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  • FIRST POST
    • Ajp
    • By Ajp 8th Jan 16, 10:50 AM
    • 1Posts
    • 2Thanks
    Ajp
    hsbc 'Safeguard' letter
    • #1
    • 8th Jan 16, 10:50 AM
    hsbc 'Safeguard' letter 8th Jan 16 at 10:50 AM
    HI,
    I've just had a letter from my bank, HSBC, introducing 'Safeguard', which they say is a fraud protection measure. They request I 'update' and 'confirm' the details they hold on me. My objections are:
    1. Everything they know about me is up to date and I could simply tell them this.
    2. The questions they want to 'update' include lots of info they DONT currently have about me, such as the name of my employer and whether I'm a company director or not.
    They are demanding return of this form in 7 days. Has anyone else had a similar letter? I'm disinclined to tell them anything about me they don't need to know and I've had an account there for 25 years without them knowing any of this information.
Page 4
    • Sunaftercloud
    • By Sunaftercloud 9th Aug 17, 9:58 AM
    • 1 Posts
    • 0 Thanks
    Sunaftercloud
    Jumio
    Unfortunately, it's infuriating but eventually all the banks will be asking us for similar details so maybe moving bank accounts will only postpone the inevitable slide into them being able to demand this intrusive data from us. I used to work for HSBC and have also been asked to confirm my ID, despite having an account that goes back to the days of Midland.
    I've just moved to a new city and don't have access to a professional to certify my passport so I can post it so had to resort to the Jumio site that the bank points us to.
    On a practical note, the Jumio software used to upload and verify documentation doesn't work properly and all the helpline will do is to tell you to, "Just pop in to your local branch". If you have problems with Jumio hanging and saying it's, "Loading the flash" (!?) then I found that hitting the back browser button and going back a couple of screens and then forward again allowed it to work.
    Let's hope that Jumio can protect our data as it seems that almost any website's data can be hacked these days.
    I wonder how all the elderly account holders who will be confused and frightened by these letters will fare and how the bank will look after them.
    Well done HSBC, despite it doing little good in the long term, I will be closing my account and moving my funds elsewhere as soon as possibly can.
    • eskbanker
    • By eskbanker 10th Aug 17, 12:46 AM
    • 5,812 Posts
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    eskbanker
    I used to work for HSBC and have also been asked to confirm my ID, despite having an account that goes back to the days of Midland.
    Originally posted by Sunaftercloud
    That should probably be "been asked to confirm my ID, because of having an account that goes back to the days of Midland", i.e. more recently opened accounts are more likely to have been processed with a level of ID verification that wasn't envisaged decades ago....
    • DaveCarson
    • By DaveCarson 12th Aug 17, 4:40 PM
    • 5 Posts
    • 1 Thanks
    DaveCarson
    Just in case anyone is thinking that the 'withdrawal of banking services' is an empty threat let me assure you that it is not!

    I completed the questionnaire and HSBC even contacted me by phone to clarify some of the values I submitted. Now they claim that I have not provided them with the appropriate information and have notified me that they are closing my account in 60 days! The letter also states that '[HSBC] will not be revisiting this decision'.

    My accountant informs me that I am not alone and that her colleagues have had a number of clients contact them about the same situation.
    • robal_k
    • By robal_k 19th Aug 17, 2:02 PM
    • 2 Posts
    • 0 Thanks
    robal_k
    I too have received a letter from HSBC saying: "We are sorry to advise you that we will no longer be able to provide you with banking services"... and "... we will not be revisiting this decision."

    When I've heard about the whole "Safeguard" thing weeks ago, I was slightly annoyed, but started filling the online form.
    As I went though form I could not believe how Kafkaesque it got. I stopped and decided to ignore the whole thing and wait.

    What is disturbing, it the level of emotional terrorism about the issue.
    The whole three A4 pages of the letter do not state WHY they're closing my accounts !
    The only thing it says is "decision ... was taken after careful and thorough review of your Business Banking accounts"

    Their arrogance is beyond measure. I trusted them with my money, and paid them £5.50 per month for years, only to be treated like this.

    I'm moving my Business and Personal accounts elsewhere. No question about that.
    The only problem is, are other banks doing the same (Safeguard) nonsense too ?
    • jonesMUFCforever
    • By jonesMUFCforever 19th Aug 17, 5:27 PM
    • 24,189 Posts
    • 11,465 Thanks
    jonesMUFCforever
    I too have received a letter from HSBC saying: "We are sorry to advise you that we will no longer be able to provide you with banking services"... and "... we will not be revisiting this decision."

    When I've heard about the whole "Safeguard" thing weeks ago, I was slightly annoyed, but started filling the online form.
    As I went though form I could not believe how Kafkaesque it got. I stopped and decided to ignore the whole thing and wait.

    What is disturbing, it the level of emotional terrorism about the issue.
    The whole three A4 pages of the letter do not state WHY they're closing my accounts !
    The only thing it says is "decision ... was taken after careful and thorough review of your Business Banking accounts"

    Their arrogance is beyond measure. I trusted them with my money, and paid them £5.50 per month for years, only to be treated like this.

    I'm moving my Business and Personal accounts elsewhere. No question about that.
    The only problem is, are other banks doing the same (Safeguard) nonsense too ?
    Originally posted by robal_k
    All banks will be doing their own version of this - why would HSBC be doing it in isolation?
    It is a decision taken by the governments of the EU and USA.
    What goes around - comes around
    give lots and you will always receive lots
    • bigadaj
    • By bigadaj 19th Aug 17, 8:38 PM
    • 10,708 Posts
    • 7,000 Thanks
    bigadaj
    All banks will be doing their own version of this - why would HSBC be doing it in isolation?
    It is a decision taken by the governments of the EU and USA.
    Originally posted by jonesMUFCforever
    Because they got caught out not checking properly when dealing with an alleged Mexican drug cartel?
    • jonesMUFCforever
    • By jonesMUFCforever 19th Aug 17, 10:00 PM
    • 24,189 Posts
    • 11,465 Thanks
    jonesMUFCforever
    Because they got caught out not checking properly when dealing with an alleged Mexican drug cartel?
    Originally posted by bigadaj
    No - Google FACTA for one piece of legislation.
    What goes around - comes around
    give lots and you will always receive lots
    • bigadaj
    • By bigadaj 20th Aug 17, 9:40 AM
    • 10,708 Posts
    • 7,000 Thanks
    bigadaj
    No - Google FACTA for one piece of legislation.
    Originally posted by jonesMUFCforever
    Yes, fatca (sic) is a general point, mine was specific.
    • nuun1967
    • By nuun1967 6th Sep 17, 9:46 PM
    • 1 Posts
    • 0 Thanks
    nuun1967
    Fed up with HSBC now
    Returned my security questionnaire following a letter stating they would be restricting my account withdrawal allowance if I did not reply within 14 days.
    Got a phone call in the middle of a busy store saying I had failed to complete the 'necessary' sections.
    I had 'failed' to tell them the name of my workplace and its address.
    I told them that this was intentional as it was NOTHING to do with HSBC or my security.
    What the HELL has this got to do with THEM???
    My wages goes into my bank account! Can they not see where I work from that?!
    HSBC this is INTRUSION and I'm off somewhere else now thanks.
    • meer53
    • By meer53 6th Sep 17, 10:39 PM
    • 8,946 Posts
    • 12,982 Thanks
    meer53
    Returned my security questionnaire following a letter stating they would be restricting my account withdrawal allowance if I did not reply within 14 days.
    Got a phone call in the middle of a busy store saying I had failed to complete the 'necessary' sections.
    I had 'failed' to tell them the name of my workplace and its address.
    I told them that this was intentional as it was NOTHING to do with HSBC or my security.
    What the HELL has this got to do with THEM???
    My wages goes into my bank account! Can they not see where I work from that?!
    HSBC this is INTRUSION and I'm off somewhere else now thanks.
    Originally posted by nuun1967
    Don't expect them to worry, you'll be asked all of the same questions at most other banks anyway. Why don't you want to tell them ?
    • DCFC79
    • By DCFC79 6th Sep 17, 10:53 PM
    • 30,290 Posts
    • 19,160 Thanks
    DCFC79
    Don't expect them to worry, you'll be asked all of the same questions at most other banks anyway. Why don't you want to tell them ?
    Originally posted by meer53
    Why not let the poor guy/lady find that out for themselves and get a shock when due to being stubborn the bank account gets restricted.

    Would love to be able to hear the conversation that went on.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • meer53
    • By meer53 7th Sep 17, 3:15 PM
    • 8,946 Posts
    • 12,982 Thanks
    meer53
    Why not let the poor guy/lady find that out for themselves and get a shock when due to being stubborn the bank account gets restricted.

    Would love to be able to hear the conversation that went on.
    Originally posted by DCFC79
    Lol ! And how DARE HSBC call the OP when they were in a "busy store" ? It always makes me laugh when i call someone and they say it's not convenient to talk. If you're too busy to talk, why answer the phone ?
    • eskbanker
    • By eskbanker 7th Sep 17, 5:41 PM
    • 5,812 Posts
    • 5,701 Thanks
    eskbanker
    It always makes me laugh when i call someone and they say it's not convenient to talk. If you're too busy to talk, why answer the phone ?
    Originally posted by meer53
    Can't speak for others but if I'm really uninterruptibly busy (in meetings, etc) then I won't answer but if I'm in a less formal conversation or somewhere public/noisy (for example) I'll often answer just to let the caller know that I'll be free in x hours/minutes and/or that I'll call them back, which seems a reasonable and courteous approach to me and not one that I've ever considered might cause any amusement!
    • nicklear
    • By nicklear 7th Sep 17, 8:19 PM
    • 2 Posts
    • 0 Thanks
    nicklear
    Thank you to those who have clarified why this is happening - I'm really glad I found this thread. It's useful to know that some accounts are getting closed.

    As an expat it's been pretty stressful dealing with this, not that I mind giving the info, but twice I couriered the forms to my branch as requested and twice they just sent me another form with no acknowledgment. Finally it was resolved and then I get another slightly different form. To be fair they have twice paid me £50 after my complaints, but it's been stressful as I've felt like they've got me listed as suspicious. Reading this thread has helped me get some perspective.
    • bigadaj
    • By bigadaj 8th Sep 17, 5:44 AM
    • 10,708 Posts
    • 7,000 Thanks
    bigadaj
    Thank you to those who have clarified why this is happening - I'm really glad I found this thread. It's useful to know that some accounts are getting closed.

    As an expat it's been pretty stressful dealing with this, not that I mind giving the info, but twice I couriered the forms to my branch as requested and twice they just sent me another form with no acknowledgment. Finally it was resolved and then I get another slightly different form. To be fair they have twice paid me £50 after my complaints, but it's been stressful as I've felt like they've got me listed as suspicious. Reading this thread has helped me get some perspective.
    Originally posted by nicklear
    As an expat then you are relatively suspicious compared to many customers, just a fact of your situation.

    HSBC are also a very officious and not very well organised institution, when you add the us fines for poor account management on top then they've take a more robust approach to customers than many other uk financial institutions.
    • Byebyehsbc
    • By Byebyehsbc 16th Sep 17, 1:24 PM
    • 1 Posts
    • 1 Thanks
    Byebyehsbc
    I find HSBC's latest behaviour deplorable. Their actions may be initiated by the FCA but their attitude is entirely down to them. How dare they demand information like this from people ("clients") such as myself who have held blameless accounts with them for over 40 years? How dare they imply that if I don't agree to their ultimate that certain privileges may be withdrawn? They have no privileges. The money they hold is mine, not theirs. We haven't had this from the other bank we use.

    Goodbye HSBC
    • tenchy
    • By tenchy 16th Sep 17, 7:10 PM
    • 148 Posts
    • 27 Thanks
    tenchy
    I find HSBC's latest behaviour deplorable. Their actions may be initiated by the FCA but their attitude is entirely down to them. How dare they demand information like this from people ("clients") such as myself who have held blameless accounts with them for over 40 years? How dare they imply that if I don't agree to their ultimate that certain privileges may be withdrawn? They have no privileges. The money they hold is mine, not theirs. We haven't had this from the other bank we use.

    Goodbye HSBC
    Originally posted by Byebyehsbc

    This is the right approach. Reading about what 's going on with HSBC they are getting way above their station, and to imply you are privileged to be able to bank with them takes the biscuit. The more people vote with their feet the better. They may eventually get the message.
    • meer53
    • By meer53 16th Sep 17, 10:33 PM
    • 8,946 Posts
    • 12,982 Thanks
    meer53
    I find HSBC's latest behaviour deplorable. Their actions may be initiated by the FCA but their attitude is entirely down to them. How dare they demand information like this from people ("clients") such as myself who have held blameless accounts with them for over 40 years? How dare they imply that if I don't agree to their ultimate that certain privileges may be withdrawn? They have no privileges. The money they hold is mine, not theirs. We haven't had this from the other bank we use.

    Goodbye HSBC
    Originally posted by Byebyehsbc
    I think you'll find that they hold all the cards. They're running a business, they call the shots, you either comply or leave. Tough if you don't have another account, but if you disagree with their requests they won't worry if you leave them. They've been fined a huge amount of money for not keeping their books in order, they're not likely to allow it to happen again. I think your reaction is a bit OTT though.
    • tenchy
    • By tenchy 16th Sep 17, 10:53 PM
    • 148 Posts
    • 27 Thanks
    tenchy
    I think you'll find that they hold all the cards. They're running a business, they call the shots, you either comply or leave. Tough if you don't have another account, but if you disagree with their requests they won't worry if you leave them. They've been fined a huge amount of money for not keeping their books in order, they're not likely to allow it to happen again. I think your reaction is a bit OTT though.
    Originally posted by meer53

    On the contrary, the customers hold all the cards. Without customers the retail banking arm of HSBC would cease to exist. The customers call the shots. If HSBC starts f... them about (as they are doing) they'll leave if they've any sense. "They won't worry if you leave them". You're right, unfortunately. It's a sign of a business that got out of hand and too big for its boots.
    • bigadaj
    • By bigadaj 17th Sep 17, 7:59 AM
    • 10,708 Posts
    • 7,000 Thanks
    bigadaj
    On the contrary, the customers hold all the cards. Without customers the retail banking arm of HSBC would cease to exist. The customers call the shots. If HSBC starts f... them about (as they are doing) they'll leave if they've any sense. "They won't worry if you leave them". You're right, unfortunately. It's a sign of a business that got out of hand and too big for its boots.
    Originally posted by tenchy
    They won't lose all the customers though, and it depends which leave as to whether they will suffer financially.

    I've got current accounts with around ten financial institutions as well as numerous products elsewhere. Like many in these boards I'm a night mare as a customer because I don't actually make them any money, so would be better gone. I'm not someone who'll buy an expensive loan, mortgage, won't take insurances or packaged bank accounts, won't pay interest in credit card balances, won't use their expensive investments services etc etc

    I'm happy enough to play the game as it stands, if one or more of the providers doesn't want me, or indeed makes their offering less attractive then I accept that and move on.

    Large companies are very poor at managing their returns often, in my case I'm a low risk but I'm not earning them anything.

    Similarly we have three supermarkets within a mile or two, which we go to tends to be based on which has sent out the best voucher deals and offers on a weekly basis.

    Brand loyalty is, or certainly should be, dead, and it was never really justified.

    Look at the offerings available, choose the best for your personal circumstances, and if a business doesn't want to transact with you then just use the next one along, there's certainly no shortage of banking brands available in the uk.
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