Can HSBC Close my account?

Lith

Hi there,

after reading many threads and been a visitor here for a LONG time i finally signed up!

Right well to get to the point i need this question answered

___________________________________________



OK anyway, i recently opened a HSBC current account just a normal account with HSBC Debit card no monthly fee, and they told me you HAVE TO pay in £500 a month? but when i read the welcome pack (booklet) it says if your under 24 this doesn't apply to you? Im now 23 so Im just curious where do i stand? i also recently got 'laid off' from a job I've been in for 5 yrs... they know i don't work as well so what do they expect me to do? put in £500 a month and think happy thoughts? Im really lost here, i have all the correct documents and my new sort code and account number i do plan to put money in this account now and then like £150 or £200 here and there. so i ask will they CLOSE this current account if i DON'T pay in 500 a month i opened a week ago?

(keep in mind i don't work and they know that)

The info im talking about is this 'TAKEN FROM THE HSBC SITE'

Account eligibility
If you can pay £500 or more into your HSBC bank account each month, you're entitled to apply for Bank Account.
If you do not pay £500 or more into your account each month, we will contact you to discuss your needs. Your account may be transfered to our Current Account service or we may give you notice that we will close your account.

Cheers

richard9991

Lith wrote: »

Hi there,

after reading many threads and been a visitor here for a LONG time i finally signed up!

Right well to get to the point i need this question answered

___________________________________________



OK anyway, i recently opened a HSBC current account just a normal account with HSBC Debit card no monthly fee, and they told me you HAVE TO pay in £500 a month? but when i read the welcome pack (booklet) it says if your under 24 this doesn't apply to you? Im now 23 so Im just curious where do i stand? i also recently got 'laid off' from a job I've been in for 5 yrs... they know i don't work as well so what do they expect me to do? put in £500 a month and think happy thoughts? Im really lost here, i have all the correct documents and my new sort code and account number i do plan to put money in this account now and then like £150 or £200 here and there. so i ask will they CLOSE this current account if i DON'T pay in 500 a month i opened a week ago?

(keep in mind i don't work and they know that)

The info im talking about is this 'TAKEN FROM THE HSBC SITE'



Cheers

HSBC like any other bank are a buisness and dont have to give anyone an account so yes they can close your account and dont haveto give a reason However the only way to find out for sure is to ring them or go in branch ans ask.

Lith

so what happens if i have like £200 or £300 in there?

Are they still gonna close it and keep the money for them selfs? if thats the case i think that is disgusting THEY KNOW I DON'T WORK, so why give me an account ? (but as i said money will go into the account way more then £500 eventually but not every month.

just seems un-professional to be honest.

whitewing

Not being funny, but why does it matter?

They can run accounts with debit cards for lower monthly payments (eg my son who is a teenager has one and he gets approx £60 a month into his). They say they will give you notice if they close it.

Lith

whitewing wrote: »

Not being funny, but why does it matter?

They can run accounts with debit cards for lower monthly payments (eg my son who is a teenager has one and he gets approx £60 a month into his). They say they will give you notice if they close it.

it matters because,

i plan to keep some money in there but i wont be paying in £500 a month straight away...


but will have 150 or 200 even 300 in it,

and i plan to use this card for paypal and online shopping etc

so your son has a 'CURRENT ACCOUNT'? and just pays 60 in it? hmm i guess im worrying over nothing? :eek:

antrobus

Can HSBC Close my account?

Yes.

Will HSBC Close my account?

Don't know.

They say - If you do not pay £500 or more into your account each month, we will contact you to discuss your needs. Your account may be transfered to our Current Account service or we may give you notice that we will close your account.

Which presumably means that when you don't pay in £500 a month they will contact you and ask you why. At which point you tell them it's because you're unemployed, but that you fully intend to do so when you've found a job. Or whatever. At which point they will make a decision. Or (as suggested) you can contact them in advance and they make a decision.

But even if they do decide to close the account, they will not keep the money for themselves. Banks aren't allowed to be that blatant in stealing someone's money.

Lith

antrobus wrote: »

Can HSBC Close my account?

Yes.

Will HSBC Close my account?

Don't know.

They say - If you do not pay £500 or more into your account each month, we will contact you to discuss your needs. Your account may be transfered to our Current Account service or we may give you notice that we will close your account.

Which presumably means that when you don't pay in £500 a month they will contact you and ask you why. At which point you tell them it's because you're unemployed, but that you fully intend to do so when you've found a job. Or whatever. At which point they will make a decision. Or (as suggested) you can contact them in advance and they make a decision.

But even if they do decide to close the account, they will not keep the money for themselves. Banks aren't allowed to be that blatant in stealing someone's money.

I, see thank's man,


well i do plan to pay in £500 when im back into work i also have savings of over £2000 in TSB so i'll just put some of that in the HSBC one,

and yea there gonna contact me i can feel it lol..

Loanranger

They won't keep your money for themselves, they would transfer it to a new account if they decided the account was not suitable for your circumstances.
I'm puzzled why you opened an account where you had to pay in 500 pm when you knew you couldn't comply.
There's an info page on the main MSE website about savings accounts. Sounds to me that's perhaps what you need.

Loanranger

Here's the link to the info on savings accounts:
http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

Lith

Loanranger wrote: »

I'm puzzled why you opened an account where you had to pay in 500 pm when you knew you couldn't comply

Not True,

Because i clearly told them i don't work and they said well when your back into work you can pay in £500 i said yea thats ok. (which is true)


Also on the welcome pack, it says if your under 24 this £500 RULE doesn't apply to you?

and im 23.. so..? :think:

Loanranger wrote: »

Here's the link to the info on savings accounts:

I have a savings account with HSBC but i also plan to use the card in shops/online/paypal/ebay and so on, thats why i wanted the current account. (hence the debit visa card)

whitewing

So the rule won't apply until you're 24. If they know you ae out of work and still opened the account then they aren't likely to close it so soon - they would have just not opened it surely.