hsbc 'Safeguard' letter

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Comments

  • Shakin_Steve
    Shakin_Steve Posts: 2,700 Forumite
    First Anniversary Photogenic First Post Name Dropper
    It seems to me that some customers are being punished for HSBC's previous misdemeanours. Sack them, just walk away. It's just not worth the hassle.
    I came into this world with nothing and I've got most of it left.
  • Uxb
    Uxb Posts: 1,340 Forumite
    Alternatively they are by their actions getting rid of their awkward customers who want to be difficult or those who have complex lives.
    The bank no longer want the "hassle" of these customers.

    Like the poster above who refuses to give their mobile number and considers a requirement to provide it reason to leave. Perhaps they are going to move to a new challenger bank who operate only via mobile phone apps - or maybe not.
    I can't remember how long Lloyds have had my mobile number - probably near on 20 years. Never had any spam.
  • familytr33
    familytr33 Posts: 7 Forumite
    Shakin_Steve wrote: »
    ItSack them, just walk away. It's just not worth the hassle.

    I've been an HSBC customer for over 30 years but am no longer a UK resident. As a non-resident I believe I am unable to set up any new account with a different UK bank. So I can't just dump HSBC.

    I need to retain a UK-based bank account since I have a number of financial interests in the UK.
    Uxb wrote: »
    Alternatively they are by their actions getting rid of their awkward customers who want to be difficult or those who have complex lives.

    I'm sure there are some who may not want to give personal details. But I have complied with everything they requested within the stipulated timeframes and still got hosed.

    As stated I have already received financial compensation from HSBC for their mistakes earlier in 2018. But now the cycle has started again.

    ft.
  • Uxb
    Uxb Posts: 1,340 Forumite
    familytr33 wrote: »
    I've been an HSBC customer for over 30 years but am no longer a UK resident. As a non-resident I believe I am unable to set up any new account with a different UK bank. So I can't just dump HSBC.

    I need to retain a UK-based bank account since I have a number of financial interests in the UK.

    You are precisely the person that the domestic banking services no longer want - you are hassle.
    They have to rely on a foreign postal service if they need to send or serve any documents on you. You can hardly go into to a local branch to verify your ID if they need you to.
    There are perfectly good international arms of the main banks all based in the Channel Islands catering exactly for the expat with business interests in multiple countries.
    Expect to pay a monthly fee of course for this like pretty well all the world does for banking facilities.
  • DCFC79
    DCFC79 Posts: 40,598 Forumite
    Name Dropper First Anniversary First Post
    Uxb wrote: »
    Alternatively they are by their actions getting rid of their awkward customers who want to be difficult or those who have complex lives.
    The bank no longer want the "hassle" of these customers.

    Like the poster above who refuses to give their mobile number and considers a requirement to provide it reason to leave. Perhaps they are going to move to a new challenger bank who operate only via mobile phone apps - or maybe not.
    I can't remember how long Lloyds have had my mobile number - probably near on 20 years. Never had any spam.

    Lloyds and TSB have had my number for 3/4 years, Halifax have had it for 3 and RBS have had it for 10 years plus, no spam has been received.
  • gaffel
    gaffel Posts: 80 Forumite
    Well today I logged into my business account to make some payments, couldn't. Got on to live chat, our your account is closing today at midnight. Like errrRR???

    Apparently they sent me forms in April and 2 letters, did not receive them. So now I have a bank account full of cash I can't use and have to run around trying to quickly open another!

    For those who had it closed, do they send the chq in 5 days?
    Original MF date: Feb 33 Target : MF date: Dec 20 Cleared mortgage August 2015
    Investment mortgage, 164k July 2038 MF date.
  • staneja08
    staneja08 Posts: 1 Newbie
    Yes, I have,and when I didn't give them all the information they need (including the date when I moved into my home), they said they would reduce my ATM withdrawal limit to £20 per day.

    I'm dying to find a reason to move my account elsewhere after over 20 years of utterly indifferent service, but the guy on the phone said this is "an industry-wide" requirement. Can anyone confirm that for me, please? Thanks
  • eskbanker
    eskbanker Posts: 30,920 Forumite
    First Anniversary Name Dropper Photogenic First Post
    staneja08 wrote: »
    I'm dying to find a reason to move my account elsewhere after over 20 years of utterly indifferent service, but the guy on the phone said this is "an industry-wide" requirement. Can anyone confirm that for me, please? Thanks
    I believe that this comes down to interpretation - there are many KYC-related regulations requiring financial institutions to validate the identity of their customers but HSBC seem to interpret these more stringently than others (possibly related to the massive fine they incurred in the States for failure to do so there), so if you're unhappy with HSBC then I'd say that there is no reason not to get on with moving elsewhere....
  • 18cc
    18cc Posts: 2,120 Forumite
    HSBC are a bit more enthusiastic than most when getting to know their customers, but all banks have to do it.


    The date you moved into your house is easily findable by looking at the many websites that show when a selected house was last sold.
  • Sibz
    Sibz Posts: 389 Forumite
    Combo Breaker Name Dropper First Post First Anniversary
    staneja08 wrote: »
    Yes, I have,and when I didn't give them all the information they need (including the date when I moved into my home), they said they would reduce my ATM withdrawal limit to £20 per day.

    I'm dying to find a reason to move my account elsewhere after over 20 years of utterly indifferent service, but the guy on the phone said this is "an industry-wide" requirement. Can anyone confirm that for me, please? Thanks

    Santander are doing it too... and nastily... their very first contact regarding it is already threatening account closure.

    They've been harassing my wife for months now - and we've been answering all their questions. Yet still it's going on. We have started the process of trying to change to another bank (my wife is not a permanent resident currently) so it's not as straightforward as following the the switching links on here (though it will be for me - and I'm looking forward to it).

    It doesn't surprise me of Santander, since they took over Abbey National (that's how long I've been with them) their customer service has gone continuously downhill. Wouldn't touch them with a barge pole in future, and reading this thread I'll be steering clear of HSBC too. It seems they were content money laundering for drug cartels but now that they've been caught they're taking it out on the average working people.

    For those replying to this thread from a viewpoint that the posters are responsible for the banks behaviour... if this is being rolled out then remember your current opinions when your accounts are being threatened with restricted access or closure for no reason. I believe the other posters because we have nothing to hide yet you'd think we were bond villains reading these letters
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