HSBC Account Suspended - Review in Progress?

themadhouse

I have a HSBC account. My card was declined whilst out. I was locked out of the banking app. Suspected security stop after a high value purchase called HSBC. After a 40 minute call the agent had to call me back, which they did an hour later.

I am having a review in branch on Monday, they require a bunch of things (see below) I guess they are getting to "know their customer" to see if they are willing to provide service.

Does anyone have any indication as to what they are looking for, or has experienced this before?

• Record of financial incomings and outgoings (bank and credit card statements)
• Copies of bank statements outside of HSBC (within the last 4 months) / credit cards (most recent)
• Details of financial commitments held elsewhere for example loans / store card and credit card

TIA 

Maskface

Never experienced this myself but my first though was how much is it worth? Do you have other bank accounts you can use instead? I'd be inclined to walk away and say keep your account I'll go elsewhere. Not saying that's what you should do of course. 

General_Grant

Maskface said:

Never experienced this myself but my first though was how much is it worth? Do you have other bank accounts you can use instead? I'd be inclined to walk away and say keep your account I'll go elsewhere. Not saying that's what you should do of course. 

I'd feel the same way and have sufficient other current accounts.  Problem I could see is if they had locked the account with funds in it which they wouldn't release without seeing rather a lot of pieces of paper.  And, even if there was a nil balance on the account, would HSBC report suspicion for other institutions to see?

HobgoblinBT

They are looking for evidence that your bank account transactions are genuine, legal and that you can explain them.  The bank’s algorithm that reviews all transactions that are processed by the bank has identified that your account appear to have one or more unusual transactions compared to what is normal for your account, hence the request to update via a meeting to establish what is the normal.   

 

As to advice, just give honest answers.  

Hope that helps.

EssexExile

Just do as they ask, they'll be happy and you'll be happy.

themadhouse

HobgoblinBT said:

They are looking for evidence that your bank account transactions are genuine, legal and that you can explain them.  The bank’s algorithm that reviews all transactions that are processed by the bank has identified that your account appear to have one or more unusual transactions compared to what is normal for your account, hence the request to update via a meeting to establish what is the normal.   

 

As to advice, just give honest answers.  

Hope that helps.

I think this. Also, went I set it up, they requested ID (November 2021) and said it included the Freepost envelope. It didn't. I sent my ID to the address on the letter with a covering note.

I have had a couple of high value transactions (sold 2 vans) but I have everything to show for everything - and Tax returns, wages slips etc.

I have also recently set up a few credit agreements (3, a car a CC and a hot tub and it happened on the same day the hot tub was approved and my bank details taken a few hours after, it was 0% interest). I have 95% available on my CC and my car is in positive equity etc so I am not getting into a mess another concern I thought they may have.

I will be honest, I don't have anything to hide.

[Deleted User]

EssexExile said:

Just do as they ask, they'll be happy and you'll be happy.

And if you don't, like it or not they will assume you have something to hide and possibly tell other banks although I don't know that for a fact.

grumbler

End even if you do, they still can assume anything they want and do anything they like.

You are lucky that they asked some questions. Pretty often they just DO without asking anything.

themadhouse

Been in said higher office has been instructed to close the account. They say it’s not from HSBC they will give me funds back by cheque in 7-10 working days

!!!!!!?!

COIAHLGW

Hopefully you already have a plan B account ready to go....

born_again

themadhouse said:

Been in said higher office has been instructed to close the account. They say it’s not from HSBC they will give me funds back by cheque in 7-10 working days

!!!!!!?!

Better check for a CIFAS marker then.