HSBC - Safeguard update information

Wildfowl

Grrrrr. After 30 minutes on the phone today I was told it is a legal requirement for them to get the information -so I asked for chapter and verse and the supervisor I spoke to said she didn't know but she would find out and get back to me - at 2pm tomorrow. But she seemed quite clear that my ATM will still be capped at £50/day if I don't provide the information.


Assuming it isn't the law (because surely the original letters would have said so and all the other banks would be doing it too) then I think this may a breach of the Data Protection Act principles - personal data must be relevant and not excessive. Surely this is excessive.


Has anyone complained to the ICO or the Banking Ombudsman?

GingerBob_3

Wildfowl wrote: »

Grrrrr. After 30 minutes on the phone today I was told it is a legal requirement for them to get the information -so I asked for chapter and verse and the supervisor I spoke to said she didn't know but she would find out and get back to me - at 2pm tomorrow. But she seemed quite clear that my ATM will still be capped at £50/day if I don't provide the information.


Assuming it isn't the law (because surely the original letters would have said so and all the other banks would be doing it too) then I think this may a breach of the Data Protection Act principles - personal data must be relevant and not excessive. Surely this is excessive.


Has anyone complained to the ICO or the Banking Ombudsman?

The first of these organisations is a waste of space. It's not the law to get this specific information - not yet anyway. The problem with HSBC is that they have a corporate IQ of about 50.

joe134

GingerBob wrote: »

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.

Yes, Mrs May talks a load of S****
Hsbc has been involved with money laundering for donkeys years, for the super rich, and it always will.
Panama is just the tip of the Iceberg, they will just go elsewhere.
By hassling us, it makes them look good.
I don't know why I got a letter and others get hassle?
They could have sent all customers the same letter, and if the details were wrong, let the customer reply, or not, like me.
Seems banks just like hassling the little people, makes them look tough on crime, where there is none.

notaexpert

I'd be interested to know if they got back to you about that.

diamonds

DREKLY wrote: »

Hi GingerBob, whilst you're chilling out, how about dreaming up a more suitable acronym for the four letters "HSBC" ?
i.e. Have Shredded Blank Cheques..... maybe a prize for the best one

BS are so 'crap' at the real job of money laundering...


High Society Building Criminality

usefulmale

The creeping criminalisation of cash.

ChiefGrasscutter

GingerBob wrote: »

The first of these organisations is a waste of space. It's not the law to get this specific information - not yet anyway. The problem with HSBC is that they have a corporate IQ of about 50.

With HSBC as has been mentioned on here endlessly the problem is that they were caught engaging in dodgy practices and fined by the USA some $2Bn: that's a lot of money.

If the USA finds that they have been up to no good again and not taking care about doing all the due diligence about who their customers are and what they get up to then the USA will ban them from doing business in the States.
HSBC is terrified of this.
Whether they are or are not required to do this and that by UK/EU law does not really come into it. It's the law of 'might is right': in this case the USA.

It is all a bit like you or I having 9 points on our driving licence and facing a ban if we transgressed again. We will be driving exceptionally carefully taking great notice of all the signs and keeping well within the speed limit for the next 3 years until some of our 'points' will expire.
If some of our passengers do not like we way we now drive then this is not our problem and those passengers can go and get a lift from elsewhere - all we are interested in is maintaining our licence.

Ballard

That was very well put, CG. There are a surprising number of posters who can't see the whole picture but you've made a succinct point with a good analogy. It's unlikely to cut much ice but what can you do?

grumbler

"Give a man enough rope and he’ll hang himself" springs to mind.

"Working hours" !!!!!!!

My guess is that some boss at the top is giving general orders from his yacht like "improve!" and some idiot(s) at a lower level(s) have their own crazy ideas how to implement this.
It's like pointless driving at 50 mph on a motorway because of the 9 points.

Wildfowl

Well, after spending a fun hour (a whole hour!) on the phone to them today (no, they didn't call me back - of course they didn't phone me back) according to them all banks in the UK have been asked to provide this information by both the Bank of England and the British Government and they are just complying. But we can trust them because they have been in business for over 100 years. What a load of patronising BS.


It's like banging your head against the wall. But ATM caps are the tip of the iceberg apparently. The next step is that they will suspend your internet banking services until you admit whether you are a 'homemaker', student or unemployed and tell them what country you were born in. !!!!!!.


I have had enough. In the words of Adrian Mole's father: I'm taking my overdraft elsewhere!