HSBC Closing my accounts. Looking for new bank.

Archi_Bald

GingerBob wrote: »

Banks really are the lowest of the low - maybe even lower than insurance companies now.


If there's no indication of criminality the banks should be forced to tell you why they're closing the account. Again, a total lack of regulation here.

Banks are commercial outfits and don't have to tell you why they don't want your business any longer, just like you don't have to tell them why you are closing your accounts with them. It's all in the T&Cs you agree to, so nothing "low".

Most of the few people affected will have a fairly good idea, or even know precisely, why a bank would close their accounts.

grumbler

Archi_Bald wrote: »

...Most of the few people affected will have a fairly good idea, or even know precisely, why a bank would close their accounts.

What's the point in keeping this secret (from people) then if it's that obvious?

boo_star

grumbler wrote: »

What's the point in keeping this secret (from people) then if it's that obvious?

It isn't kept secret, personal and business is fairly obvious.

grumbler

boo_star wrote: »

It isn't kept secret,

It is:

jcgilbert wrote: »

... decided to completely close all my accounts with absolutely no explanation as to why (they wont give me one, trust me I've tried).

boo_star wrote: »

personal and business is fairly obvious.

What is obvious?

MDMD

I'm not accusing the OP of this but under the Money Laundering Regulations it is not allowed to 'tip off' anyone that's been suspected of ML. Therefore most, if not all, banks will have a blanket policy to not tell the customer that, or indeed if, they are suspected of ML.

They usually just cite 'commercial decision' or something equally vague in all cases where an account is closed but it protects them from prosecution and potential imprisonment.

Herbalus

MDMD wrote: »

I'm not accusing the OP of this but under the Money Laundering Regulations it is not allowed to 'tip off' anyone that's been suspected of ML. Therefore most, if not all, banks will have a blanket policy to not tell the customer that, or indeed if, they are suspected of ML.

They usually just cite 'commercial decision' or something equally vague in all cases where an account is closed but it protects them from prosecution and potential imprisonment.

It's more serious than just a blanket policy. The rules on money laundering are very clear, and 'tipping off' (which includes telling anybody outside the bank e.g. solicitor, accountant) is a criminal offence for the employee. Anybody caught tipping off is not just in breach of policy, but could very well find themselves the subject of internal and external disciplinary/criminal proceedings.

grumbler

This policy makes sense (although very little) during the investigation.
After the investigation, if it really was ML, the case has to be dealt with by law enforcement agencies.
A typical result of most 'investigations' (including this case, when the account wasn't even frozen first) is a closed account without any other consequences. What is the 'secret' then that the 'employee' can be prosecuted for telling 'anybody'?!

jcgilbert

Hi Guys, Thanks for your replies!

I tried to use the multi-quote feature to separate my replies to you but can't seem to get it to work.

To start, MSE do indeed suggest the use of a personal account for business purposes. I would post a link but a as forum noob i'm not allowed.

I'm beginning to think HSBC suspect me of money laundering and have panicked and pulled the plug on me. This is the only reason I can think of that would explain their total adamancy on holding back information. I cannot comprehend why they might suspect this but I'm beyond caring now and I'm looking forward to leaving HSBC. They have informed me their decision will have no influence on my credit rating, thankfully.

Obviously I intend to switch before HSBC close my accounts.

I'm thinking of maybe Santander, Natwest or Nationwide. Anyone have experience with any of these three? Or a different bank suggestion altogether?

grumbler

From the above only Nationwide offer a switching bonus. One of my main personal accounts is with them and I don't have any complaints.

robatwork

jcgilbert wrote: »

I'm beginning to think HSBC suspect me of money laundering and have panicked and pulled the plug on me. This is the only reason I can think of that would explain their total adamancy on holding back information. I cannot comprehend why they might suspect this but I'm beyond caring now and I'm looking forward to leaving HSBC. They have informed me their decision will have no influence on my credit rating, thankfully.

What makes you think the money laundering thing? Have you made an unusual pattern of payments into one of your accounts of late?

A few newbies have popped up on this forum asking why their accounts have been unceremoniously closed and they never find out why. The thing is - only you have all the facts. Well more than us anyway. There may well be people from HSBC reading this but they won't comment other than in generalities as it could be a criminal offence to do so. So other posters have, when pushed, admitted to some > £10,000 transactions that weren't typical even if they were explicable. What activity on your account was out of the ordinary?