HSBC - are the wheels falling off?
Discussion
I've been with HSBC as a personal customer since 1993 and as a business customer since 2000. They have never been dynamic but basically okay.
I've had a few issues with them of late, and then I got a letter a couple of weeks ago saying our relationship manager (who was a waste of space frankly) is being moved on and not replaced. But it will all be okay because they're hiring more telephone based staff...
I've just called the business call centre to hear that there is a wait time of over 10 minutes.
Is anyone else having problems with them?
your first line could have been written by me.
not heard anything, but I guess i'll know next week as I'm expecting replies to
some MI I sent in yesterday.
the banks do seem to cut swathes of staff with little, if any, notice to us, the customer.
AND. if was telephone only, I'd move banks.
not heard anything, but I guess i'll know next week as I'm expecting replies to
some MI I sent in yesterday.
the banks do seem to cut swathes of staff with little, if any, notice to us, the customer.
AND. if was telephone only, I'd move banks.
OP, I feel your pain.
In the last 6 weeks one of my personal accounts was locked (HSBC error that they tried to cover up) and one of my US business accounts was closed. A cheque for the balance is somewhere between US and UK.
The UK & US relationship managers were less than useless. HSBC may claim to be global but I have yet to see evidence that they can operate in even a slightly joined up fashion.
In the last 6 weeks one of my personal accounts was locked (HSBC error that they tried to cover up) and one of my US business accounts was closed. A cheque for the balance is somewhere between US and UK.
The UK & US relationship managers were less than useless. HSBC may claim to be global but I have yet to see evidence that they can operate in even a slightly joined up fashion.
I've banked with HSBC for 20 years, and have noticed a distinct downwards decline over the past couple of years.
Only last week it took me 3 attempts over the phone to update my correspondence address (although to be fair, it could have been done in 2 if I hadn't hung-up in frustration on my second attempt).
They have also developed a knack of cancelling my card whilst I'm overseas.
Only last week it took me 3 attempts over the phone to update my correspondence address (although to be fair, it could have been done in 2 if I hadn't hung-up in frustration on my second attempt).
They have also developed a knack of cancelling my card whilst I'm overseas.
Same with pretty much all of them. Recent experiences:
HSBC - Letter received from 'Head of Retail Credit Services'..."In order to improve service (sic) we'll no longer assume you wish to transfer funds (and make a transfer for you) if you have insufficient funds on one account but a surplus on another. Please note this may result in items being returned unpaid." Which some time later they duly did, despite us having ~£250k on a money market call account. Hands up, our fault but service? I did write to her but got no response.
Lloyds - I'd like to open a new business account, please.
LB - sure (take a few details) "our specialist unit will be in touch within 48 hours"
7 days later, no call and I ring them up. "sorry, I can't understand why we've not been in touch. Can I just have your details again... Once again, apologies and I'll personally make sure someone calls you today" Another call that never came...7 days later I rang them once again - just to let them know why we wouldn't be banking with them.
Barclays - submit business plan for a new venture with a request for borrowing one week in advance of meeting with manager. Three of us trek 10 miles in for the meeting...
Him - thanks for coming in
Me - what do you think of the plan?
Him - I'm sorry, I can't comment at the moment.
Me - pardon?
Him (passes blank 'Barclays Business Plan' document across desk) it needs to be on our form before we can consider it.
Me - your form is 4 pages, my plan is comprehensive, 15 pages and contains everything you've asked for and more.
Him - sorry, that's the way it is, if you'd like to fill it in and get back to me
Me - Goodbye...
HSBC - Letter received from 'Head of Retail Credit Services'..."In order to improve service (sic) we'll no longer assume you wish to transfer funds (and make a transfer for you) if you have insufficient funds on one account but a surplus on another. Please note this may result in items being returned unpaid." Which some time later they duly did, despite us having ~£250k on a money market call account. Hands up, our fault but service? I did write to her but got no response.
Lloyds - I'd like to open a new business account, please.
LB - sure (take a few details) "our specialist unit will be in touch within 48 hours"
7 days later, no call and I ring them up. "sorry, I can't understand why we've not been in touch. Can I just have your details again... Once again, apologies and I'll personally make sure someone calls you today" Another call that never came...7 days later I rang them once again - just to let them know why we wouldn't be banking with them.
Barclays - submit business plan for a new venture with a request for borrowing one week in advance of meeting with manager. Three of us trek 10 miles in for the meeting...
Him - thanks for coming in
Me - what do you think of the plan?
Him - I'm sorry, I can't comment at the moment.
Me - pardon?
Him (passes blank 'Barclays Business Plan' document across desk) it needs to be on our form before we can consider it.
Me - your form is 4 pages, my plan is comprehensive, 15 pages and contains everything you've asked for and more.
Him - sorry, that's the way it is, if you'd like to fill it in and get back to me
Me - Goodbye...
As the opposite to this, I was chatting with a couple of US banks about opening a business account there.
When one was asked how long the process of actually opening the account took, they replied with "it can take quite a long time, sir". My heart sank but thought I best ask for clarification.
Imagine my surprise when he said "an hour. Although it can be done in 45 minutes if we really push it. But you will have your debit card AND be set up for online banking at that point. Would that work for you sir?"
When one was asked how long the process of actually opening the account took, they replied with "it can take quite a long time, sir". My heart sank but thought I best ask for clarification.
Imagine my surprise when he said "an hour. Although it can be done in 45 minutes if we really push it. But you will have your debit card AND be set up for online banking at that point. Would that work for you sir?"
Edited by The Moose on Friday 25th March 12:21
The Moose said:
As the opposite to this, I was chatting with a couple of US banks about opening a business account there.
When one was asked how long the process of actually opening the account took, they replied with "it can take quite a long time, sir". My heart sank but thought I best ask for clarification.
Imagine my surprise when he said "an hour. Although it can be done in 45 minutes if we really push it. But you will have your debit card AND be set up for online banking at that point. Would that work for you sir?"
If this was for a non US resident business, did they know?When one was asked how long the process of actually opening the account took, they replied with "it can take quite a long time, sir". My heart sank but thought I best ask for clarification.
Imagine my surprise when he said "an hour. Although it can be done in 45 minutes if we really push it. But you will have your debit card AND be set up for online banking at that point. Would that work for you sir?"
IME, opening business accounts in the US for non US resident businesses is a complete PITA.
sgrimshaw said:
If this was for a non US resident business, did they know?
IME, opening business accounts in the US for non US resident businesses is a complete PITA.
Our company has presence in the US and it's still a PITA to open a new account. That is despite having a registered LLC, physical office, US national directors & employees (also based in US) The problem, in our case, is that the head office is in the UK. IME, opening business accounts in the US for non US resident businesses is a complete PITA.
I think they're all much the same.
Lloyds have done away with business managers (in their original sense). We get allocated a team within a call center, usually have to que on the phone to no avail. They work Mon -Fri, 9-5, and in all honesty, don't seem to have a clue 90% of the time. Recently, I've been working with one of the guys about some substantial transactions amounting to 500K. I requested to see someone, was advised that it isn't possible within the next 2 weeks, but there was a call back service - I've had enough with them now. I had intended on moving to possibly HSBC or Natwest, but the more I read, the more I think they're all the same.
Lloyds have done away with business managers (in their original sense). We get allocated a team within a call center, usually have to que on the phone to no avail. They work Mon -Fri, 9-5, and in all honesty, don't seem to have a clue 90% of the time. Recently, I've been working with one of the guys about some substantial transactions amounting to 500K. I requested to see someone, was advised that it isn't possible within the next 2 weeks, but there was a call back service - I've had enough with them now. I had intended on moving to possibly HSBC or Natwest, but the more I read, the more I think they're all the same.
madmover said:
I think they're all much the same.
Lloyds have done away with business managers (in their original sense). We get allocated a team within a call center, usually have to que on the phone to no avail. They work Mon -Fri, 9-5, and in all honesty, don't seem to have a clue 90% of the time. Recently, I've been working with one of the guys about some substantial transactions amounting to 500K. I requested to see someone, was advised that it isn't possible within the next 2 weeks, but there was a call back service - I've had enough with them now. I had intended on moving to possibly HSBC or Natwest, but the more I read, the more I think they're all the same.
I wonder whether a private bank would be the solution.Lloyds have done away with business managers (in their original sense). We get allocated a team within a call center, usually have to que on the phone to no avail. They work Mon -Fri, 9-5, and in all honesty, don't seem to have a clue 90% of the time. Recently, I've been working with one of the guys about some substantial transactions amounting to 500K. I requested to see someone, was advised that it isn't possible within the next 2 weeks, but there was a call back service - I've had enough with them now. I had intended on moving to possibly HSBC or Natwest, but the more I read, the more I think they're all the same.
Simpo Two said:
Curious, because their subsidiary First Direct is all about telephones - which get answered quickly - and is generally very well liked.
Indeed, have banked with FD since just after they commenced operations. Brilliant service, better than any other bank I have had experience with.
te on the telephone, and I've heard their entire hold music collection about 8 times now.Gassing Station | Business | Top of Page | What's New | My Stuff