Banks

[Steve]

I have banked with HSBC for the last 3 years, and never regretted it. They spelled my name right, and gave me a switch maestro card and a credit card, which is all I wanted from Nationwide, but they cocked up bad so I told them to stick it.

Now I have heard from a competitor bank, A&L, that HSBC dont contribute to my credit score. It seems that they should be doing this, but when a company does a credit check on me, HSBC will not show up, and never shows up on anyone's credit checks! I wonder if this could work to my advantage - if i go overdrawn and max out the CC I didn't even know holding and maintaining a current account in credit would contribute to your credit score. Anyone else with HSBC heard about this?

Now I'm considering changing my current account to A&L - I have online savings and a loan with them, and their premier accounts look rather tempting. But can I be bothered? I have about 3 Direct debits. Anyone had any good or bad experiences with either bank?

 

[JohnD]

I have banked with HSBC for the last 3 years, and never regretted it.

I have been marrried to the same woman for for the last 3 years, and never regretted it. Should I get a divorce and marry someone I don't know?

 

[keyplayer]

If you default on a financial arrangement with HSBC, then they will contribute to your "credit score" in no time at all. And as an Alliance and Leicester shareholder, I advise you to stay put. They are incompetent in many ways, which I can't be bothered to list here.

 

[Steve]

I have banked with HSBC for the last 3 years, and never regretted it.

I have been marrried to the same woman for for the last 3 years, and never regretted it. Should I get a divorce and marry someone I don't know?

Thanks for the advice keyplayer, but we all have bad experiences, dont we? I could say Nationwide are incompetent because they spelt my name wrong on my chequebook and cards, but i'm sure there are plenty of people who are happy customers with them.

I asked them for a new card and chequebook with the right name (the bloke looked at me like i was talking gibberish). The card never materialised, and the cheque book arrived, with the incorrect name on it again.

And I asked for a debit card of some variety, and they wanted me to fill in a credit check form and earn more than so much a month (which I wasn't at the time), so i told 'em to shove it.

 

[keyplayer]

It's nothing to do with bad personal experience. A+L's long term performance is very poor compared to other financial sector investments I have. The only reason I hold on to my shares is that they are a prime takeover target - 2008 looks likely, which, when it happens will hopefully pay a handsome dividend.

 

[JohnD]

Could be worse

http://www.moneyextra.com/stocks/LS...ears&mavg_period=&image_size=&time=1158084027

http://www.moneyextra.com/stocks/LS...ears&mavg_period=&image_size=&time=1158084180

http://www.moneyextra.com/stocks/LS...ears&mavg_period=&image_size=&time=1158084296

 

[keyplayer]

Not sure what those graphs represent John D - not share price ?

 

[JohnD]

Share prices rebased, to show % growth over 10 years.

A&L compared to RBoS, HBoS and HSBC

This one is A&L over 10 years, share price in pence
http://www.moneyextra.com/stocks/LS...ears&mavg_period=&image_size=&time=1158085120

and this one is A&L, % growth, compared to FTSE-100
http://www.moneyextra.com/stocks/LS...ears&mavg_period=&image_size=&time=1158085207

You could have done a lot worse
http://www.moneyextra.com/stocks/LS...ears&mavg_period=&image_size=&time=1158085348

 

[keyplayer]

Yes, they've had a good year, I hadn't looked for a while! I would have been very pleased to sell at 1277.00. Must pay more attention!

 

[hermes]

. Anyone had any good or bad experiences with either bank?

Yes, I have had bad experiences with both banks, but unbelievably bad with HSBC, which would make getting the wrong name on a checkbook seem like a luxury!