HSBC has frozen all my accounts - high earner left penniless

grumbler

MrFrugalFever said:

ent_moot said:

CC, when used well, are a great tool for managing cash flow, large transactions spending (offer S75 cover), and even perks/rewards, as well as in cases like this, offers an alternative method of expenditure for up to approximately two months. Have been using them for about 24 years, only paying minimal interest/fees when suited me, without affecting my debt condition.

This is all true; however, credit cards are fundamentally build upon exploiting those who are, for whatever reason, unable to manage their finances carefully. 

Let's suppose you have a mental breakdown or some type of personal crisis, and neglects to carefully manage your credit cards because, quite frankly, you've got bigger problems. All the money you've made/saved by using CC could be wiped out in a few months because of the exploitatively high interest rates. At your lowest point, you're doubly penalised. 

On principle, I think they're a dirty business that is made successful through the exploitation of common psychological blind spots. I've heard the argument of "well, if people can't manage them, then they should not use them"; however, I think this is like saying "problem gamblers should just not gamble if they can't do it responsibly".

The world would be a better place without credit cards. 

...no amount of complaining will alter the regulatory requirements HSBC will undertake

But it can, possibly, alter the speed of 'undertaking' and the time it takes as a result.

prowla said:

Whilst I can see where the bank has to do due diligence and provide appropriate protection, I don't think it justifies blocking well-established Direct Debit and Standing Orders on the account.

Neither it justifies blocking the entire balance instead of only a part of it that raises suspicions.

Give idiots unlimited power and, no doubt, they will abuse it. They will block everything they can and will drag their heels for as long time as they can.

wolvoman

km1500 said:

Just to re-iterate: never faster payment / transfer money to /from a stranger's bank account.

How would you transfer then?

grumbler

wolvoman said:

km1500 said:

Just to re-iterate: never faster payment / transfer money to /from a stranger's bank account.

How would you transfer then?

Cash / card / Paypal / cheque

Bank transfers - only to/from trustworthy companies and friends/family

kaMelo

wolvoman said:

km1500 said:

Just to re-iterate: never faster payment / transfer money to /from a stranger's bank account.

How would you transfer then?

Pay cash, write a cheque, or if it has to be a bank transfer do it from an account that is not your "main" account.

gt94sss2

Ironically, HSBC Premier debit cards have a £1000/day ATM limit as standard..

Alex9384

km1500 said:

Never ever pay money into a stranger's account by bank transfer. If you must do it, don't do it from your 'main' account. The account you transfer to could be on a fraud or money laundering list (possible this is what happened to you).

Ditto don't let anyone transfer money to you.

So how do people buy and sell cars privately these days? Exchanging 10-15k of physical cash?

grumbler

Alex9384 said:

km1500 said:

Never ever pay money into a stranger's account by bank transfer. If you must do it, don't do it from your 'main' account. The account you transfer to could be on a fraud or money laundering list (possible this is what happened to you).

Ditto don't let anyone transfer money to you.

So how do people buy and sell cars privately these days? Exchanging 10-15k of physical cash?

This always was and remains a problem. Our regulators that set the rules don't buy and sell cars privately. So, AFAIK, cash is the only more or less reliable way. Possibly, a banker's draft.

km1500

Or, as previously said, from a 'spare' bank.account that would not inconvenience you too.much if frozen for a few weeks

Alex9384

km1500 said:

Or, as previously said, from a 'spare' bank.account that would not inconvenience you too.much if frozen for a few weeks

But still, isn't there a possibility you'd end up with CIFAS on your credit files?

km1500

I am hoping you would only get a fraud marker if you had committed fraud.