Shocking letter from HSBC

Milarky

formulaonefan wrote: »

Here is the full letter
I write further to your recent letter dated .... Having now had the opportunity to consider the points raised, I would like to thank you for your comments.

Yep! Got that phrase...Mine starts:

I write further to your letter dated ... which was in response to the letter the bank sent you dated .... from the Account Review Team, having now had the opportunity to consider the points raised. Thank you for your comments.

In this letter I will outline the facts of the situtation, the Bank's understanding of your enquiry and summarise the Bank's position as regards the operation of your accounts.

Ditto:

In this letter I will outline the facts of the situation, the Bank's understanding of your enquiry and summarise the Bank's position as regards the operation of your account(s).

The bank retains the right of review accounts at all times The Account review team examined your account and the decision was made to close your accounts giving you 30 days notice. You were advised of this decision by letter.

I have now reviewed the action taken and the points raised in your letter and I am pleased to advice you that the decision to close your account has been reversed.

Your account has now been returned to the status it held prior to commencement of this process.

I hope that this decision meets with your approval and that you will continue to enjoy banking with HSBC in the future.

Yours Sincerely
Account Review Team.

While mine continued:

The Bank was, and remains, unhappy with the recent operation of your accounts. This operation includes the transactions passing through these accounts.

As a result a decision was made to terminate our relationship with you as your bank and invoke immediate closure contained within the terms and conditions of the account opening process. You have been given notification in writing and your accounts are to close ultimately in accordance with this notice In conclusion, I can find no reason to contradict this process and the decision to close your accounts remains.

Arrangements have been made for any credit balance that remained within the accounts upon closure to be returned to you .

"I hope that this decision meets with your approval" - Yes it does, thank you!

I'm glad about this and I can carry on with my life without worrying about why? what? how? what did I do? etc.

Thanks to all for your comments. If you are going to do lots of transactions (i.e. moving funds between accounts and withdrawing huge amount of cash) in your current account please make sure HSBC is aware of it. I could happen to you! So please be aware.

You notice that there is no attempt in either instance to go into details (e.g how they take the decision in the first place, how each case is closely examined on its circumstances - just a bland statement for CYA proposes)

formulaonefan

witches_cauldron wrote: »

Wow! OP- what sort of amounts were you withdrawing and transfering? Are we talking four-figure sums, five-figure? Six-figure?

Its a four figure sums. Its not even big amount. It is low end of four figure to mid four figure sums. I think they were primarily concerned about where did the cash withdrawals go? So I provided evidence (i.e. cash deposit receipts, pay slips for where the money came from, savings a/c statements and savings account tax advice slips to prove money came from savings account etc).

The problem was: within a month i moved money from savings to current to new savings to current to wife account (partial) and partial cash withdrawals. Next time I will plan things better and try to do everything with minimum transactions...i.e. send the money from savings a/c to new savings a/c direct etc. Dont do cash withdrawals and do online instant transfer or cheque payments.

One thing is for sure...banks watch all our money transactions at random using basic computer calculations. If they feel some extra funds change hands a month...then they investigate. Have two bank accounts so you won't feel shock like I felt. Even though I have two other bank accounts I still felt shock because I always thought with HSBC the relationship was very good and I could turn up to them if I need a loan, mortgage or anything. I was proved wrong. Nothing is certain. I think we should plan for the worse...and from now on I will do just that.

formulaonefan

Milarky wrote: »

You notice that there is no attempt in either instance to go into details (e.g how they take the decision in the first place, how each case is closely examined on its circumstances - just a bland statement for CYA proposes)

Milarky, Sorry to hear that mate. Did you provide breakdown of your transactions and documents as evidence? I explained my reasons and gave a table of all incoming and outgoing transactions which they might have felt something is wrong. Also provided photocopies of my pay slips, expenses advice slip, savings account statements, savings a/c tax advice slip, cash deposits slips which i used for investment etc. I provided as much as info as possible to clear their doubts.

formulaonefan

One thing is for sure: We are at the mercy of the banks. They will do what they want to do if they are not happy with something. I think we got to be more careful with our transactions. I know I will after this experience.

Oblivion

It is worrying that a large bank like HSBC can just cut you off at a whim.

I am also with HSBC and it is my only main bank. At times I have made a large number of sizeable transfers within a few days between savings accounts held with other institutions in the pursuit of better interest rates, all via my HSBC current account. So far (touch wood), HSBC has not commented on this, but then it should be obvious for them to see where the funds came from and where they are going.

The cynic in me makes me wonder if the fact that I also have substantial savings deposited with HSBC has me flagged up as a 'good guy' on their system. :rolleyes:

Dave.

formulaonefan

Oblivion wrote: »

It is worrying that a large bank like HSBC can just cut you off at a whim.

I am also with HSBC and it is my only main bank. At times I have made a large number of sizeable transfers within a few days between savings accounts held with other institutions in the pursuit of better interest rates, all via my HSBC current account. So far (touch wood), HSBC has not commented on this, but then it should be obvious for them to see where the funds came from and where they are going.

The cynic in me makes me wonder if the fact that I also have substantial savings deposited with HSBC has me flagged up as a 'good guy' on their system. :rolleyes:

Dave.

Yes it is worrying but I don't think yours is similar to mine because I had many transactions within few days space which raised their doubts and mine included cash withdrawals. But either way it is something I learned and have to be careful next time.

onlyjustme

I suppose what we have to remember here is that all banks have an obligation to ensure that money laundering regulations and fraud prevention rules are followed. Its the law! Like with anything, you have done the right thing and explained why the transactions have happened and now you have the 'right' result.

Its just a shame that the minority of people that commit offenses can affect the inocent ones in a big way, but is that life!?

Glad to hear that this is now all sorted for you.

JimmyTheWig

Milarky wrote: »

You notice that there is no attempt in either instance to go into details (e.g how they take the decision in the first place, how each case is closely examined on its circumstances - just a bland statement for CYA proposes)

If the details of how they take these decissions were public knowledge then it would be much easier for real criminals to take advantage and work around them. E.g. if it was known that payments under £1000 were ignored, people with something to hide could make transfers of £999.

Doesn't really help anyone honest who has been caught up in it all, but I don't think publishing the rules would be the answer.