hsbc 'Safeguard' letter
Ajp
Posts: 1 Newbie
HI,
I've just had a letter from my bank, HSBC, introducing 'Safeguard', which they say is a fraud protection measure. They request I 'update' and 'confirm' the details they hold on me. My objections are:
1. Everything they know about me is up to date and I could simply tell them this.
2. The questions they want to 'update' include lots of info they DONT currently have about me, such as the name of my employer and whether I'm a company director or not.
They are demanding return of this form in 7 days. Has anyone else had a similar letter? I'm disinclined to tell them anything about me they don't need to know and I've had an account there for 25 years without them knowing any of this information.
I've just had a letter from my bank, HSBC, introducing 'Safeguard', which they say is a fraud protection measure. They request I 'update' and 'confirm' the details they hold on me. My objections are:
1. Everything they know about me is up to date and I could simply tell them this.
2. The questions they want to 'update' include lots of info they DONT currently have about me, such as the name of my employer and whether I'm a company director or not.
They are demanding return of this form in 7 days. Has anyone else had a similar letter? I'm disinclined to tell them anything about me they don't need to know and I've had an account there for 25 years without them knowing any of this information.
0
Comments
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Money laundering and anti-terrorism/organised crime regulations are a lot tighter than they were a 25 years ago, and HSBC are one of the banks hurriedly checking this sort of information for fear of falling foul of the regulators (especially the US ones) and ending up with massive fines.
I suppose you're free not to give them the information if you don't want to, but in return they're free to decide that they don't want you as a customer any more - which can be an unpleasant experience.0 -
HI,
I've just had a letter from my bank, HSBC, introducing 'Safeguard', which they say is a fraud protection measure. They request I 'update' and 'confirm' the details they hold on me. My objections are:
1. Everything they know about me is up to date and I could simply tell them this.
2. The questions they want to 'update' include lots of info they DONT currently have about me, such as the name of my employer and whether I'm a company director or not.
They are demanding return of this form in 7 days. Has anyone else had a similar letter? I'm disinclined to tell them anything about me they don't need to know and I've had an account there for 25 years without them knowing any of this information.
For data protection purposes, tell the nosey twonks the absolute minimum you can get away with. In fact, ignore it to start with and see how they escalate the request, if at all. Then reply by crossing the form with the words "No changes".0 -
Money laundering and anti-terrorism/organised crime regulations are a lot tighter than they were a 25 years ago, and HSBC are one of the banks hurriedly checking this sort of information for fear of falling foul of the regulators (especially the US ones) and ending up with massive fines.
I suppose you're free not to give them the information if you don't want to, but in return they're free to decide that they don't want you as a customer any more - which can be an unpleasant experience.
When you read that link you can see that banks really are scum!0 -
@Ajp
We have also found HSBC Safeguard's requests for unnecessary information deeply objectionable. Much of the information is quite clearly NOT for security but is of considerable use for profiling us and all our fellow bank users. The excuse that this is action against money-laundering and for our security does not square with the questions that they are asking.
Nonetheless, It seems we have no option except to give the information if we are to keep our account open. We now have a final letter stating that they will close the account within six weeks if they do not receive the information. It is deeply unpleasant to be treated in this way by a bank we have been with for over 20 years.0 -
I've had this letter too. I filled in all of it except for annual salary which I felt was none of their business and sent it back. As the bank ring you as soon as you have unusual account activity income is obviously already monitored anyway. I'm on my third threatening letter from them plus a text reminder too today chasing me. I've just come off the phone to them and they are adamant that it's essential information and she started quoting banking rules that make them and me obliged to make sure everything is done to ensure safe banking. I'm peeved! They say they may withhold ATM or internet banking until I complete it, which is of course blackmail. Time to move bank??0
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just put down £84500 and make 'em jealous...
The questions that get the best answers are the questions that give most detail....0 -
I live abroad and they wanted me to send all my personal information through their form by postal mail, I refused and I am still battling with them, it is not what banking is all about and I will close all my accounts with HSBC before they will get any information on my personal private life.
I invite everybody to look at HSBC Safeguard very troubling intrusive actions.0 -
HI,
I've just had a letter from my bank, HSBC, introducing 'Safeguard', which they say is a fraud protection measure. They request I 'update' and 'confirm' the details they hold on me. My objections are:
1. Everything they know about me is up to date and I could simply tell them this.
2. The questions they want to 'update' include lots of info they DONT currently have about me, such as the name of my employer and whether I'm a company director or not.
They are demanding return of this form in 7 days. Has anyone else had a similar letter? I'm disinclined to tell them anything about me they don't need to know and I've had an account there for 25 years without them knowing any of this information.
Maybe you shouuld opoen a new bank account to get to grips with the latest banking standards. HSBC has a lot of catching up to do.
I've been with HSBC, who are very picky, but now I'm being picky and looking for a different bank.0 -
Maybe you shouuld opoen a new bank account to get to grips with the latest banking standards. HSBC has a lot of catching up to do.
I've been with HSBC, who are very picky, but now I'm being picky and looking for a different bank.
Unfortunately it took a while for HSBC to be picky, which resulted in their rather large fine from the us regulators.
As with many things being overly lax for a period is followed by then going to the other extreme, which is why many people are having such problems.
I've managed to avoid HSBC to a long time and see no reason to change that position.0 -
Yes I got the same and I am refusing to give them any personal information, I am looking to change bank as HSBC is becoming very intrusive.
I got many calls from them and I keep telling them the same thing.0
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