Thursday, January 27

Warning: HSBC customers should triple check payments when transferring cash after some almost sent £1,000s by mistake


Previously users entered the amount in pence but now they need to use a decimal point to enter the value in pounds AND pence. As one customer highlighted on Twitter (see below), if you’d entered that you wanted to transfer ‘3456’ then this would have been processed as’£34.56′ under the old system. But under the new set-up this will be processed as’£3,456′ as you now need to enter a decimal point between pounds and pence.

HSBC confirmed to MoneySavingExpert.com that it has this month rolled out an update to its UK online and mobile banking applications in Android and iOS, which has included updating its payment format to “bring it line with most other industry providers”. The bank adds that “thousands” took part in user testing the changes before they were rolled and that “no adverse impact was identified”.

But many HSBC customers say they weren’t warned in advance of the shake-up and some add that they’ve almost transferred thousands of pounds in error. The same tweeter who highlighted the change says he mistakenly requested to transfer’£17,016′ instead of’£170.16′ but given he didn’t have this sum in his account the transfer was “thankfully” declined.

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‘I nearly transferred £17,016 instead of £170.16’

Below is a selection of some of the tweets we’ve seen on the issue, although HSBC says it has not seen an increase in incorrect payments being made.





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