Our Performance
To demonstrate to business customers just how easy it is to switch banks with HSBC, shown below is our performance to date against the defined tasks associated with moving business accounts between banks agreed with the Office of Fair Trading (OFT).
We think that the figures below speak for themselves. In fact, in each of the key areas we've performed well above the 80% minimum success rate set by the OFT. Bottom line: we're committed to making moving accounts quicker and easier for you.
Next steps...
HSBC Switching Target Statistics
| Moving to HSBC | OFT target | HSBC achieved |
|---|---|---|
| Standing orders and Direct Debits We'll set up standing order mandates and advise Direct Debit originators of the customer's change of bank details in sufficient time to meet their agreed transfer date. |
80% | 99% |
| Transfer of funds We'll send the authority to transfer funds to the old bank in sufficient time to meet the customer's agreed transfer date. |
80% | 99% |
| Debit balances We'll transfer sufficient funds to the old bank within two working days of being advised of the amount required by the old bank. |
80% | 100% |
| Moving from HSBC | OFT target | HSBC achieved |
|---|---|---|
| Standing orders and Direct Debits* We'll send a list of standing orders and Direct Debits to the requesting bank within two working days, following receipt of an authorised request from the new bank or the customer. |
80% | 92% |
| Credit balances and nil balances* We'll transfer funds and close the account within four working days, following receipt of an authorised request from the new bank or the customer. |
80% | 93% |
| Debit balances We'll close the account within four working days, following receipt of sufficient cleared funds from either the new bank or the customer. |
80% | 94% |
| To continue to meet customer requirements when they are moving from HSBC, direct debits and standing orders are cancelled upon request or where no request has been received they are all cancelled at the time the account is closed. | ||
* These tasks may also be completed in sufficient time to meet the customer's agreed transfer date.
These figures are based on business customers who have formally asked us to transfer their account to or from HSBC Bank between January and June 2009.
We estimate that last year in the region of 120,000 businesses moved their accounts between banks. In practice, however, many still change accounts by opening a new one and then closing the old one, without telling either bank what they're doing. We think you could save time and avoid potential headaches by using our tried and tested procedures, designed to make the process as straightforward as possible. This means you can concentrate on what's really important – running your business.
