hsbc 'Safeguard' letter

eskbanker

Sunaftercloud wrote: »

I used to work for HSBC and have also been asked to confirm my ID, despite having an account that goes back to the days of Midland.

That should probably be "been asked to confirm my ID, because of having an account that goes back to the days of Midland", i.e. more recently opened accounts are more likely to have been processed with a level of ID verification that wasn't envisaged decades ago....

DaveCarson

Just in case anyone is thinking that the 'withdrawal of banking services' is an empty threat let me assure you that it is not!

I completed the questionnaire and HSBC even contacted me by phone to clarify some of the values I submitted. Now they claim that I have not provided them with the appropriate information and have notified me that they are closing my account in 60 days! The letter also states that '[HSBC] will not be revisiting this decision'.

My accountant informs me that I am not alone and that her colleagues have had a number of clients contact them about the same situation.

robal_k

I too have received a letter from HSBC saying: "We are sorry to advise you that we will no longer be able to provide you with banking services"... and "... we will not be revisiting this decision."

When I've heard about the whole "Safeguard" thing weeks ago, I was slightly annoyed, but started filling the online form.
As I went though form I could not believe how Kafkaesque it got. I stopped and decided to ignore the whole thing and wait.

What is disturbing, it the level of emotional terrorism about the issue.
The whole three A4 pages of the letter do not state WHY they're closing my accounts !
The only thing it says is "decision ... was taken after careful and thorough review of your Business Banking accounts"

Their arrogance is beyond measure. I trusted them with my money, and paid them £5.50 per month for years, only to be treated like this.

I'm moving my Business and Personal accounts elsewhere. No question about that.
The only problem is, are other banks doing the same (Safeguard) nonsense too ?

jonesMUFCforever

robal_k wrote: »

I too have received a letter from HSBC saying: "We are sorry to advise you that we will no longer be able to provide you with banking services"... and "... we will not be revisiting this decision."

When I've heard about the whole "Safeguard" thing weeks ago, I was slightly annoyed, but started filling the online form.
As I went though form I could not believe how Kafkaesque it got. I stopped and decided to ignore the whole thing and wait.

What is disturbing, it the level of emotional terrorism about the issue.
The whole three A4 pages of the letter do not state WHY they're closing my accounts !
The only thing it says is "decision ... was taken after careful and thorough review of your Business Banking accounts"

Their arrogance is beyond measure. I trusted them with my money, and paid them £5.50 per month for years, only to be treated like this.

I'm moving my Business and Personal accounts elsewhere. No question about that.
The only problem is, are other banks doing the same (Safeguard) nonsense too ?

All banks will be doing their own version of this - why would HSBC be doing it in isolation?
It is a decision taken by the governments of the EU and USA.

bigadaj

jonesMUFCforever wrote: »

All banks will be doing their own version of this - why would HSBC be doing it in isolation?
It is a decision taken by the governments of the EU and USA.

Because they got caught out not checking properly when dealing with an alleged Mexican drug cartel?

jonesMUFCforever

bigadaj wrote: »

Because they got caught out not checking properly when dealing with an alleged Mexican drug cartel?

No - Google FACTA for one piece of legislation.

bigadaj

jonesMUFCforever wrote: »

No - Google FACTA for one piece of legislation.

Yes, fatca (sic) is a general point, mine was specific.

nuun1967

Returned my security questionnaire following a letter stating they would be restricting my account withdrawal allowance if I did not reply within 14 days.
Got a phone call in the middle of a busy store saying I had failed to complete the 'necessary' sections.
I had 'failed' to tell them the name of my workplace and its address.
I told them that this was intentional as it was NOTHING to do with HSBC or my security.
What the HELL has this got to do with THEM???
My wages goes into my bank account! Can they not see where I work from that?!
HSBC this is INTRUSION and I'm off somewhere else now thanks.

meer53

nuun1967 wrote: »

Returned my security questionnaire following a letter stating they would be restricting my account withdrawal allowance if I did not reply within 14 days.
Got a phone call in the middle of a busy store saying I had failed to complete the 'necessary' sections.
I had 'failed' to tell them the name of my workplace and its address.
I told them that this was intentional as it was NOTHING to do with HSBC or my security.
What the HELL has this got to do with THEM???
My wages goes into my bank account! Can they not see where I work from that?!
HSBC this is INTRUSION and I'm off somewhere else now thanks.

Don't expect them to worry, you'll be asked all of the same questions at most other banks anyway. Why don't you want to tell them ?

DCFC79

meer53 wrote: »

Don't expect them to worry, you'll be asked all of the same questions at most other banks anyway. Why don't you want to tell them ?

Why not let the poor guy/lady find that out for themselves and get a shock when due to being stubborn the bank account gets restricted.

Would love to be able to hear the conversation that went on.