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HSBC Current Acccount - Credits and Standing Orders..


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Hi folks.


I've tried ringing HSBC but no-one there would give me a straight answer on a question I have.


I have a managed loan with HSBC. I also have a HSBC current account. Each month, I transfer the required sum of money from my normal day to day account with Smile to my HSBC current account, and HSBC then take the loan payment from the HSBC current account.


Silly process, but HSBC wont allow me to change the Standing Order to come directly out my day to day account, not sure why but that's another topic on its own..


Last month I credited my account at 7am with £67.31 which is the monthly loan amount. My statement shows the credit hitting the account on 30 Sept 2010. On the same day, the standing order leaves the account, the account balance is back to zero.


01 October 2010, they do a full reversal, and credit my HSBC current account with half the loan payment amount, and my Managed Loan is paid half with a note "50% missed payment" or words to that effect.


Yesterday, I just happened to log on to find my current account is now -£25, as "pre notified fees" had been deducted (I'd not been made aware of this at all this month)


So, what is HSBC's policy on credits and debits on the same day? I assumed as long as the money was in the account by the close of business on the same day then surely they cant say the funds were not available? It seems crazy.


I paid £25 into my HSBC account to cover the charges taken yesterday, and I've put two months worth of loan money in the HSBC account to cover any future problems.


Can HSBC do this? I can understand if I was a day late with getting the money into the account, but it was literally in the account at 7am on the 30th of September, so the funds were available before the branches even opened!


I know its "only" £25, but I don't have a lot of money to play with and just want to get this loan repaid, seems they take every opportunity to make life difficult!


Any input appreciated, I need to ring them again today as I'm fuming about it.


Sorry for the long post - hope it makes sense.



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Hiya Shaun and welcome to the HSBC forum :)


I think the bank have got their knickers in a twist again lol... if the money was in your account they should not have reversed the payment and I have no idea why the reversed half of the payment because thats just stupid.


I would write a letter to customer complaints explaining the situation and asking for an explanation or the return of the charges.



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(As described above) It sounds like "Creative Accounting" to me lol



This is the reason they dont like payments from another account, they cant just add charges willy nilly to mess up your smile account can they!!!!!


Just to P them off set up a standing order from smile to the managed loan (1 day before its due) and stop paying in to the current account and see what they do with that :madgrin:


EDIT - knowing HSBC it will be in the managed loan contract that payment must come from a HSBC account although such a term could be seen as unfair.

Edited by rdm2006

HTH (Hope This Helps) RDM2006





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Thanks folks


I've got in touch and "the matter has been referred to the relevant department"


They reckon 4-5 working days to respond.


I'll let you know the outcome.


I cant cancel the standing order from my HSBC account, so even if I was to pay the loan direct via standing order from my smile account, they would still debit the HSBC current account, which would inevitably end up with more charges.


Would make my life easier to have it coming direct from the Smile account, but the bank isnt out to make anything easy for me it seems :roll:

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