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Payday Problems for HSBC Customers

Thousands of people with HSBC accounts have not been paid ahead of the bank holiday weekend due to a technical glitch. Around 275,000 payments to HSBC business customers have been affected. The bank are still investigating, though it is thought that the issue is linked to the national Bacs system. This means that other banks may also be affected, though it looks at the moment to be limited to HSBC. Customers began to notice problems earlier this morning when payments failed to be made into their accounts. Numerous customers have reported struggling to get through to HSBC to ask for further advice, and many have been using social media to notify the bank of their difficulties. HSBC were originally not aware of the issue when customers began reporting problems at...

HSBC Job Cuts and Restructuring

HSBC announced recently that they will be cutting back even further, after their recent history of cutbacks, with 800 job cuts to be made, a restructuring of their branches, and also a rebranding exercise as well. Although this one sixth reduction of their UK workforce is concerning for many, for HSBC it is all just a part of their larger plan to refocus towards the east and China. The restructuring hasn’t just occurred here either, as Europe will likely see similar cutbacks. Their plan to move the main operations of their corporation to China is mainly due to the typically stagnant growth seen in Europe, which is its current base of operations. China has seen regular growth, and while it has fluctuated over recent years and failed to meet their...

Can Payday Loans be Used Responsibly?

Payday loans have a number of pitfalls and should be avoided at all costs by people who aren’t confident about being able to repay it as soon as possible. Payday loans are by necessity a short term loan agreement and paying it back as soon as possible is going to make it a reasonable option for somebody with a short term need for funds not fully covered by their credit card or overdraft. Failing to repay a payday loan quickly is when you really start getting hit by the enormous interest rates and begin to build up a mass of debt. These agreements are essentially predatory in nature, as one of the reasons why somebody is going to agree to such a loan is because of a reduction in cash-flow,...

Why Checks Take a Few Days to Pass

Waiting for checks to pass through to your account is tiresome for a lot of people, particularly when you’re still getting paid your monthly wage through them. Most people are unaware of the reason for this waiting period, and are frustrated by how, for instance, if the person being paid uses the same bank as the one paying gets the money a lot more quickly. There are two things which create this waiting period, with the first one being that they need to be manually processed. This process takes some time, and accounts for anywhere from 12-36 hours of the waiting period. The payer will notice that the funds leave their account after this, while the remaining time, which can stretch anywhere from 3-7days depending upon the who you bank...