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Hargreaves Lansdown Active Savings Account Missing Money

Shenstone
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Hargreaves Lansdown Active Savings Account Missing Money

#322006

Postby Shenstone » June 27th, 2020, 11:25 am

Hi All,
Has anyone used the HL Active Savings Account and if so have you had any issues with it?
I withdrew £3000 this week from an account within the ASA and executed a transfer to my bank account.
Today only £2800 appeared in my bank account.
When I logged onto my HL ASA account the transaction said £2800 transferred, £200 in cash hub.
However £0 is showing in my cash hub so £200 has gone missing.

This is the second time I've tried to withdraw money and the second issue I've had.

Not a happy bunny.
Thanks
Shenstone.

scrumpyjack
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Re: Hargreaves Lansdown Active Savings Account Missing Money

#322014

Postby scrumpyjack » June 27th, 2020, 11:48 am

Yes I have used it for quite a long time. No problems at all.

I should ring them up. Their customer service is usually very good

Shenstone
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Re: Hargreaves Lansdown Active Savings Account Missing Money

#322022

Postby Shenstone » June 27th, 2020, 12:07 pm

Thanks scrumpyjack.
Had to send them a message as they don't work on Saturday but I'll be ringing them first thing Monday.
Must admit I have lost confidence in this Active Savings Account service.
Had a Stocks and Share ISA with them for years with no issues at all.

richlist
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Re: Hargreaves Lansdown Active Savings Account Missing Money

#322171

Postby richlist » June 27th, 2020, 9:18 pm

If it's their fault insist on compensation. Weekends are not for stressing over financial clock ups. What's a ruined weekend worth to you ?

Shenstone
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Re: Hargreaves Lansdown Active Savings Account Missing Money

#322173

Postby Shenstone » June 27th, 2020, 9:28 pm

richlist wrote:If it's their fault insist on compensation. Weekends are not for stressing over financial clock ups. What's a ruined weekend worth to you ?


That's a good point. If it had happened during the week I could have sorted it but Saturday morning and they're shut.
There is no reason why £200 should go missing apart from their cock-up.
Even the transaction history shows that they have done something wrong as it states £2800 transferred and £200 in the Cash hub.
£2800 was transferred but nothing is in the cash hub.
I have a financial software package and I reconcile everything and I know to the exact penny how much should be in the HL ASA and it's £200 short.

Gan020
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Re: Hargreaves Lansdown Active Savings Account Missing Money

#322211

Postby Gan020 » June 28th, 2020, 9:09 am

I have used it as a couple of months ago they were offering some promototional rates which were higher than you could get from the banks direct.

I found it very efficient, quick and easy to use.

None of my term deposits have yet come to completion so I can't comment on withdrawals.

One thing to watch is that you don't get interest from the day you apply but instead they bulk up the investments to all run from the same day so the interest rates look a little more attractive than they really are

Shenstone
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Re: Hargreaves Lansdown Active Savings Account Missing Money

#322253

Postby Shenstone » June 28th, 2020, 12:56 pm

So, I finally have an answer from HL and to their credit on a weekend.
The transaction history is very misleading and what they've done is a little convoluted IMO.

I guess it's probably somewhere in the small print but as I made a deposit from my debit card within the last 60 days of £200, they have transfered £2,800 to my bank account and credited £200 to my debit card.
However, this does not show up in the transaction history and it isn't yet in my bank account. Apparently it can take an extra 2 working days compared to the bank transfer.
Why they can't just do the £3000 transfer to my account is beyond me and they must get a few queries like this especially when the transfers take different lengths of time.

I shall wait to see if this appears in my account in the next two days but nothing is logged in my transaction history to say they have credited my debit card. :|

pochisoldi
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Re: Hargreaves Lansdown Active Savings Account Missing Money

#322293

Postby pochisoldi » June 28th, 2020, 2:15 pm

Shenstone wrote:So, I finally have an answer from HL and to their credit on a weekend.
The transaction history is very misleading and what they've done is a little convoluted IMO.

I guess it's probably somewhere in the small print but as I made a deposit from my debit card within the last 60 days of £200, they have transfered £2,800 to my bank account and credited £200 to my debit card.
However, this does not show up in the transaction history and it isn't yet in my bank account. Apparently it can take an extra 2 working days compared to the bank transfer.
Why they can't just do the £3000 transfer to my account is beyond me and they must get a few queries like this especially when the transfers take different lengths of time.

I shall wait to see if this appears in my account in the next two days but nothing is logged in my transaction history to say they have credited my debit card. :|


My money is on effectively preventing the issuer of the debit card from doing a charge back on the original transaction.
If a chargeback was attempted their response to the debit card issuer would be "You've already had £200 returned in respect of that transaction, now go away"

In any case, this is a headsup to Halifax and other debit card holders who are relying on HL to provide a method of reaching a minimum spend requirement, or to bag any "cash back on debit card transactions" deal.

yorkshirelad1
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Re: Hargreaves Lansdown Active Savings Account Missing Money

#322556

Postby yorkshirelad1 » June 29th, 2020, 2:45 pm

Shenstone wrote:Hi All,
Has anyone used the HL Active Savings Account and if so have you had any issues with it?
I withdrew £3000 this week from an account within the ASA and executed a transfer to my bank account.
Today only £2800 appeared in my bank account.
When I logged onto my HL ASA account the transaction said £2800 transferred, £200 in cash hub.
However £0 is showing in my cash hub so £200 has gone missing.

This is the second time I've tried to withdraw money and the second issue I've had.

Not a happy bunny.
Thanks
Shenstone.


I have an HL ASA, and a deposit with Paragon Bank through HL (and identical for my sister, which I adminster). There was a problem with the monthly interest in April 2020. The error happened on both ASAs for different amounts (so it wasn't just one account so was probably wider than just one client). Because I had two identical ASAs I was able to spot the difference more easily (compare & contrast), and be certain before contacting HL. I was waiting for the June interest payment to prove it beyond any doubt when HL e-mailed and advised of the error, and put it right. So errors do happen, but they put their hands up and fixed it. I couldn't say whether it was HL or Paragon bank becuase I have no direct connection with Paragon.

(Since interest is allocated daily, but only paid montly, and months are of different lengths, and interest paid on different first day of the months due to weekends and bank holidays etc, it can be tricky to check the precise figures, but I got enough details to be reasonably certain the figures were correct and the rectification was indeed correct)


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