HSBC closed business bank account

cybersavvy

In light of the info from Farage's SAR to Coutts, I am considering submitting similar to HSBC to discover why my business account of 20+ years has been closed after the bank basically accused me of money laundering (I wouldn't know how!) and then failed to provide an account manager within the required time limit (set by HSBC) to discuss this ludicrous and libellous accusation and then sent me a cheque for the balance of my account without me ever being able to counter their charge under supposed safe-guarding requirements. I rang and emailed and contacted through online banking multiple times and kept being told that the account manager was on leave, etc. Anybody know how I would go about discovering on what grounds my account was flagged for safeguarding and to show their communications (or lack of) regarding this and the subsequent decision to close my account without ever having discussed any of this with me personally? Obviously, it has caused problems and costs for the business as well as stress for me personally. Thanks. 

cybersavvy

As an addendum, I no longer have access to any of the online banking discussions as my log-in was removed. This closure was during the time they were supposedly trying to allocate another account manager for me to speak to so I wasn't expecting everything to just vanish into the ether. (Note to self: in future, make copies of everything within the system too). 

callerIDapp_user

Not knowing your whole situation, I'd say you need to definitely make sure you are corresponding with legitimate Banking Agents, as their have been many scammers who have spoofed this bank in the past. But, on another note, with the bank having cut down it's staff by a quarter a couple months ago, there a lot of cracks in the system occurring, as they adapt to the integration of AI, and minimized workforce. Overall though, there is a squeeze happening in the banking system in general, which will ultimately affect us all in the near future. The only proven way  to know exactly what happened in your case, is to speak to a live person, or even visit the bank branch in person and ask to reopen the account (See what their response to this would be). It's a massive inconvenience for sure, but could prove to be worth it.

DullGreyGuy

If you believe the Farage story and want to replicate it then do what he claims to have done and submit a SAR request

grumbler

DullGreyGuy said:

If you believe the Farage story and want to replicate it then do what he claims to have done and submit a SAR request

cybersavvy said:

In light of the info from Farage's SAR to Coutts, I am considering submitting similar to HSBC ...

However, this is worth doing only out of curiosity. Unfortunately, banks don't need any reasons for closing accounts and even if their decision is wrong they never admit this.

friolento

It is everyone's legal right to request a SAR. Which? have a useful guide on it.

https://www.which.co.uk/consumer-rights/advice/how-do-i-make-a-subject-access-request-sar-a6axO2u2RKof

DullGreyGuy

lcooper said:

It is everyone's legal right to request a SAR.

Every natural living person... the OP states it was a business account and so if he is a sole trader then thats fine he can SAR, if he was operating via a LTD then there are no SAR rights for legal persons. 

born_again

Even a SAR will not get the reason the account was closed, if accused of ML. These details can be withheld due to regulations.

avenue12

My account was closed too with no warning. I logged online one day to  find it closed!
I wrote to CEO but was fobbed off..As I'd received the incentive to transfer to them I wasn't that bothered!