As a fresher in 2003, the choice of banks fighting for my custom was slightly overwhelming. So being naive and slightly materialistic, i went for the bright lights of HSBC, with their free railcard and "free" overdraft facility. I neglected to look at the actual, what i would have then termed "banky" details.
Firstly, although it may seem trivial as long as you get what you want at the end of the day, customer service is vital, and is something HSBC lacks. This opinion is based on various branches and their phone system, which takes you through to a callcentre somewhere in India. Now initially, this is no problem. But in my final year of studying at my first university, i rang up the bank to discuss
my overdraft. The people in the callcentre were unable to understand anything i was telling them. I had to spell my name and postcode, this is no exaggeration , well over ten times. And i don't have a strong accent. They then told me that it is impossible for my postcode to exist because it only had two digits in total. I explained that many postcodes only have two digits, they then proceeded to block me out of my own account for "security reasons" and i had to take two forms of ID into the "local" branch. The whole time i remained polite to them and they were quite the opposite to me. I do not have a problem with callcentrres in other countries per se, but i do have a problem with people who work in "customer service" being unable to understand the language of the customers they aim to serve.
This was not to be an isolated incident. Once i rang up merely to check my balance and was informed my security code was wrong, because the man at the other end of the line had typed it in wrong! Another trip to the bank to prove my identity ensued...
Being students, customers of the student account will at some point experience money issues, and this may mean going over the agreed overdraft limit. I have been charged for this once despite putting the money back in on the next day, yet some people i know have not. I think it's the luck of the draw...HSBC don't seem to be lenient with their demographic.
With all the security questions at this bank, it makes sense that the customer feels their account is safe. There have been numerous reports in the newspapers over the last year detailing fraud within the company, as well as customer service representatives in callcentres selling customer details to third parties. I have never heard this about any other bank. Moreso, as the worlds richest bank, they have more control over the economy than is safe, yet there is not enough legislation to prevent this and therefore leaves customers at the mercy of hidden charges and changes to smallprint. As a customer of HSBC, you will receive more than one booklet a year explaining changes in the smallprint, which you are unable to do anything about unless you change banks.
This is something new students often do not consider. The brilliant overdraft facility at HSBC which will let you have upto (i think) £1500 without charges, is very very difficult to pay back unless you are working a lot or have a lump sum of cash at your disposal. Therefore changing banks for many, is not an option. It's a honeytrap. You may get free CDs or a free railcard, but you'll end up paying for it with extras by the time you've graduated.
As a sidenote, to advertise itself as "The World Bank" is a tall order, and one that is not in the strictest sense, adhered to. On a holiday to Holland i found that my card was useless and the Dutch had never heard of HSBC- if it wasn't for a good backup option, i may well have found myself penniless in another country. Applying for the account itself is a doddle, which is ideal for people snowed under by numerous application letters and forms to fill in. I have since changed banks and feel much better for it. Judging from my own experiences and from talking to friends, HSBC is a temporary bank- one applies for the student account, perhaps goes on to apply for the graduate account, and then looks elsewhere for a better deal.
It is vital if you are tied down to a bank account for 3 or 4 years that you pick the right one for you, therefore it makes sense to shop around and consider banks other than the two or three main ones that compete for your business.
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I love the title, very clever! Have some arguements though...the overdraft with students gives you a little more each year as expenses go up and with the graduate account it goes down £500 each year as you move on, I fail to see how that is not affordable. Paying of £500 over a year on 0% interest?! Are you mad?! For the overseas thing, its not their fault - they cant make foreign shops accept any card - in S America you cant use any card that may be associated with the USA for political reasons, its not the banks faults. I do agree that soem of the staff dont have a clue about the english langue, some are fine but others drive you mental! I quite like HSBC, well, in comparison to HBOS!! Good review x
se1_oliver 22.09.2006 14:05
Good review. I also had a student account with HSBC, then a graduate account. Although the rates are no good they have let me keep my overdraft at over a grand for some six years now, although recently they've started charging me losts of interest on it so I guess I'll have to pay it back soon. I agree - get a HSBC account when you are a student for the railcard and overdraft, but move on as soon as you have to pay the thing back. Nationwide has some really good current accounts...
Essexgirl2006 22.09.2006 10:49
Very informative. Bansk seem to rely on befuddling their customers to get more money out of them.
Advantages: Telebanking arm is better, good at pulling customers. Disadvantages: Poor customer service, tendancy to close branches, new branches will be all machines nio people
medman 27.07.2007 (27.07.2007)
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Review of HSBC Student
Advantages: Good rewards for banking with them,lots of HSBC cashpoints to be found. Good overdraft facility Disadvantages: Some banks,such as Lloyds charge you for making a transaction from their cashpoints
GERI 23.12.2000 ·
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Review of HSBC Accounts
Sep 21st, 2006
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