HSBC account closure

Ezii

MrFrugalFever said:

Have you checked your credit reports to see the exact information that has been reported to them? There are several CIFA’s categories, it would be worth knowing which category you’ve been reported against before beginning your complaint.

You will most likely be refused standard bank accounts now for next 6 years that CIFA’s stays on your file, it would be worth ensuring that you have a backup plan for bills and savings in case you cannot access your money for a while.

So they actually put Misuse of facility marker on,  and what banks would you suggest getting in case they do get closed?

I had a phone call from Monzo who actually put the marker on, and they said we'd need to register a complaint about this, and he was actually pretty nice about it over the phone told me to state everything I had, and email it across when they sent me the proper email of request, and wait for a final response, and if the complaint is upheld or not.

MrFrugalFever

I would suggest a ‘pre-paid’ debit card that DOESN’T perform a credit check as a last resort perhaps but read the T’s & C’s / Privacy policy beforehand as whilst the5 May claim not to perform a credit check, they may well perform other checks, such as some related to CIFA’s.

I would present all the information required to prove you have not misused the facility and take it to the FOS if you don’t get a satisfactory outcome, you have nothing to lose but your time on this.

Ezii

MrFrugalFever said:

I would suggest a ‘pre-paid’ debit card that DOESN’T perform a credit check as a last resort perhaps but read the T’s & C’s / Privacy policy beforehand as whilst the5 May claim not to perform a credit check, they may well perform other checks, such as some related to CIFA’s.

I would present all the information required to prove you have not misused the facility and take it to the FOS if you don’t get a satisfactory outcome, you have nothing to lose but your time on this.

#I just hope that none of my other accounts get closed whilst this is being looked at honestly it's already stressed me out so much. 

MrFrugalFever

Hopefully not, but you should prepare for a worst case scenario.

Ezii

MrFrugalFever said:

Hopefully not, but you should prepare for a worst case scenario.

Hopefully man. But you're right, I heard about cash plus cards though they have some monthly fees, and they're protected by the FCA. and I've heard bad things about pockit, locking their funds, and taking it without giving it back to them.

Ezii

MrFrugalFever said:

I would suggest a ‘pre-paid’ debit card that DOESN’T perform a credit check as a last resort perhaps but read the T’s & C’s / Privacy policy beforehand as whilst the5 May claim not to perform a credit check, they may well perform other checks, such as some related to CIFA’s.

I would present all the information required to prove you have not misused the facility and take it to the FOS if you don’t get a satisfactory outcome, you have nothing to lose but your time on this.

I just looked into most prepaid cards, and it appears that they'll lock your account if you put over 1k+ amount of money, I have my savings from my bank, and is over 1k+ so I don't want to also risk it giving it to them and end up being locked as well. I'm really struggling with what to do and how I can save myself whilst this is being looked at. At this point, any help would be greatly appreciated. 

Ezii

Monzo didn't even ask for any proof when submitting the complaint however they mentioned any proof will help, but didn't even specify what they require which is really odd, how am I supposed to give evidence for something that I'm not even sure about what I'm supposed to give, although I did ask them if they need anything they could email/contact me. 

Is it worth getting a solicitor or lawyer on this, because dealing with this is really stressful.

Daliah

You should be able to get a savings account, despite the CIFAS marker, to deposit your savings into. However, most UK savings accounts these days will only allow deposits from, and withdrawals to, a UK current account in your name. So you are back to square one.

You really need to get rid of that CIFAS marker as a matter of urgency. Best of luck with that.

You could try and apply for a Basic current account, and hope they don't do a CIFAS check. Best one IMO would be a Nationwide FlexBasic.

A last resort option could be Revolut. They are not presently a bank in the UK (no FSCS) and have a dreadful CS reputation, but they seem to be more inclined to accept crypto stuff.

Whatever you do, don't repeat what you did at Monzo. Banks don't much like crypto stuff, and if even Monzo didn't like what you did, you shouldn't try it elsewhere.

Ezii

Daliah said:

You should be able to get a savings account, despite the CIFAS marker, to deposit your savings into. However, most UK savings accounts these days will only allow deposits from, and withdrawals to, a UK current account in your name. at you did, you shouldn't try it elsewhere.

I'm not doing anything within regards to crypto EVER. I've been trying to chase it up with Monzo but they're giving me really blank answers "we'll get back to you", they even responded to my previous complaint at the time which I did not know I had cifas, and had complained to reopen my monzo account, but they gave me a final letter just recently for that, and just made another complaint just recently for CIFAS removal, thing is I requested why they've given me a CIFAS yet they're not even telling me why and for what transaction, I just assumed it was for the recent transfers that I made that was me selling BTC that I had in my wallet for a long time though they're not clear on why they had closed my account, and set a Cifas. Although In the rec3ent complaint I sent via email. I included all of the screenshots of the bank transfers that I had for the trades for crypto I had and for the bank transfers completed. 

Ezii

Daliah said:

You should be able to get a savings account, despite the CIFAS marker, to deposit your savings into. However, most UK savings accounts these days will only allow deposits from, and withdrawals to, a UK current account in your name. So you are back to square one.

also for the nationwide account am I just able to apply online? or do I need to visit my branch and explain my situaction? also If I transfer all of my funds from my main bank won't they raise eyebrows? its over 10k+