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  • FIRST POST
    • Skag
    • By Skag 8th Mar 18, 12:42 PM
    • 230Posts
    • 29Thanks
    Skag
    HSBC does not allow me access to my money
    • #1
    • 8th Mar 18, 12:42 PM
    HSBC does not allow me access to my money 8th Mar 18 at 12:42 PM
    I opened an foreign currency account (EUR) in 3 names (parent & sibling) about 10 years ago with HSBC. The amount was in the tens of thousands of Euro.

    One fine Saturday of Jan-18 I called them to transfer my funds to another account. They said that they can't see my money and that my account has been closed. I asked them why they can't see and where my money is, and they said they don't know, and that I need to call back on weekdays 9-5. So I did. The person on the phone said, that they don't know where my money is and that they will launch an investigation, which will take up to 8 weeks to fulfill.

    Eventually after about 7 weeks, and many phone calls, they sent me cheque with the amount converted in sterling, on their own rate (spot rate was about 1.15, their was about 1.18, so I lost some thousands there). They also sent me 2 papers, one saying that I can take my complain to the Financial Ombudsman, and the second that they are sorry, but they don't think they've done anything wrong, since they had let me know that they would convert my money into sterling (I never received such mail).

    I filed a claim with the FO at this point.
    Next Saturday, I deposited the sterling check into my account. Next Thursday, the money still wasn't paid into my account, and I called them to ask why. They said that the check should be paid into an account owned by the same 3 people, but because 2 of them are not residents in the UK, I cannot deposit my check. "Would you like to file a claim for it?". Of course I did, for which I will have to wait another up to 8 weeks for a resolution.

    Now, I don't have access to my money and I need them like yesterday. This money has been deposited, and HSBC is unable to either transfer it to an account, or give it back to me. I informed the manager of premiere banking on the phone that this is illegal and fraudulent, and he decided not to comment on it.

    Should I also seek legal action apart from FO?
    Last edited by Skag; 08-03-2018 at 5:23 PM.
Page 2
    • Skag
    • By Skag 9th Mar 18, 8:18 AM
    • 230 Posts
    • 29 Thanks
    Skag
    My question is still unanswered: What does it mean to be joint holder of a bank account? Does it not mean that each of the joint holders has full access to pay in and withdraw money? Please enlighten me.
    • PeacefulWaters
    • By PeacefulWaters 9th Mar 18, 8:28 AM
    • 8,318 Posts
    • 10,656 Thanks
    PeacefulWaters
    My question is still unanswered: What does it mean to be joint holder of a bank account? Does it not mean that each of the joint holders has full access to pay in and withdraw money? Please enlighten me.
    Originally posted by Skag
    It depends on the terms and conditions of the account.
    • BooJewels
    • By BooJewels 9th Mar 18, 9:49 AM
    • 278 Posts
    • 207 Thanks
    BooJewels
    Precisely my thought on the solution. However not having access to one's funds?... I think it transcends the soft expression of "poor customer service".
    Originally posted by Skag
    But if there are conditions on the account (all bank accounts come with Ts and Cs attached) as to how it operates, if you try to access the funds without meeting the terms, then it's not poor customer service on the part of the bank if they want you to do it properly, in line with the terms of that account.

    Imagine the converse; if the account required two signatories (by way of example) to move funds and one party did so without the others knowing about it and the bank allowed it, then you'd also be peeved that the terms of the account weren't honoured by the bank.

    I think you'll need to work with the other two account holders to come to a resolution.
    • Skag
    • By Skag 9th Mar 18, 10:04 AM
    • 230 Posts
    • 29 Thanks
    Skag
    Fair points. I'll check the T&C of that account. Thanks.
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