To think the HSBC homeless banking scheme is dangerous?

[OneRuleForThem]

I have just seen an advert for this. obviously I don’t think it’s a bad idea for homeless people. But do you also think that for everyone else overall this is a poorly thought out idea and will most likely attract nefarious types, who will take advantage of not needing to provide an address to store cash (for example - something like drug dealing)??

You could say the same about state benefits, that it’s great for those that need them but will attract a minority of scammers. It’s not a reason for them not to exist.

The benefits will massively outweigh the disadvantages, and HSBC are big enough that they should be able to deal with any problems.

Applicants have to be referred by one of a select few partners - eg homelessness charities. All communications are funnelled through that charity's local address.

So probably not that appealing to the local dealer!

There's loads of rules around banking, money laundering etc.

There will be something they have in place to be able to do this.

It’s possible but HSBC will have had this thought and done lots of risk assessment. There will be lots of checks and balances in place that the general public will never know about.

Not particularly. I haven’t read the details but presumably a level of due diligence as with any other banking product.

I think you'll find drug dealers use ordinary bank accounts plenty fine.

Let's just do nothing to help homeless people!

Weird post.

It can only be done in conjunction with shelter. Do you not think they’ve thought that of money laundering after the Mexican fuck up a few years ago?

Accessing banking facilities is a major blocker for the homeless helping themselves, I think it’s an amazing scheme.

You have to be referred to get those accounts.

But don't worry, HSBC launder money for drug cartels and other criminals anyway

It's about time banks got on board.
YABU to think its ok for the many thousands of homeless people should be disadvantaged because a few people may misuse the service.

As others have said it is not a scheme that has not been throughly thought out.

@Chishnfips

You have to be referred to get those accounts.

But don't worry, HSBC launder money for drug cartels and other criminals anyway

Precisely.

Banks aren’t stupid. They are very heavily regulated. They will have ensured this does not leave them open to being used for criminal activity.

Surely the amount of money that would go through the accounts would be of no interest to your average drug dealer?

It's going to be pretty obvious what might be a 'usual' amount range that a homeless person would have going through their account as opposed to the kind of money that would interest a dealer - just like if your average 10yo child was earning £5k a month in a kids' account, questions would be asked.

How much money do you think homeless people have going through their bank accounts? I’m pretty sure that any money launderer is going to realise that putting hundreds of quid a week into an account that would realistically be expected to have £50 odd quid a week in it is going to ring some alarm bells.

No, it’s a fantastic idea! Props to hsbc, really could change lives and help people break out of poverty.

Those customers applying for the accounts will go through enhanced due diligence checks and the activity will be monitored. They’ll most likely be referred to branch for in person id checks. Banks do monitor for criminal activity you know. The accounts will also have no lending facilities so they aren’t a credit risk to the bank.

I think it's about time that people with no address were treated like humans. They could never cause the amount of damage that the banks themselves do anyway.

Presumably the bank will have thought this through.

I think it's a great scheme. Obviously ID cards for everyone would also really help, but those are never going to happen in the UK.

@WrongWayApricot

I think it's about time that people with no address were treated like humans. They could never cause the amount of damage that the banks themselves do anyway.

I think that’s quite an unfair - and naive - way of looking at things personally. But I see that I am in the minority so far.

@Namechangetimes100

No, it’s a fantastic idea! Props to hsbc, really could change lives and help people break out of poverty.

Those customers applying for the accounts will go through enhanced due diligence checks and the activity will be monitored. They’ll most likely be referred to branch for in person id checks. Banks do monitor for criminal activity you know. The accounts will also have no lending facilities so they aren’t a credit risk to the bank.

How could banks do in person ID checks on a person that “doesn’t have” a home address?

Which bit do you think is unfair - that homeless people should be treated like humans or that banks can cause huge damage to society?

How do you propose homeless people should be helped to integrate back into society?

Nobody is born 'a homeless person' - they're somebody's son or daughter whose life has gone very badly, for one reason or another.

Do you think they should just be left there in the shop doorway, to lead a life as difficult as possible, until they die and are out of the way of the nice 'normal' people? Rather than risk the possibility that a few tenners a week going their way might be the proceeds of fraud or crime?

You're right. Homeless people should never be able to access housing.

So can you explain a bit more about why you think its a bad idea that homeless people are helped to reintegrate into society?

Don't bother worrying about the drug dealers. Do you really think the dealers sit around on suitcases stuffed with tenners because they can't access banks now? And don't worry about calling me naive either - I work with criminals every day, including organised crime figures and fraudsters. I just want to know why you think providing basic banking facilities to the homeless is a bad idea.

How could banks do in person ID checks on a person that “doesn’t have” a home address

So you think homeless people have lived in the streets since birth?
Do you think all homeless people never worked or lived in a house or have an NI number?
The homeless people who are eligible to claim benefits will be identified in various ways which is why they need a bank account to have their benefits paid in to.
What is your problem with homeless people and this desire you seem to have for them to remain homeless?

OP, what do you think the risks are for banks in allowing homeless people to open bank accounts?