HSBC - Safeguard update information

12346

Comments

  • After knowing what regulations they have, I still stand by and say they have no right to ask certain things :)

    And you can ask and still have an opinion....... not to be misconstrued as a fact, which I think you did.

    :A
  • joe134
    joe134 Posts: 3,336 Forumite
    rather a lot of fuss over nothing.
    If you don't want to answer Questions, move bank.
    I personally couldn't care what they do with my info.
    I've been with them over 50 years, and had no reason to leave.
    I've got that many A/cs, that all my relevant info has been divulged to nearly every bank, that I use, so, if you want the A/c, answer the Q's, or don't bother.
    Lifes too short, we are just a number anyway.
    EL'NINO':)
  • raineshoe
    raineshoe Posts: 101 Forumite
    An hour wasted with a woman who could barely speak English and didn't have a headset so kept having to put phone down to type. Surely HSBC can afford headsets for their callers.

    Anyway, loads of completely irrelevant questions like

    Where did I get the money to start my business?
    Who is my accountant?
    How long have I lived in my house?
    Who do I trade with abroad and what countries?
    Who are my top three customers?

    and so it went on.

    For a start off they should know who I trade with abroad they only have to look who I've paid from my bank account.

    Secondly they don't need to know my accountant? That has nothing to do with them.

    Thirdly my customers give me their details in confidence so nothing to do with them again.

    Although I don't like using it I did just keep quoting "data protection act" for a lot of it. Can't argue with that ha ha.

    So nothing further since.
    If you're not behind our soldiers.....please feel free to stand in front of them!
  • meer53
    meer53 Posts: 10,217 Forumite
    First Post First Anniversary Combo Breaker
    edited 1 May 2017 at 9:05AM
    raineshoe wrote: »
    An hour wasted with a woman who could barely speak English and didn't have a headset so kept having to put phone down to type. Surely HSBC can afford headsets for their callers.

    Anyway, loads of completely irrelevant questions like

    Where did I get the money to start my business?
    Who is my accountant?
    How long have I lived in my house?
    Who do I trade with abroad and what countries?
    Who are my top three customers?

    and so it went on.

    For a start off they should know who I trade with abroad they only have to look who I've paid from my bank account.

    Secondly they don't need to know my accountant? That has nothing to do with them.

    Thirdly my customers give me their details in confidence so nothing to do with them again.

    Although I don't like using it I did just keep quoting "data protection act" for a lot of it. Can't argue with that ha ha.

    So nothing further since.

    You've replied to a thread thats 12 months old. What are you wanting to say ? I think you'll find the questions are pretty relevant as far as HSBC are concerned. I hope you have another bank account ready. May be better to start a new thread.
  • Ballard
    Ballard Posts: 2,849 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    It's up to you whether you wish to provide the information asked just the same as it's up to the bank whether to offer you banking services.

    raineshoe wrote: »
    Anyway, loads of completely irrelevant questions like

    Where did I get the money to start my business? This is a valid question that banks are obliged by law to ask under AML legislation.
    How long have I lived in my house? This is a standard question and I see no reason not to answer it.
    Who do I trade with abroad and what countries? Another valid question. If you deal with the likes of Iran & Syria then the bank will need to know. They will have internal policies which may include not having any dealing with certain countries and will need to ensure that you're not trading with a company or individual who have sanctions in place.
    Who are my top three customers? From a lending point of view they will be interested to know whether you're trading with massive conglomerates or small businesses.
    I hate verisimilitude.
  • Chapuys
    Chapuys Posts: 156 Forumite
    First Anniversary Combo Breaker
    How long have I lived in my house? This is a standard question and I see no reason not to answer it.

    Isn't that to do with checking your not putting different address lengths on different applications or that you actually know when you started living at the address? Like another part of an ID check really.
    Anything I say in no way constitutes financial advice and anything you do is your own decision.
  • Ballard
    Ballard Posts: 2,849 Forumite
    First Anniversary Name Dropper Combo Breaker First Post
    Chapuys wrote: »
    Isn't that to do with checking your not putting different address lengths on different applications or that you actually know when you started living at the address? Like another part of an ID check really.

    I'm not sure of the reason, to be honest, but I don't have any problem whatsoever in answering it.
    I hate verisimilitude.
  • I received a letter saying HSBC can no longer provide banking service for my business. It turns out I had filed a letter asking for safeguarding details. One letter a month prior to this letter.. I told them they should have rang me or asked the branch to stop me next time I was in. NO, they said they sent two letters... Oh no, it was one, I file everything!
    After some research about the safeguarding procedure, I have discovered some problems and since the HSBC said they would not be revisiting their decision in the letter, past problems with head office procedures and closing branches. Despite their apology and asking me to fill in forms etc. I have now looked at other banks... A number of which have cheaper charges, and RBS had a bank manager rather than having to send me to a head office for a business manager... or deal with online or telephone banking, so goodbye HSBC hello RBS.
    The sad thing is the branch its self was good but they are closing due to customers not going in, and yet the banks don't allow the branch to provide a full service. Its a shame the staff at the HSBC branch suffer due the head office and the bank safeguarding system inept performance.
  • raineshoe wrote: »
    Who are my top three customers?

    This question (and lots of others) is completely outrageous.
    Maybe they should also ask "What's that secret formula for your top performing product ?"

    I got the letter about my accounts being closed.
    Bye bye. Don't let the door hit your arrogant a** HSBC.
    Saves me time making phone calls myself.
  • Ive had a terrible time with this. I can't believe HSBC would treat a customer who's account has never been in the red this way. They told me I had to do the interview and gave me a date. I sat by the phone fuming, waiting for the call and no one called me. Then a few weeks later, whilst abroad with my young family, HSBC then froze my account, all my direct debits to suppliers failed, my own salary was unpaid an we had no access to any money. I was totally stranded abroad and had to cover the return trip on credit cards. I had to wait a week after the freezing of my account to get an interview, during which time I was told computer says no, you can't access your account until you've done the interview. I now have a VAT return to complete but can't even print a statement. When I did the interview, which was simply bizarre "Do you intend to keep a large amount of money in your account ? " was one question. I also had to provide details of all my suppliers, my costs and outgoings - much more than HMRC have ever asked for. It took an hour and a half. When I asked how long before my account would re open so I could continue to run my business, I was told "There's no time frame, we'll write to you". I have to pay my mortgage next week but I haven't received my salary so will be unable to do so. Today I had reams of emails from paypal for business costs that have bounced back that Im having to cover on personal credit. This has been such a ham fisted !!!! up, I cannot begin to express how angry I am. I will be closing my account and anyone else who's had this experience, I urge you to post it on HSBC Facebook page.
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