Shocking letter from HSBC

formulaonefan

epsilondraconis wrote: »

You state that when you win you will be changing bank accounts anyway and not use the HSBC account. As you have decided that you are going to change banks anyway, you may as well save yourself a lot of hassle and just make the move now, before you have problems with direct debits etc.

The reason I want to win and keep the bank account is because I dont want it to affect my credit rating. Some are saying it won't affect credit rating. I really don't know whether it will affect or not. I have build up my credit over the years giving so much attention to everything.

epsilondraconis wrote: »

I too would be very angry if I was treated the way you have been - especially when there appears to be little reasoning for their decision. However, sometimes these things just happen, perhaps they shouldn't, but they do. Clearly you won't be using HSBC's services again and so maybe its just best to move on. Don't forget, you can get £100 or so from some banks if you switch current accounts.

Shock first and then anger. I want to move on but without affecting everything that I have worked so hard for. I want this to work with HSBC and get this sorted. I'm willing to be open and tell them everything they need to know so they can review it again and fix it. I already have Lloyds and Barclays account. I may use one of them or open A&L account.

epsilondraconis wrote: »

Hope it all works out for you.

Thanks. I hope too.

skyrider007

I personally do not think HSBC's decision will negatively affect your credit rating. The most they can do is put a "settled" marker on your file, no?

Good luck

formulaonefan

skyrider007 wrote: »

I personally do not think HSBC's decision with negatively affect your credit rating. The most they can do is put a "settled" marker on your file, no?

Good luck

Thanks. I'm going to see them in few hours time. Hopefully I will get to explain them the full story and see what happens. I hope it doesn't affect my credit rating. But nobody knows.

Oblivion

formulaonefan wrote: »

Thanks. I'm going to see them in few hours time. Hopefully I will get to explain them the full story and see what happens. I hope it doesn't affect my credit rating. But nobody knows.

I will be interested to hear how you get on. As long-term customer of HSBC who has mostly received excellent service, I was very surprised by your story of their cavalier attitude in severing connections with you. I hope you get to speak to a caring person who can get to the bottom of this for you.

Dave.

System

Good Luck

I would suggest you just move on.
HSBC are hardly the best account provider out there.
As others have said, it will just have have settled on your credit file & be the same as if you closed it yourself.

JohalaReewi

formulaonefan wrote: »

Thanks. I'm going to see them in few hours time. Hopefully I will get to explain them the full story and see what happens. I hope it doesn't affect my credit rating. But nobody knows.

Several posters have said it won't affect your credit rating because all HSBC are doing is closing your account. This will just end up with an 'account closed' on your credit history.

At the end of the day, HSBC don't have to give anyone a bank account and provided they give notice as per the T&Cs (which they have), they can close any account they feel like for no reason at all. Just like the man in the street doesn't have to bank with HSBC, and can close a bank account at anytime without any reason whatsoever.

As epsilondraconis says, there are cashback offers for opening new accounts elsewhere. Take up one of those and say goodbye to HSBC.

formulaonefan

I went to HSBC bank and spoke with a customer service advisor. Explained him my situation and he rang the account review team to find out why was my account closed. Before he spoke with them, I told him everything he needs to know. Like expected it is not because I was overdrawn before or I'm not profitable to them. Its because of my recent account activity and transactions. (Looks like banks don't like if there are lots of account activity. i.e. Moving money around from savings account to your current account and then to another savings account and then partial amount back into your current account and partial cash withdrawals). I did a cash withdrawl because I needed to send money abroad as HSBC exchange rates were rubbish and I didn't know the high street exchange service company I used did accept debit card.

The customer service advisor doesn't have any power, now what I have to do is write to HSBC Account Review team (HSBC Security & Fraud Risk Europe) and prove them what each transaction is for and how I got it and where it went etc. I intend to send photo copies of everything I have and everything I can.

So here is something I learned. If you are moving money around from saving to current account and then to another savings account and then back to current account and then some cash withdrawl and some amount to wife's a/c all within short-period of time then banks may think you are into something very dodgy eventhough they were for good reason.

The amount of money being moved around is not even big. Its small money. Very strange.

formulaonefan

My next plan of action is to write to HSBC account review team and write a complain letter as well. I will give it a week and then switch accounts to one of those who give £100 accounts for moving accounts. I don't think HSBC will re-consider because they all are working like machines and doesn't seem to be applying any logic in this. I hope with the evidence and proof I provide they will think hard about this and reconsider but I doubt it. What is annoying is...you build your bank account for years and it disappear all of a sudden and now have to build up all over again.

briona

I'm really surprised by this!

I've been doing exactly the same thing (moving large-ish sums of money between accounts) but, as of yet, HSBC apparently have had no problems with this. I quit my permanent job at the end of June to go freelance (so haven't even had a set monthly salary being paid in) and while waiting for my freelance earnings to be paid, I've been moving money from one savings account into my current account, and anything I haven't spent has gone back out to a second savings account. So I think there MUST be more to your story...

To be honest though if, after 6+ years of banking with them, HSBC sent me a similar letter I wouldn't waste time arguing with them – I'd clear my money out and never look back! There are far better accounts out there – I've just stuck with HSBC because at the moment, it's convenient.

ldn-100

Thanks for letting us know what happened. I think the banks have a near-impossible task to correctly identify fraud/money laundering and it is made worse by their inability to have a dialogue with their customers about their suspicions. They most likely follow-up a minority of accounts just to make it look like they are doing something and you got unlucky. You definitely have no reason to take it personally and, as long as you are easily able to find similar products elsewhere, will be no worse off.