If you’re a HSBC customer, beware! The banking giant has removed the automatic decimal point from its mobile app when transferring payments.
While it may seem like a small change, a number of HSBC customers have already expressed concerns that the change makes it easier to send the wrong amount of money. Here’s what you need to know.
One notable billionaire made 99% of his current wealth after his 50th birthday. And here at The Motley Fool, we believe it is NEVER too late to start trying to build your fortune in the stock market. Our expert Motley Fool analyst team have shortlisted 5 companies that they believe could be a great fit for investors aged 50+ trying to build long-term, diversified portfolios.
What change has HSBC made to its mobile banking app?
HSBC has recently updated its mobile banking app for Android and iOS. As part of this update, it has removed the automatic decimal point that was previously present when users pay or transfer money to others.
This means that if you were used to sending payments on the older version of its app, there’s a chance you could send the wrong amount of money following the update.
What are the concerns about the change?
A number of HSBC customers have expressed concerns about the change, with some having already experienced close calls. Here are some of the concerns shared over Twitter in the past week.
1. No warning given
One HSBC customerwent to Twitter to share their concerns. CatBob, says the change almost led to a £20 transfer costing £2,000.
CatBob tweets: “@HSBCapp, Why does the new app make you add in the decimal point when making transfers?? No warning that this previously automatic feature has changed!! I nearly paid £2,000 for a transaction that should have been £20!!! SO DANGEROUS!!”
2. Some could overpay ‘thousands of pounds’
Another Twitter user, chrishewitt2011, suggests the change will lead to some mistakenly sending thousands of pounds.
Chris tweets: “So, HSBC have changed their app. Unfortunately when making payments to payees you now have to put in a decimal point, rather than being added auto. How many will overpay by thousands of pounds before you change it back? Who in the meeting thought that was a good idea?”
3. Wrong amount transferred ‘several times’
Meanwhile, simonlane268, says he has already transferred the wrong amount ‘several times’ due to the change.
Simon tweeted: “@HSBC what have you done to your mobile app?? Need to add a decimal point into transfers and payments. Wrong amount trans several times. Disappointing.”
HSBC replied to Simon’s tweet by pointing him to the making payments guidance on the bank’s website.
What else have customers said?
Some HSBC customers have also expressed a general dislike towards the new HSBC mobile banking app.
One of these customers is Kristie_Allen, who tweeted: “New @HSBC_UK banking app is shocking!! Confusing to look at, can’t see at a glance my transactions, error with decimal point when transferring money. Bring back the old version please!”
What does HSBC say?
HSBC says that while changes to its mobile app have taken place, customers still have to review payment details before sending money. These checks include the name of the person money is being sent to as well as the amount sent.
It’s worth knowing that if you make a mistake when transferring money, the payment will only go through if there are sufficient funds in your account. This perhaps limits the chance of sending several thousand pounds in error!
What can you do if you make a mistake when transferring money?
If you ever make an error when transferring money, it’s important to contact your bank as soon as you can. That’s because your bank can then make efforts to prevent the receiver from spending the money. That said, if the receiver disputes your claim, then you may be in for a tough battle.
If you’re unhappy with your bank, remember that you have a right to escalate your claim to the Financial Ombudsman Service.
What can you do if you’re unhappy with your bank’s app?
If you aren’t happy with your bank’s mobile app, you may wish to switch accounts. For the lowdown on the best banking apps available, see our article about the best banking app for you.
For general information on how to change banks, see our article that explains how to switch bank accounts.