HSBC Account shutdown post 'review'...

taztheman

I have given them my international bank account details to transfer the closing balance, they are saying that they can only send a cheque. None of HSBC letters have ever arrived at my international address and i know the cheque will not either. What are my options. I do have friends and family in UK but i find it hard to accept this on principle that HSBC have my funds and aren't playing ball in delivering it to where i am currently. This is very annoying and frustrating.

blenz101

Not sure where you are in the Middle East but usually if you don't have a PO box then any letters sent via regular mail would need to be collected from your nearest branch post office.

Best thing to do would be to give HSBC your work postal address which presumably does have a PO box associated with it and ask them to use that as your correspondence address going forward.  They can send the cheque to that.

That said given you won't be able to cash it without significant costs until you either visit a UK HSBC branch or open another UK bank account and scan the cheque in you may wish to agree with them to hold the funds until such time you can present yourself in a UK branch with identification to withdraw the remaining funds.

callum9999

eDicky said:

taztheman said:

eDicky said:

BuildTheWall said:

Many people moving abroad ignorantly change the address for their bank accounts and credit cards, only to find them closed due to banking regulations. Don’t change any addresses. Or change it to a trusted friend or relative’s home in uk. Change your mobile number - this shouldn’t trigger any alarm. 

Change mobile phone number, why..? To an overseas number..?

I didn't change the mobile number only the address. Clearly a mistake that i regret making.

Yes, I was just wondering about the reasoning behind the recommendation to do the opposite, retain UK address but change phone number, as if a foreign number while at a UK address 'shouldn't trigger any alarm'.

I don't see a reason to change it if you still use a UK number, but I've had international numbers on most of my accounts at various times and it's never caused an issue. I guess because there are legitimate reasons why someone might have a foreign number but are living in the UK.

brianposter

callum9999 said:

I don't see a reason to change it if you still use a UK number, but I've had international numbers on most of my accounts at various times and it's never caused an issue. I guess because there are legitimate reasons why someone might have a foreign number but are living in the UK.

Given that we now have 2FA it should be perfectly normal to use a foreign number for anyone going abroad to somewhere without mobile coverage.

brianposter

I have not read this article but maybe it is helpful.

https://www.telegraph.co.uk/money/katie-investigates/hsbc-owes-us-1700-sent-us-cheque-cant-cash/

Emmia

brianposter said:

I have not read this article but maybe it is helpful.

https://www.telegraph.co.uk/money/katie-investigates/hsbc-owes-us-1700-sent-us-cheque-cant-cash/

I have read that article, and its about a refund due on a business account that had been closed, as the business was wound up. Legally the refund (because it relates to a closed business) should go to the Crown (that's the law) but in this case HSBC failed to explain that (on several occasions) so as a goodwill gesture paid the owner of the closed business £1700 AND paid the same amount to the Crown due to their legal obligations. 


So, nothing like the OPs situation.

BuildTheWall

callum9999 said:

eDicky said:

taztheman said:

eDicky said:

BuildTheWall said:

Many people moving abroad ignorantly change the address for their bank accounts and credit cards, only to find them closed due to banking regulations. Don’t change any addresses. Or change it to a trusted friend or relative’s home in uk. Change your mobile number - this shouldn’t trigger any alarm. 

Change mobile phone number, why..? To an overseas number..?

I didn't change the mobile number only the address. Clearly a mistake that i regret making.

Yes, I was just wondering about the reasoning behind the recommendation to do the opposite, retain UK address but change phone number, as if a foreign number while at a UK address 'shouldn't trigger any alarm'.

I don't see a reason to change it if you still use a UK number, but I've had international numbers on most of my accounts at various times and it's never caused an issue. I guess because there are legitimate reasons why someone might have a foreign number but are living in the UK.

Correct. Banks understand customers may sometimes stay longer abroad either for work or long vacations or any other reason. They are happy to allow adding foreign numbers to send notifications or OTP.  The onus is on customers to make sure they receive all alerts and respond if required. 

BuildTheWall

BuildTheWall said:

callum9999 said:

eDicky said:

taztheman said:

eDicky said:

BuildTheWall said:

Many people moving abroad ignorantly change the address for their bank accounts and credit cards, only to find them closed due to banking regulations. Don’t change any addresses. Or change it to a trusted friend or relative’s home in uk. Change your mobile number - this shouldn’t trigger any alarm. 

Change mobile phone number, why..? To an overseas number..?

I didn't change the mobile number only the address. Clearly a mistake that i regret making.

Yes, I was just wondering about the reasoning behind the recommendation to do the opposite, retain UK address but change phone number, as if a foreign number while at a UK address 'shouldn't trigger any alarm'.

I don't see a reason to change it if you still use a UK number, but I've had international numbers on most of my accounts at various times and it's never caused an issue. I guess because there are legitimate reasons why someone might have a foreign number but are living in the UK.

Correct. Banks understand customers may sometimes stay longer abroad either for work or long vacations or any other reason. They are happy to allow adding foreign numbers to send notifications or OTP.  The onus is on customers to make sure they receive all alerts and respond if required. 

Obviously if you retain UK number, best to leave it as it is. 

taztheman

In my case, as soon as i changed the address to overseas, they started chasing me to carry out 'safeguard review' the result of which was eventual closure of both mine and my wife's account. I now wish i hadn't changed the address as not having a UK bank account is causing a lot of issues. Not being able to open a new UK bank account from overseas is not helping either. 

eDicky

Depending on which issues your lack of a UK bank account is causing, it's probably worth looking at 'offshore' accounts offered by major banks in Channel Islands and Isle of Man, some of which proved GBP direct debit and standing order facilities in the same way as mainland banks.

Usually a minimum account balance is required for 'international customers', for example £75k in the case of Santander International:

https://www.santanderinternational.co.uk/international/