HSBC Closing my accounts. Looking for new bank.

GingerBob_3

jcgilbert wrote: »

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?

Don't forget that HSBC is itself a criminal organisation involved in money laundering, but I doubt ML is the issue here. It's more like they've noticed some payments going into your personal account that they think should be going into your business account. So, taking no chances - if you're in a hole stop digging, and all that - they're getting rid of you and thousands of other customers where there's the slightest possibility of undeclared earnings.


Suggestion: have your business account with one bank and your personal account with another.

grumbler

robatwork wrote: »

What makes you think the money laundering thing?

The secrecy?

GingerBob wrote: »

...It's more like they've noticed some payments going into your personal account that they think should be going into your business account.

What's the point in making a secret from this reason?

My explanation is that they suspect something, can't prove anything and close the account just in case. Lack of proofs explains why they don't disclose the reason - they CBA to deal with a customer trying to prove them wrong.

jcgilbert

The only reason I have to think that HSBC suspect money laundering is info that I've gleaned from other people online who have been put in a similar situation.

My banking has always been consistent and I can't think of a single transaction that would make them suspect laundering but from their perspective it's easier to just close my account than risk keeping it open.

My thoughts are now with TSB as they offer 18 months free business banking if you switch to them.

Anyone here bank with TSB?

Thrugelmir

jcgilbert wrote: »

To start, MSE do indeed suggest the use of a personal account for business purposes.

Are you using the personal account for business activity?

jonesMUFCforever

jcgilbert wrote: »

The only reason I have to think that HSBC suspect money laundering is info that I've gleaned from other people online who have been put in a similar situation.

My banking has always been consistent and I can't think of a single transaction that would make them suspect laundering but from their perspective it's easier to just close my account than risk keeping it open.

My thoughts are now with TSB as they offer 18 months free business banking if you switch to them.

Anyone here bank with TSB?

If they have closed all of your accounts then I would apply pronto for any bank account - there might be a CIFAS marker winging its way to your credit files.

GingerBob_3

jonesMUFCforever wrote: »

If they have closed all of your accounts then I would apply pronto for any bank account - there might be a CIFAS marker winging its way to your credit files.

An example of a blacklist if ever there was one. Some snotty nosed adolescent working for HSBC thinks a customer has done a job for cash so assaults him with a CIFAS indicator. The customer is not told about this, he may not even know of the existence of CIFAS, but low and behold, his business is well and truly shafted.


When HSBC was shown to be a criminal organisation it's a pity all its customers didn't up sticks and go to another, straight, bank (I suppose an issue here might have been they wouldn't have been able to find one!)

bobblebob

robatwork wrote: »

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?

If they close your account because of suspected money laundering do you have a right to appeal if you can prove the money was legit? The banks can and do get it wrong sometimes

Then again how can you appeal if the banks dont tell you why your account was closed - you dont know what you're appealing

Herbalus

robatwork wrote: »

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.

Well, seeing as nobody on this forum knows who the OP is, how would anybody from HSBC be able to talk about specifics anyway? Just the same as a CIFAS employee wouldn't be able to say if a marker has been placed, because the OP is an anonymous person on t'internet.

robatwork

bobblebob wrote: »

If they close your account because of suspected money laundering do you have a right to appeal if you can prove the money was legit? The banks can and do get it wrong sometimes

They do get it wrong. More than they should. From what I've read on here your appeal will be filed in the shredder - I am no more expert than that I'm afraid. I would probably be talking to the ombudsman in your position too.

Herbalus wrote: »

Well, seeing as nobody on this forum knows who the OP is, how would anybody from HSBC be able to talk about specifics anyway? Just the same as a CIFAS employee wouldn't be able to say if a marker has been placed, because the OP is an anonymous person on t'internet.

I was more meaning that even if an employee spoke in generalities about the HSBC procedure for identifying and dealing with money launderers they could be in hot water. If they (wishee washees) knew the criteria as posted on a public forum, it would make their life easier.