HSBC closed my account?

Extant

new2civvystreet wrote: »

Don't look at my account then. I've just had my pension lump sum payout put into my current account by my ex-employer (and I'm about 40 years short of 65). I'm waiting for a phone call to either tell me it looks dodgy and my account is being frozen, or someone ringing up trying to persuade me to invest it somewhere.

Then again, it'll only get spotted when someone actually deals with my account because I've rang up telephone banking/gone into branch right?

Nope. Depending on the amount, it'll have been picked up and scrutinized somewhere, but probably only by checkpoint software or similar.

AML is 10k for personal customers, so somebody/something somewhere will have looked at it.

ShelfStacker_3

new2civvystreet wrote: »

Don't look at my account then. I've just had my pension lump sum payout put into my current account by my ex-employer (and I'm about 40 years short of 65). I'm waiting for a phone call to either tell me it looks dodgy and my account is being frozen, or someone ringing up trying to persuade me to invest it somewhere.

Dunno which bank you're with, but they wouldn't freeze your account (because the payment probably has your ex-employer's name on it, and they'd know about them employing you probably) and HSBC at least wouldn't try and get you to invest your money somewhere.

Really, most people are very, very unlikely to arouse suspicions of money laundering. Really.

YorkshireBoy

I_Used_To_Lurk wrote: »

What does AML mean?

Anti Money Laundering

ro888

So? Does it mean all those international students will get scrutinized for money laundering? I guess most of them paying more than 10K for just the fees.

ShelfStacker_3

So long as the 10k isn't immediately going out to other people in its entirety, probably not. If it's going on school fees, then it'd be obvious where it's going and whathaveyou. Straight back out to another person, in full? Suspicious.

Basically, it's not black and white, there's many shades of grey. If what you're doing couldn't be construed as trying to conceal where your money is going to or coming from, as 99.9999% of all transactions couldn't, it shouldn't be flagged up. What the OP was doing probably could be construed as such.

BigSpender2_2

They did the same to me, really cheesed me off. I went in the other day to get MY money (ok only £7.90 but it's mine). The cashier said there is no balance on the account, I suggested otherwise, to which she replied ITS ONLY £7.90.

The fact is that is my money not theirs, Royal Bank of Scot are fab

ro888

I_Used_To_Lurk wrote: »

Tuition fees for undergrad are that high now?

For international students, that can be as high as 16000 pounds.

dougz_2

ShelfStacker wrote: »

If it's just you moving your savings around, in and out of accounts in your own name electronically, that's what you're supposed to do, and the banks probably wouldn't care. I certainly wouldn't consider that cause for suspicion... it's if it comes in en masse and leaves quickly to other peoples' accounts, especially abroad, after not resting very long, and the behavior looks different to what the customer usually does, that would be flagged up. You moving a few grand out of your savings every so often wouldn't really be a cause for concern.

Well it is more than a few k, which is unusual for a typical month, and I don't let it linger either. At least its not abroad though. But how would my bank know it is destined to my own savings account? It usually does not go to an individual account in my name, I have to send it it to a common account number for everyones new deposits in the name of the new institution. I then have to include a manually typed reference line which contains my savings number on it, a number which is presumably only known by that new institution as actually mine? Similar goes for the withdrawals from my closed savings accounts, they don't seem to have my name attached, at least not on my bank statement.

Anyway, regarding the OP, I fail to see the point of closing an account for that reason. Surely if someone is suspected as being up to no good it would be better to arrest them or put under surveillance, because closing their account would just tip them off?

ro888

Finally, I got an answer from the HSBC central department.

1. The date showing on the letter was wrong. My account was not closed yet. (They made a mistake)

2. The reason why they sent me a letter is because my account got too much money paying in. They think I am money laundering.

The lady on the line said, "Where is your money coming from? It is a lot"
I said, "Yes, it is a lot. It is from my parents"
She said, "But it's cash"
I said, "Yes, it's cash. Their employers prefer to pay them cash"
She said, "What is the money for?"
I said, "For tuition fees, bills, living expenses"
She said, "10k for tuition fees? It's too much"
I said, "I know it's too much. But it's true for international students (Blame the uni, not me, lol)"

ro888

I know I am fishy. However, the bank nowadays is borrowing to those ppl they think that are able to pay back but it isn't in reality. And kicking customer who is fishy but doesn't owe them any money. It's somehow getting themselves into trouble.