. I am not sure where we are going to go, mind you.
I work in a contact centre for a high street bank, and the reason your struggling is because the amount of calls has increased ten fold, everyone now is deciding to do their banking over the phone as they dont want to go out due to covid, and the amount of people who are ringing up with details of accounts they held 20 years ago, because they have been sat at home and found paperwork about an account, so want to see if they closed it is ridiculous.
Smurfsarepeopletoo said:
I work in a contact centre for a high street bank, and the reason your struggling is because the amount of calls has increased ten fold, everyone now is deciding to do their banking over the phone as they dont want to go out due to covid, and the amount of people who are ringing up with details of accounts they held 20 years ago, because they have been sat at home and found paperwork about an account, so want to see if they closed it is ridiculous.
I suspect that and the offshore call centres are closed or reduced in number. Probably also the banks are using COVID as an excuse to cut costs.williaa68 said:
The challenge with banking in the uk is that people still think it should be free and then complain that the service is st. When interest rates were 4 or 5 % banks made money on current accounts. Now they cost them money. I agree with the comments about first direct but if not them then either move to a challenger bank like metro or monzo or if you are wealthy enough someone like Adam & Co.
The money banks make has absolutely nothing to do with the interest rates on deposits. t. When interest rates were 4 or 5 % banks made money on current accounts. Now they cost them money. I agree with the comments about first direct but if not them then either move to a challenger bank like metro or monzo or if you are wealthy enough someone like Adam & Co.Frustratingly I went to pay our local bank to pay in cash and cheques for our business, and the branch was temporarily closed with no mention of why or how long they will be closed for.
Going to the next town was not really an option but wish there was a way to check that they are open as it also costs to park.
Going to the next town was not really an option but wish there was a way to check that they are open as it also costs to park.
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