hsbc 'Safeguard' letter

jonesMUFCforever

GingerBob wrote: »

The secondary cardholder has no relationship with the bank, so why should the bank require this sort of documentation? Why should they have the detailed personal information about someone who isn't even a customer? This HSBC outfit are treading on thin ice with this one. I suggest they are reported to the ICO for this outrageous demand which drives a coach and horses through data protection protocols - stupid as these protocols tend to be in the UK. Refuse point blank to send them the documents. In fact, roll up the letter and send it back to them with suitable instructions as to what they should do with it.

They are using the bank's facilities whether a customer or not.
Up to them (or the financial authorities) to ask and cover their backsides.
If the customer is not happy then the secondary card can be sent back to them with instruction that it be cancelled.

Zanderman

Chris_Woodman wrote: »

Many thanks. I look forward to seeing that.

Here it is:
https://www.theguardian.com/money/2016/nov/20/marks-spencer-bank-personal-details-scam

GingerBob_3

jonesMUFCforever wrote: »

They are using the bank's facilities whether a customer or not.
Up to them (or the financial authorities) to ask and cover their backsides.
If the customer is not happy then the secondary card can be sent back to them with instruction that it be cancelled.

Using the bank's facilities could mean taking a load of coins in to exchange for notes. If you're not a customer then there should be no need to put up with data raping by the bank. The answer to the OP's dilemma is straightforward - see my post above.

jonesMUFCforever

GingerBob wrote: »

Using the bank's facilities could mean taking a load of coins in to exchange for notes. If you're not a customer then there should be no need to put up with data raping by the bank. The answer to the OP's dilemma is straightforward - see my post above.

If you are not a customer most banks will not exchange coin for you.

GingerBob_3

jonesMUFCforever wrote: »

If you are not a customer most banks will not exchange coin for you.

So they won't exchange coin for you, but they want to data rape you if you just happen to be a named cardholder? Sounds about right for the likes of HSBC.

chalfont

I have had similar letters from HSBC. I have banked with them for some 34 years. I have objected to provide them with details of my working hours and my employers details a I do not consider the information has anything whatsoever to do with my account nor with anti money laundering regulations.
My objections are:
1. the contact by telephone and the refusal to allow me reply by any other means other than telephone- I have no idea who I am providing the information to never mind why- and that includes having to disclose my security and ID details
2. the bullying nature of their letters
2. the fact they cannot give me a reason (satisfactory to me) for requesting the information

I am therefore switching my account to Barclays- I will provide the information to Barclays at the branch in a face to face meeting

Having spoken with a friend who is in a fairly senior position at HSBC I understand the information they require is to profile their individual customers so that they can sell them additional services more easily (mortgages, car loans, health plans, house insurance etc) rather than the bank complying with anti money laundering regulation. Customers who only bank their wages on a monthly basis and pay monies out to meet bills etc are not money laundering nor likely to be money laundering- they know only to well the customers who are at risk to them

Good bye HSBC

Shakin_Steve

Sooner or later, I think, we will all have to give up our personal information if we want to stay in the system. I don't want to sound fatalistic, but as soon as a few banks/CC companies do this, the others are bound to follow.
I sometimes scare myself when I think back to all of the websites I used to visit when I was younger and the internet was this wonderful place where everybody was your friend. My personal information is probably floating round thousands of servers in lots of countries.

meer53

Chalfont - if your "friend in a fairly senior position at HSBC" said this, then they must have been off sick for about 24 months as this has been going on for a couple of years now, it's not about sales, it's about not getting into any more bother with their failed Anti Money Laundering capers.

Pincher

They are supposed to know you, under "Know Your Customer"

https://www.assetmanagement.hsbc.com/in/mutual-funds/kyc.html

which is just a bureaucratic non-sense to push the responsibility onto a bank.

They might as well demand that all wives should know where their husbands keep their money. E.g.

Marriage License clause:

By this act of marriage, you are now responsible for maintaining a detailed account of your spouse's assets and financial activities. If you fail to disclose such information when demanded to do by the relevant government agencies, you are liable to criminal prosecution for obstruction of justice. ......


They will be asking Tesco to refuse to sell you cigarettes unless you sign a waiver form next.

Shakin_Steve

meer53 wrote: »

Chalfont - if your "friend in a fairly senior position at HSBC" said this, then they must have been off sick for about 24 months as this has been going on for a couple of years now, it's not about sales, it's about not getting into any more bother with their failed Anti Money Laundering capers.

Enlighten us, please.