HSBC closing business account no warning, will not let me reset password to access account

Jbizzell

Events so far.

HSBC Send me a random letter telling me they will close my business account after a review on the 2nd January 2019. Letter sent 26th October and received 1st November .

I in a state of panic go and try to login online, I get my password wrong and log out.
I then send a password reset form in online. On the 2nd November
NO RESPONSE 11 DAYS LATER !!

I go into the bank, the woman tries to help me but Hsbc tell her no one in branch can help me and they forgot to send me a reply, they do not want to confirm my signature and that all I can do is send in another and hope to god they reset me.

The woman says this has happened to loads of customers and Hsbc will not change their mind or help from her own experience. That I should find another bank.

So if I can’t rest my password to access my money in my business account by 2nd January does this mean HSBC take my money close my account over no reason and I’m left without a business ?

Surely this is theft ! How can they simply say they don’t want to confirm my signature !

I’m going to my MP , i have been put into financial difficulty over this and I cannot do business for over 2 weeks. I want to sue them.

Help !

masonic

Have you been able to open an account elsewhere? That would be the first step to take following receipt of such a letter.

eskbanker

Jbizzell wrote: »

I’m going to my MP , i have been put into financial difficulty over this and I cannot do business for over 2 weeks. I want to sue them.

Help !

The two avenues to pursue long before (or instead of) getting involved with MPs or courts are:

1. Log a formal complaint via their published process: https://www.hsbc.co.uk/help/feedback-and-complaints/
2. If unsatisfied with their response, escalate to the Financial Ombudsman Service: https://www.financial-ombudsman.org.uk/consumer/complaints.htm

alphabravocharli

Question # 1 are you British National
Question # 2 is there account activity involving international transactions.
Question # 3 have you ever put cash money in business account
Question# 4 is there any transaction dispute you or any one else ever raised.
Question# 5 have you done anything which can put your name on CIFAS

If any of the ans is yes then that can be the reason of account closure. Regarding question 1 if the answer is No then it increase the chance of account closure if they deemed you risky based on transactions.

Now your question if they can do this. Yes they can do this and suing them will not yield any result. It is in their Term and Condition that they can chose to do business with you whenever they want to.

Regarding money i think you can take your money from branch before account closure and if you dont they will send you cheque after the closure date provided the money is not freeze for further investigation.

They had given you 65 day notice without locking your account so its a good news in a bad situation. So its better to find another bank to open your account and move on.

Note: i am not working in banking sector. What i said is based on personnel experience and a lot of searching on internet as i faced similar situation with my personnel account.

masonic

eskbanker wrote: »

The two avenues to pursue long before (or instead of) getting involved with MPs or courts are:

1. Log a formal complaint via their published process: https://www.hsbc.co.uk/help/feedback-and-complaints/
   
2. If unsatisfied with their response, escalate to the Financial Ombudsman Service: https://www.financial-ombudsman.org.uk/consumer/complaints.htm

Businesses have access to the FOS?

eskbanker

masonic wrote: »

Businesses have access to the FOS?

Small ones do:

https://www.financial-ombudsman.org.uk/faq/answers/complaints_a9.html:

complaints from businesses, charities and trusts

what types of businesses, charities and trusts can use our service?

Complaints can be brought by, or on behalf of, customers (or potential customers) who are:

• private individuals or
• "micro-enterprises".

"Micro-enterprises" (an EU term covering smaller businesses) can bring complaints to the ombudsman as long as they have an annual turnover of up to two million euros and fewer than ten employees.

If you are a smaller business, charity or trust wanting to bring a complaint to the ombudsman, we will usually need to ask you some questions and request relevant paperwork from you about your turnover etc.

Ben8282

Jbizzell wrote: »

Events so far.

HSBC Send me a random letter

I very much doubt that the letter was randomly sent

jonesMUFCforever

alphabravocharli wrote: »

Question # 1 are you British National
Question # 2 is there account activity involving international transactions.
Question # 3 have you ever put cash money in business account
Question# 4 is there any transaction dispute you or any one else ever raised.
Question# 5 have you done anything which can put your name on CIFAS

If any of the ans is yes then that can be the reason of account closure. Regarding question 1 if the answer is No then it increase the chance of account closure if they deemed you risky based on transactions.

Now your question if they can do this. Yes they can do this and suing them will not yield any result. It is in their Term and Condition that they can chose to do business with you whenever they want to.

Regarding money i think you can take your money from branch before account closure and if you dont they will send you cheque after the closure date provided the money is not freeze for further investigation.

They had given you 65 day notice without locking your account so its a good news in a bad situation. So its better to find another bank to open your account and move on.

Note: i am not working in banking sector. What i said is based on personnel experience and a lot of searching on internet as i faced similar situation with my personnel account.

I agree with everything you say but would add one extra reason - HSBC in particular have been sending out letters about knowing their customers and getting new ID checks which seems to have put up a lot of customers' backs. If the OP did not reply to this - it is probably the reason the account will be closed.

xylophone

Are you able to open a new business account and switch?

henry-the-cat

In December 2019 we received a letter from HSBC informing us they were closing our account because we have apparently failed to update our details online despite them asking us to do so numerous times. Neither of us were aware of this and I use online banking all the time. Absolutely no messages to be seen asking for this and certainly no obvious notifications when I log in asking me to submit information.
We have banked with them since 2004 and to be given this letter without as much as a phonecall from our bank manager explaining the situation was simply outrageous. We already had a business bank account with another bank which we didn't use much, but it was handy for depositing cash since our local HSBC closed down many years ago. Yesterday we switched our main banking from HSBC to our other bank. I understand that they have had issues with money laundering and they are protecting themselves by making sure they have all the required details of the businesses that bank with them, but surely, we deserved at least a  phone call? I'm happy to have switched banks as HSBC doesn't deserve our continued business.