HSBC - Safeguard update information

notaexpert

Hi all

Thanks again for the replies.

Update: so I rang them, which was an option on the form, and gave them some information. I declined to tell how much I earned and tax bracket.

They have sent a letter to me saying that as didn't return the form they will reduce my withdrawal to £50 a day.

Anyone else heard of this?

grumbler

Does this make any difference? Just vote with your feet if you can (and get a bonus for switching) or do what they ask if you can't. None bit of the information they ask for is a top secret.

colsten

grumbler wrote: »

Does this make any difference? Just vote with your feet if you can (and get a bonus for switching) or do what they ask if you can't. None bit of the information they ask for is a top secret.

Also, expect any other bank to ask you the same questions.

grumbler

Hours you work? - I don't think so.
And they ask about the income only to check eligibility, not out of curiosity like HSBC.

KJSmith

grumbler wrote: »

Hours you work? - I don't think so.
And they ask about the income only to check eligibility, not out of curiosity like HSBC.

Other banks do ask for information similar to this - e.g. whether your employment status is part time or full time, more or less than 16 hours p/w etc.

Other banks also ask about income for the purposes of AML and KYC due diligence which is the whole purpose of HSBC Safeguard.

grumbler

Ah... I thought the purpose was to "safeguard your hard-earned money and savings from financial crime and fraud".

How wrong I was.

GingerBob_3

While it might just about be acceptable to provide basic info to a bank when opening an account, HSBC are apparently in the process of taking this to a new level - they seem to be requiring regular updates. I tell you, unless a stand is made against this it won't be long before these blighters at HSBC, and then elsewhere, will be sending a form to you for an annual, detailed update, on pain of account suspension if you don't comply. We don't half put up with some crap in this country!

joe134

I've been with Hsbc ( midlands) 50 years, and myself and OH have just received letters, stating our details, and if Incorrect, notify them, or else, all is ok.
Our's were correct, so nowt to be done.
Money laundering safeguard?

GingerBob_3

joe134 wrote: »

I've been with Hsbc ( midlands) 50 years, and myself and OH have just received letters, stating our details, and if Incorrect, notify them, or else, all is ok.
Our's were correct, so nowt to be done.
Money laundering safeguard?

Well that's not too bad, because you can ignore it regardless. As for money laundering safeguard - get a load of this:


http://www.bbc.com/news/uk-36098769


Will this clamp down on the panama hat brigade? Not a bit of it! It will just make life even more difficult for the man in the street.

Vortigern

GingerBob wrote: »

As for money laundering safeguard - get a load of this:

http://www.bbc.com/news/uk-36098769

Will this clamp down on the panama hat brigade?

No chance. See this link