Hi everyone - life is a bit of a disaster area at the minute, so I'll pop in as much as I can, but I...
Hi everyone - life is a bit of a disaster area at the minute, so I'll pop in as much as I can, but I wont be around very much. Play nice, y'hear!
Member since:08.10.2002
Reviews:75
Members who trust:30
Hello everybody, I'm Auntie Nic, and this is my first foray into the world of financial ops, so I beg your indulgence.
When you reach eighteen and are just about to go to University, it's time to leave behind bank accounts opened for you as a kid, and get one where you don't need your mum's signature to get money out.
This was the situation I found myself in nearly ten years ago. Family advice differed somewhat. My maternal grandparents don't believe in banks, my parents banked with Natwest, and my paternal grandparents were split evenly between HSBC and Barclays.
Having done my own research, I found that HSBC (of course, back then it was Midland Bank) was the only bank offering cold hard cash to student account openers, like myself. This, I am ashamed to admit, was the deciding factor, and I sold my soul to the bank for £30.
Now, as a student, the relationship between us was decidedly rocky. For one thing, I thought a SWITCH card was a license to shop. And for another, my income in no way tallied with my outgoings - hence a huuuge student overdraft (although not as bad as the poor kids these days have to deal with!).
Since beginning work, we have reached a steady agreement. I have a huge fat overdraft, and they charge me nicely for the pleasure. I'm sure they have had their £30 back a hundred times over in various ways, but I don't mind.
Why don'
t I mind? Well, to be honest, at both the branches I use regularly (both in Luton) real humans are employed, who totally understand my needs. When I go in there, people fall over themselves to help me out. When I don't choose to go there, the internet and telephone facilities are easy and convenient to reach from my desk at work. Fantastic.
So, on to the minutae.
With a standard current account at HSBC, such as I have, you get the following:
Monthly statements showing totals in and out,as well as individual transactions.
A six monthly review, which is full of pretty graphs showing when you've spent and earnt your money. (I find these quite depressing, but that's just me, I'm afraid.)
HSBC Cheque book (I got a pen too)
Dual function SWITCH/ Cheque guarrantee card (Up to £100) - this card is great as it is a part of the MAESTRO and CIRRUS networks, so you can get your mitts on money virtually anywhere in the world. This one is subject to individual status, for obvious reasons. They did actually take mine away for a short time, as it was about to spontaneously combust!!
Some lucky gits also got a folder to keep theirt statements in. I didn't - guess it was lost in the post.
That's about it for the goodies. On to the services.
Security seems to be a high priority here. If you get a new card, you have to collect it from a branch - no chance for it to get misappropriated by a deviant postman or such like.
The telephone banking is excellent, allowing you to check your balance, pay bills and move money in the middle of the night. All you need for this is a security number, which must be between six and ten numbers long. If you ever forget this, it's quite a long call to sort it out, with lots of questions that only you and your mother know the answers to, which again is good for the security. When you call, you are asked to enter your account number and sort code on your telephone key pad. You are then asked to verify your identity with your date of birth and a couple of random numerals from your security number. You can then do your thing, whatever that may be.
If, on the other hand, you don't feel like talking to a cheery HSBC person, you can use the internet. To do this, you need to register and get an internt ID through the post, and set yourself up a security number as above. Once in, you can see everything up to the minute you entered the site. It also shows the last time you were there, so you can see if anyone's been nosing.
I'm not going to bang on about the internet too much, but essentailly, you can see all your HSBC accounts, including credit cards. You can pay bills, move money about and even apply for loans and credit cards, should the need arise. I would think this facility is brilliant if you don't want to talk to anyone because of communication difficulties such as deafness. My brother, who is deaf, certainly finds this to be the case.
So, the overdraft fees are fairly minimal IF YOU HAVE ARRANGED IT. If not, all banks will charge you like a wounded bull, to be quite frank. For unauthorised overdrafts HSBC will charge you 14.8% interest and £18+ for what they call an "Overdraft review fee" which is basically a fine for being naughty. However, HSBC do allow you to slip up to £50 into the red or up to your arranged overdraft limit without charging you owt but interest. The annual rate on an overdraft is 14.8%, so you may be better off doing your borrowing on a credit card, as there are some fantastic rates at the moment. If you arrange an overdraft of over £5000, this will cost you an arrangement fee of 1.25% of the limit, so on five grand that comes to £12.50.
If you are in credit, HSBC will pay you a measly 0.10% - which is pretty pathetic. However, the trend seems to be for current accounts to increase their rate to those with money, so maybe this will catch on. If you are regularly in credit though, I'd suggest looking at the Halifax or someone.
To open a current account, you need proof of your address (recent bill or bank statement) and proof of identity (passport, driving licence, etc). You must also be over eighteen, although there are other accounts for younger entreprenuers who might need facilities.
HSBC also make a whole bunch of promises, including that you will get your chequebook and card within five days of opening your account. You should receive your PIN within seven days, and they promise to set up all your standing orders properly. Like many banks, if this all gets screwed up, they offer you £10 as a balm to your injured soul.
On the other hand, every time you bounce a cheque, or use your card in an unauthorised (no money in the account, up to overdraft limit) heinous manner, you will be debited £25, faster than you can say "Shanghai!!!" . This comes straight out of your wages when they are paid in, as the bank sees your money first, so be a very wary bear. In fact, it is possible for them to hit you with a bounced cheque charge and an "Overdraft review fee" at the same time. They normally send you a couple of letters before they do this - I think it's a sort of "three strikes and you're out" sort of arrangement, if you know what I mean.
So, why am I still banking with these people?
Well, like I've said they are always so nice to me, ad even though I know I'd probably get a better rate and benefits elsewhere, I just feel comfortable.
Some of the problems I have had resolved have included waived overdraft fees (a cheque cleared a day early, honest) and money refunded following transactions with various dodgy internet traders and screwed up direct debits. My overdraft seems to be inflatable practically on request, and I am constantly being sent notifications that "pre approved loans" are available to me. I have also had some "goodwill" given me in the past for mistakes that have appeared on my statement - did you know that statisically, there is a mistake on every persons bank account at least once a year? Worth watching out for, I tell you!!!
As a recent development, I had a phone call recently from the bank, asking if I would like an individual review. I didn't, but was able to clear up several puzzlements in a very short time with the accomodating lady I was talking to.
To sum up, it suits me at the minute to stay were I am until I get off my lazy behind to move elsewhere. I am more than satisfied with the customer service, and while the credit interest isn't so hot, I'm hardly in credit (thanks to Boots Plc and other essential shopping outlets) so I really don't mind too much.
Big up to Sue McGee for her advice on how to write one of these ops.
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And a big thumbs up to you for doing such a great job on this one. Just two tiny things: typos! "... ouple of letters" should be "couple of letters" and "if you kow what I mean" should be "if you know what I mean". Fix those, darling, and you'll have a good chance at the big PF on this one to assist you in reducing that nasty overdraft! Good Luck!
magicloudz 18.12.2002 03:32
Good insightful view, besides, when you are borrowing it is difficult to move:) -Jon
jez_taylor 18.12.2002 01:35
Good Op - don't often hear good things said about a high street bank! I'm with Smile and their service is excellant - 3.25% on current a/c too. Jez.
Advantages: Good In-branch facilities, Lots of ways to bank, Lots of branches Disadvantages: Queues, Interest Rates don't stand out from other banks, high charges
Deru 24.04.2006 (24.04.2006)
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Ciao members have rated this review on average: very helpful
Review of HSBC
Dec 17th, 2002
(Dec 19th, 2002)
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