*Resolved-Account unblocked* HSBC Personal Account "Under Investigation" - Account Blocked Entirely

gghostinthecamera

Hello,
So some background:
I've had this account since I started secondary school, so 1998. I have 2 savings accounts, a current account and a personal loan from HSBC. 

My (healthy) salary goes into the current account. I have no overdraft on the account and therefore never had any issues with it. 

I applied for a HSBC credit card last week,  online, through the app, to take advantage of a 0% balance transfer offer (from another credit card) and to buy my wife a piano as her (long overdue) wedding gift (and because there is a 0% on purchases). 

The card arrived on Thursday to my home address, and was activated as soon as I got it through online banking. 

Later that night I ordered a piano on the card in the region of £3800. This went through without a hitch. The next day, Friday, I had to cancel the order because the company proposed to charge £1,200 for delivery of the piano which is ridiculous. So at around 9am the order was cancelled - the pre authorisation hold on the money remained. I called HSBC at around 2pm to ask how long before the hold on the funds would be released. The representative was lovely and helped with my query, and we even had a chin wag about how ridiculous it is to charge someone £1,200 for piano delivery. 

Later that evening at around 5pm, I tried to order the piano from a different retailer (Yamaha certified so legit there was enough on the credit limit to order another piano despite the hold). When I went to pay through a sage pay payment processor the card was declined. 

I was half expecting it, given over tried to order 2 pianos on a new card so I called HSBC to sort it out. While on hold I received a call from a number which I later discovered was the HSBC Fraud Department. I had a feeling for this so I ended the call I had with HSBC to answer that but it went to voicemail before I could.  They left a voicemail saying I should call them back urgently quoting a code. I did so and the gentleman on the phone verified me and stated that they believe there has been an account takeover but wouldn't give me any more information about why they think that...I tried to explain to him that I ordered a new card and ordered a piano yesterday but I had to cancel the order. I also told him that I tried to order another piano but was declined. He had a good poker face and said that he was passing this information on to the "back office" team who will be investigating (even thought I told him it was me).

The best bit is yet to come...he told me that there was a block on my account as a result. My WHOLE account. My debit card was blocked, and i could not transfer any funds etc and this would be for TEN TO FOURTEEN DAYS while they investigated. 

I asked him how I was supposed to live and pay my bills if I could not access me money for 14 days and he was simply sorry and that I could still get money if i went to a branch with photo ID in the current situation.

I asked him if he was sure that it was 10-14 days and at first he said sorry 24-48 hours and then he said he was confirming with his back office colleague on chat, who did confirm the 10-14 day timescale. There was not much to do apart from end the conversation at this point.

I rang the fraud team back later that night (they are 24/7) as I was spiralling with anxiety on how I was going to keep my financial commitments. This lady said that it was not an account takeover and that my account was simply under investigation and that the relevant team would get back within 24-48 hours, at which point I will be contacted. 

What on earth is going on? Should I be worried? I've dealt with their fraud department before and they would block a card if they suspected a dodgy transaction but to block my whole account?? Is there anything I can do about the 10-14 day timeframe because that will put some payments in jeopardy. I don't know how they can expect people to be without access to their funds for 10-14 days in a pandemic...that's just outrageous. My current account is a simple personal account. Salary in, expenses out and transfers to my wife and parents. 

I'm livid and stressed about what I'll do if the account is blocked for 14 days. 

Shakin_Steve

If you look down just the first page of the budgeting and bank accounts page, you will see another 3 or 4 similar stories. The advice is always the same: There is nothing you can do until the bank finishes it's investigation. People are also advised that they should really have more than one source of funds, with another financial institution, but it's usually too late for that. Sounds harsh, but it's all I've got.

Thrugelmir

Unusual and in particular high value activity is going to trip the system. Everybody wants banks to protect them and indemnify against losses. The offset is 48 hours or so of minor inconvenience. 

Wheres_My_Cashback

Shakin_Steve said:

If you look down just the first page of the budgeting and bank accounts page, you will see another 3 or 4 similar stories. 

Yep, plenty of stories highlighting the banking industry and it's utterly despicable practices of freezing accounts and stealing customers money, particularly from vulnerable customers who need added protection. Shameful really !

tommyedinburgh

Same thing happened to me when I joined HSBC last year. I think from memory it took them 5 days to complete their investigations. 

gghostinthecamera

Shakin_Steve said:

If you look down just the first page of the budgeting and bank accounts page, you will see another 3 or 4 similar stories. The advice is always the same: There is nothing you can do until the bank finishes it's investigation. People are also advised that they should really have more than one source of funds, with another financial institution, but it's usually too late for that. Sounds harsh, but it's all I've got.

Yeah, I've seen those - I am more concerned about the specific 10-14 day timeframe they have offered. In fact, worried that from those stories, I may not get my account back for months - or indeed at all? 

Thrugelmir said:

Unusual and in particular high value activity is going to trip the system. Everybody wants banks to protect them and indemnify against losses. The offset is 48 hours or so of minor inconvenience. 

I'll be honest - if it was 48 hours then I would be ok with it. I'm concerned about the 10-14 DAY timeframe which sounds like a lot more than an activity check or confirmation.
Wheres_My_Cashback said:

Shakin_Steve said:

If you look down just the first page of the budgeting and bank accounts page, you will see another 3 or 4 similar stories. 

Yep, plenty of stories highlighting the banking industry and it's utterly despicable practices of freezing accounts and stealing customers money, particularly from vulnerable customers who need added protection. Shameful really !

Good god I hope they don't take my money - there was ~30k in the savings account alone. the account has been vanilla going for a decade.

gghostinthecamera

tommyedinburgh said:

Same thing happened to me when I joined HSBC last year. I think from memory it took them 5 days to complete their investigations. 

Thanks for replying - 5 days I could deal with. I've been with them for 22 years though!
Perhaps time to move on - i have opened an account with another Bank having learnt my lesson.

[Deleted User]

gghostinthecamera said:

Perhaps time to move on - i have opened an account with another Bank having learnt my lesson.

Don't be repeating your piano buying fiasco with the new account. 

D3xt3r5L4b

Wheres_My_Cashback said:

Shakin_Steve said:

If you look down just the first page of the budgeting and bank accounts page, you will see another 3 or 4 similar stories. 

Yep, plenty of stories highlighting the banking industry and it's utterly despicable practices of freezing accounts and stealing customers money, particularly from vulnerable customers who need added protection. Shameful really !

Stealing money? Lol
I would take such stories posted on here with a wide berth. 

DCFC79

Re the first firm wanting to charge £1200 for delivery, was this detailed on the website? 

gghostinthecamera

DCFC79 said:

Re the first firm wanting to charge £1200 for delivery, was this detailed on the website? 

Nope - even the customer service rep i called about it was shocked - and more shocked that they didn't contact me to confirm that it was acceptable for me.  Apparently none of their couriers were taking items over 70kg and they found some other one.