HSBC Stole my money

siggy1802

Hi I have a number of Bank accounts with HSBC which I run for various purposes and find it more convenient to keep them all separate.

One of these account which I use for paying off a personal loan and a few other credit agreements recently fell into an unauthorised overdraft (not going to moan on about the bank charges).

The reason for becoming overdrawn was caused by the bank holiday as all of the direct debits were due to go out on the 2nd day of each month and I have standing orders in place to put funds into this account on the 1st to cover these.

Unfortunately most of my direct debits went out early to compensate for the bank holiday which caused the account to go overdrawn and the standing order was delayed due to the same reason.

On Tuesday 6th April I received a phone call from the bank informing me that my account was overdrawn and the remaining direct debit my HSBC personal Loan was due out and as the standing order had not cleared this payment was about to be returned.

I negotiated over the phone with the bank that I would make a credit card payment as it was the only card in my possession at the time of the call direct into the personal loan account to cover this months payment therefore avoiding any more bank charges which the advisor agreed to and processed my card details verbally informing me that this was to make this months loan payment.

I then agreed that I would attend the bank within 48 hours to clear the overdraft and any incurred fees.

The next day just as I was on my way to the bank with cash in my pocket to clear the overdraft i received a call from the personal loans department informing me that my payment had not been made for the months and that the advisor had used my credit card to clear the overdraft which I had not authorised and that I was now being charged for a returned direct debit and a late payment on the loan.

When I spoke to the banks customer services they informed me that as one of my accounts was in overdraft they could take any funds that I received into any other account to clear the overdraft even though the card payment I made was specifically for the loan payment which is an account not linked in any way to the overdrawn account.

At the same time my other HSBC account was in credit by £1600 so if HSBC's previous statement is correct they could have cleared the overdraft automatically with these funds.

In my opinion HSBC have stolen money from my credit card and committed an act of fraud by taking a payment verbally over the phone informing me it was for one purpose which I had authorised and used the funds for another purpose which I had not authorised.

Any thoughts on this and any possible action I could take against HSBC?

usedandabused

HSBC are con artists and theives, they funked me around, they are theiving scum imho

glider3560

usedandabused wrote: »

HSBC are con artists and theives, they funked me around, they are theiving scum imho

In one of your other posts, you put

how anyone can thank your rudeness is beyond me, it is people like you that ruin this site when you post rude comments which are not constructive!

Surely this post that you've just made in not very constructive and doesn't help the OP.

Banks have the right to offset, which allows them to take money from one account you hold with them to pay for another. It is your responsibility to ensure that the correct funds are in the account for any payments to be made.

usedandabused

glider3560 wrote: »

In one of your other posts, you putSurely this post that you've just made in not very constructive and doesn't help the OP.

Banks have the right to offset, which allows them to take money from one account you hold with them to pay for another. It is your responsibility to ensure that the correct funds are in the account for any payments to be made.

er nice try at your manipulation but i wasn't going around attacking posters, my feelings for HSBC are well documented, like the OP i have suffered at their hands, i was venting, and i feel for the OP, because HSBC are thieves imho.

also the fact they deceived the OP into paying off the OD and not the loan is pathetic

onlypaddy

one and the same maybe?

dnftt

Redman30

usedandabused wrote: »

HSBC are con artists and theives, they funked me around, they are theiving scum imho

I've never had an issue with them, but then again I manage my money & understand the rules.

usedandabused

Redman30 wrote: »

I've never had an issue with them, but then again I manage my money & understand the rules.

ha understand the rules

and are you implying other people have problems managing their money when quite clearly the OP's trouble were due to bank holiday and not his own mis-management and the fact that the customer advisor assured OP payment was made for the loan (not the OD).

seems like HSBC don't even know their rules:rotfl::rotfl::rotfl:

siggy1802

Banks have the right to offset, which allows them to take money from one account you hold with them to pay for another. It is your responsibility to ensure that the correct funds are in the account for any payments to be made.

[/QUOTE]

I'm not disputing this fact hence the reason I have not started ranting and raving about bank charges and so on.

The point I am questioning here is the point of Law.
The personal Loan is a separate area of business arranged completely separate from the current account. The credit Card is with a completely separate Financial Institution and as such the only person able to authorise funds from this account to be dispersed is myself or the credit card company. As such I can dictate what these funds are to be used for.

A separate agreement had already been reached regarding paying the overdraft and associated fees and I am not disputing the overdraft fees.

The point I have tried to put across here is that as the Customer Services Operative Informed me that the payment was going to be processed and made towards the months loan repayment. He was legally obliged to do just that. By diverting the funds to another account I believe he has committed an offence of Fraud by False Representation contrary to Section 2 of the Fraud Act 2006 by directly informing me that this payment was going to go straight into the personal loan account.

Lokolo

usedandabused wrote: »

ha understand the rules

and are you implying other people have problems managing their money when quite clearly the OP's trouble were due to bank holiday and not his own mis-management and the fact that the customer advisor assured OP payment was made for the loan (not the OD).

seems like HSBC don't even know their rules:rotfl::rotfl::rotfl:

Bank holidays are forseeable and so anything that may incur changes could have been avoided.

I have been a customer of HSBC for 10 years now and couldn't rate them or their services more highly.

pelirocco

The other point of view is if you go overdrawn you are stealing the banks money?

Lokolo

I'm not disputing this fact hence the reason I have not started ranting and raving about bank charges and so on.

The point I am questioning here is the point of Law.
The personal Loan is a separate area of business arranged completely separate from the current account. The credit Card is with a completely separate Financial Institution and as such the only person able to authorise funds from this account to be dispersed is myself or the credit card company. As such I can dictate what these funds are to be used for.

A separate agreement had already been reached regarding paying the overdraft and associated fees and I am not disputing the overdraft fees.

The point I have tried to put across here is that as the Customer Services Operative Informed me that the payment was going to be processed and made towards the months loan repayment. He was legally obliged to do just that. By diverting the funds to another account I believe he has committed an offence of Fraud by False Representation contrary to Section 2 of the Fraud Act 2006 by directly informing me that this payment was going to go straight into the personal loan account.

If this is the case then write a written complaint to them.