Personal Finance

HSBC promo (upto $600 for new clients, requires mimimum $5,000 balance, direct deposit, credit card application/rewards)

  • Last Updated:
  • Jan 21st, 2019 4:24 pm
Member
User avatar
Jul 25, 2018
233 posts
77 upvotes
Winnipeg, MB
SammyDavis wrote:
Dec 13th, 2018 7:03 pm
So, how long do you have to keep automatic deposits going into this account?
As far as I know there aren't any publicly available T&C for the payroll deposit bonus. So I don't think they can claw it back. I'd say keep your pay there until you receive the bonus. Maybe leave it there for a pay or two after, and then cancel? Or call a branch rep and ask.
Member
Aug 14, 2012
212 posts
132 upvotes
North Vancouver
projector wrote:
Dec 13th, 2018 8:58 pm
No clue what that even means. But I talked to a branch rep and it sounds like the system checks for the word pay in the deposit info. Don't know if that helps you or not.
Could be that or it could be validating the transaction code. There's a reference code entered on outgoing payments within Canada.

At RBC there is a code specifically for payroll deposits, two examples:

"200 - Payroll Deposit"
"460 - Accounts Payable"

That tells the incoming bank what to code it as. If I make a payment to someone with code 460 it'll show on the recipient bank as ACCOUNTS PAYABLE, but if I did it code 200 it would show PAYROLL.
Member
Aug 14, 2012
212 posts
132 upvotes
North Vancouver
RigorMortis wrote:
Dec 6th, 2018 7:45 pm
So anyone stop their direct deposit after getting the $100 payroll bonus, care to report back if the $100 was clawed back etc?
SammyDavis wrote:
Dec 13th, 2018 7:14 pm
I just read the terms. Nowhere does it state that the deposits have to continue for the duration of the account. I’m ending mine soon.
I received payroll bonus on Nov 2 so I switched my payroll to BMO for the BMO account bonus. So last Deposit Oct. 31, no claw back.
Member
Apr 13, 2017
296 posts
54 upvotes
Both spouse and I opened accounts in Nov. It's been a month - still no bonus yet ( referral / payroll / sign up).

Also, does anyone know if EI qualify as payroll deposit? Spouse is on mat leave.
Member
Nov 9, 2017
261 posts
12 upvotes
headleygrange wrote:
Dec 16th, 2018 10:40 pm
Both spouse and I opened accounts in Nov. It's been a month - still no bonus yet ( referral / payroll / sign up).

Also, does anyone know if EI qualify as payroll deposit? Spouse is on mat leave.
How do banks know what is payroll or not? Do deposits come with a specific marking for bill payment vs payroll vs another type of deposit?
I would like to know what technically makes something a bill payment because our company can pay me like that which is owned by me to qualify for this condition.
Member
User avatar
Jul 25, 2018
233 posts
77 upvotes
Winnipeg, MB
snowhite445 wrote:
Dec 17th, 2018 11:51 am
How do banks know what is payroll or not? Do deposits come with a specific marking for bill payment vs payroll vs another type of deposit?
I would like to know what technically makes something a bill payment because our company can pay me like that which is owned by me to qualify for this condition.
It's my understanding that HSBC has a system in place to search deposits for some sort of indicator that refers to it as "Pay". Whether that is literally the word "Pay" being in the deposit information, I am not quite sure. They are also looking for "Recurring" and seem to indicate that you have to wait the 90 days and have multiple deposits (to prove recurring). Now it is my understanding that after that 90 days and recurring, if you haven't received your bonus, you can contact your branch to look into it, and they can request an override on their end. That's the situation I'm in right now. I spoke with a branch rep last week and she told me she could see the recurring pay but if the system doesn't trigger, she put an override exception request in. But they are backlogged and it's gonna take time. Hope this helps.
Member
Aug 14, 2012
212 posts
132 upvotes
North Vancouver
snowhite445 wrote:
Dec 17th, 2018 11:51 am
How do banks know what is payroll or not? Do deposits come with a specific marking for bill payment vs payroll vs another type of deposit?
I would like to know what technically makes something a bill payment because our company can pay me like that which is owned by me to qualify for this condition.
Seriously? Scroll up 3 posts...
Member
Nov 9, 2017
261 posts
12 upvotes
604reefer wrote:
Dec 17th, 2018 1:39 pm
Seriously? Scroll up 3 posts...
:) Good find.

Can these codes be asked of a teller to add when making a deposit? I wonder if these are programmed hard coded or reps can make changes...for example you want to do an account to account direct bank transfer to your employees bank account...
Member
User avatar
Jul 25, 2018
233 posts
77 upvotes
Winnipeg, MB
Payroll Bonus has arrived! Finally the saga comes to a close :)
Member
Apr 13, 2017
296 posts
54 upvotes
Hi Guys - I see most of you got the referral within a month. My spouse and I have not got it yet, even after 1 month. In fact, we have not got any bonus yet.

Anyone waiting for all 3 bonus after 3 months ?
Newbie
Jan 29, 2013
43 posts
7 upvotes
Kiraly wrote:
Dec 21st, 2018 12:08 pm
Anyone else having to solve Recaptchas now when logging in? So annoying.
Super annoying, especially since this seems to have broken Mint compatibility with HSBC Bank Canada.
Deal Addict
Sep 3, 2005
1138 posts
50 upvotes
Toronto
got the referral bonus today, but still haven't got the $300 sign up bonus though.
Member
Apr 13, 2017
296 posts
54 upvotes
Me too got referral today.

A friend referred my spouse. Spouse referred me.

We both got 100 each so far. Not sure if my spouse got the bonus for referring me or opening her account through referral?
Deal Addict
Jan 21, 2014
3506 posts
1398 upvotes
headleygrange wrote:
Dec 22nd, 2018 8:00 am
Me too got referral today.

A friend referred my spouse. Spouse referred me.

We both got 100 each so far. Not sure if my spouse got the bonus for referring me or opening her account through referral?
Don't talk to your spouse ;)? RFD can't answer that question

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