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

notveryeducated

OP, this is a frustrating situation but a lot of people have accounts closed and money frozen for 3+ months usually £5,000+, a block on your account pending a 14 day investigation is not life changing in any way.

gghostinthecamera

notveryeducated said:

OP, this is a frustrating situation but a lot of people have accounts closed and money frozen for 3+ months usually £5,000+, a block on your account pending a 14 day investigation is not life changing in any way.

Relatively speaking, indeed, this is not so bad. Still, I have bills to pay, an 8 month old child to feed, and we are in the middle of a global pandemic - not really the time to withhold a families access to funds. There is the potential for impact to my credit rating with missed payments etc, not taking into account any other factors - such as the outcome of their investigation

Shakin_Steve

From what I have gleaned from posters who've bothered to come back, direct debits were paid during the investigation.

Tildaplum

I don't care if it looks like layering or any other phase of money laundering - the fact that somebody can get their account blocked by simply trying to buy a piano means that the whole thing is just not fit for purpose

badger09

Tildaplum said:

I don't care if it looks like layering or any other phase of money laundering - the fact that somebody can get their account blocked by simply trying to buy a piano means that the whole thing is just not fit for purpose

With respect, its not quite as simple as OP having his account blocked by trying to buy a piano.

On Thursday he received and activated a brand new credit card.
Thursday evening he bought a piano for £3800.
Friday 9am he cancelled order for said piano; £3800 preauthorisation still held on card.
Friday 5pm he tried to order another piano.
Card declined.
HSBC Fraud team phoned him but he was unable to take the call.

I'm not suggesting that OP has done anything wrong, but I am not at all surprised that his account has been frozen pending investigation.

notveryeducated

I'm not suggesting that OP has done anything wrong, but I am not at all surprised that his account has been frozen pending investigation.

Agreed.

gghostinthecamera

badger09 said:

Tildaplum said:

I don't care if it looks like layering or any other phase of money laundering - the fact that somebody can get their account blocked by simply trying to buy a piano means that the whole thing is just not fit for purpose

With respect, its not quite as simple as OP having his account blocked by trying to buy a piano.

On Thursday he received and activated a brand new credit card.
Thursday evening he bought a piano for £3800.
Friday 9am he cancelled order for said piano; £3800 preauthorisation still held on card.
Friday 5pm he tried to order another piano.
Card declined.
HSBC Fraud team phoned him but he was unable to take the call.

I'm not suggesting that OP has done anything wrong, but I am not at all surprised that his account has been frozen pending investigation.

I called the fraud team back within 2 minutes of them calling me. I was on hold to HSBC at the time, didn't recognise the number, had a feeling it might be them. So put the phone down and called back almost immediately. 

What I'm more confused about was that they spoke to me and I confirmed I had received the card and tried to buy a piano twice - there was STILL a 10-14 day investigation that needs to take place. 

Had I answered that call would I have access to my account? I'm starting to feel like that might be the case. 

Tildaplum

so the guy wants two pianos what's strange about that - i mean he's got two hands hasn't he ?

John_

gghostinthecamera said:

soulsaver said:

BTW when you look for another back up bank avoid the RBS group - you think 10 -14 days is bad? 28- 60 is their notified time and of the posts I've seen, they initiate it maliciously and  take most of the time stated.

Oof yeah I'm avoiding the mainstream banks. I'm a regulatory consultant in the financial sector and I've advised at all of them. Hell, I was advising at HSBC for nearly a year last year. 

I've gone with Starling Bank, simple and straightforward for the moment. Thankfully, I have time to divert my salary into the new account. 

Can you make transfers into a frozen account, or only deposits at a branch?

That being the case, you’ll have hopefully known immediately what was going on here.

John_

Tildaplum said:

I don't care if it looks like layering or any other phase of money laundering - the fact that somebody can get their account blocked by simply trying to buy a piano means that the whole thing is just not fit for purpose

This makes no sense; if banks are not supposed to stop accounts then how do they stop money laundering?