Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Hsbc just closed my business account with no notice - new bank recommendations

58 replies

Ribenery · 20/02/2022 19:22

I am absolutely fuming. Got a letter through the post yesterday to say my business bank account had been closed with absolutely no notice. There is no email address or phone number to call. On a quick Google, it appears this is happening a lot with HSBC business customers at the moment. I had a look at the Ombudsman's website and it says I should be given 15 days notice to sort things out but they have not done that and all my money is now frozen in the account. Unfortunately, from reading all the stories, it appears as though this will take months to resolve and I'm unlikely to be able to touch my money till then despite having to pay employees/tax man etc.

I'm a premier account holder on the personal side but obviously after they have done this I'll want to close all my accounts with them (I darent say anything now because I will need to use my personal money to pay employees as I don't think it's fair to make them suffer for the bank's horror show) but this is it for me. I've had enough of their shitshow!

Does anyone have any recommendations for personal and business banking?

OP posts:
Hoppinggreen · 21/02/2022 15:22

@caranations

This is worthy of a visit to your branch. I'd be incandescent.
I tried that and all they could do was try and phone for me Didn’t work and The Manger was very apologetic and agreed the situation was crazy but could do nothing
DicklessWonder · 21/02/2022 16:21

Branch couldn’t help me either.

Bastards.

Ribenery · 21/02/2022 17:20

I emailed back to ask for a phone number that worked and they haven't replied

in the meantime, there is no email with the form in and it's still not in my online banking

I can see though, that they have still managed to charge me my monthly charge for the account despite me not being able to access it

I am starting to feel a bit sick tbh because I can't actually afford for the account to be inaccessible for months!

there is nothing in spam, no form. Nothing. I literally can't move forward. The business banking team won't speak to me as I have to speak to the the 'people responsible for the form' team and the phone number doesn't work and you can't look them up online.

one tiny glimmer of hope is that the last person I called took pity on me and is seeing whether they can unlock the account for 24 hours. If they agree to this, I will just transfer out as much as I can (though I am limited to how much I can transfer in a day, it should at least tide me over) while I try and persuade someone else to give me the number of the only person in the whole of HSBC who can give me a new form and unlock the account! SCREAM

OP posts:
DicklessWonder · 21/02/2022 18:07

They did that for me. That’s how I got the money out and into a spare personal account pending a new account being opened.

Ribenery · 22/02/2022 13:33

just to update further for posterity

so I emailed back last night to say the number they provided was incorrect, no response

so again, I logged onto online banking, went to live chat (this is not without difficulty while working as you can't let the banking window expire and if they start chatting and you're in another window, they close it down after 1 minute) as it doesn't pop up in the other window. Every minute or so, you have to go back and refresh - if you don't do this, it times out and kicks you out back to the beginning. This is not easy when you're trying to work and do meetings. So after 30 mins of it timing me out and me finally telling everyone to leave me alone so I can refresh the screen permanently, I talk to someone in live chat who can't write in full understandable sentences.

I say the form is STILL not there and they told me yesterday if I hadn't done it in 5 days, the accounts would be closed. She tells me that this is not correct. What is correct is that the form will APPEAR in 5 days time. I said what happens if it doesn't, she says it will. I say please can you give me the number for the team responsible for the form. She goes away and finds the number. I can see the number they have given me is one digit out from the number in the email so obviously someone typed it wrong when they sent it to me on email.

I call the number. I have to select option 2. I have a digital phone system at work. When i select option 2, it doesn't register on the other side so I have to wait with the call going round in circles till someone finally says for the 4th time, you have still not selected an option and passes me to someone.

I give my account details. They say they need my telephone banking password. I have never set up telephone banking. He said no you did, you went into a branch and did it. I say I have never been into a branch for business banking. He says you did. I say well maybe it's the same as the telephone banking number I have on my premier account. He says fine let's try it. We try it. It's not that. He says ok you have one more go. I said what if it's wrong because it will be wrong as I don't know what it is. So he said if it's wrong, we can do other security measures like checking your transactions since the last statement. I say ok great, that's easy because the only thing that's happened since my last statement is YOU CHARGING ME FOR AN ACCOUNT I CAN'T USE

we try it again, it's wrong so we move to alternative security. He says before I start this, your account is now frozen from a security perspective unless you pass these tests. I said my friend, the account is so frozen, nothing we are doing makes a difference. He said fine let's start with the debit card number. I said , I don't actually ever use the debit card as we make all our payments online. He said sorry we can't proceed until you have this number so I'm going to end the call right now but if you don't call back within 24 hours, there will be problems with your account as you've failed the security checks!

ARGH

tomorrow is another day

OP posts:
SNUG2022 · 22/02/2022 13:49

Oh my bloody hell.

Hoppinggreen · 22/02/2022 14:02

I’m so sorry OP
This is giving me flashbacks to when I was in a similar position.
Once it was sorted I bought myself a big present to ease the trauma
I think even Moneybox or You and Yours or similar covered this issue with HSBC - Horrible Stupid Bastard Cunts

delilahbucket · 22/02/2022 14:04

There been doing it for years and years. I was going to switch to them seven years ago and got wind that they liked to just shut down business accounts with no warning so I didn't. I'm with Santander. I get cashback every year on the account as well as having a cashback business credit card. I highly recommend them.

flowerycurtain · 22/02/2022 14:09

Jeez this is horrendous. Can you get to a branch and effective refuse to move until you have access to your money.

I get they can close your account but surely they can't hang on to your money.

Can you tweet? Email people high up? Know anyone that works there?

Hoppinggreen · 22/02/2022 14:10

Branch can’t help
Been there done that (in tears)

Justkeeppedaling · 22/02/2022 14:14

It's the old "computer says no" scenario.

Good luck with getting it resolved OP - it might be worth getting one of the problem fixers from a newspaper involved - Telegraph, Guardian etc. Or go public somehow - definitely tweet.

Mundra · 22/02/2022 14:20

Thing is, if it's a fraud investigation (even if incorrect!) they aren't allowed to inform you.
I appreciate that doesn't help the situation any.

HerNameIsIncontinentiaButtocks · 22/02/2022 14:25

Sympathy - Natwest did something similar to me 20 years ago and fuck them too.

I can say that my Santander business account hasn't done anything bad to me in 8 years now, so a tentative recommendation for them.

Ribenery · 22/02/2022 14:52

thanks for the recommendations. I will look at Santander and Starling. I have another personal account with Monzo and will also look at them. I actually feel exhausted by this all. It's taking me hours every day to sort out.

I have emailed someone v senior and high up. They are the one who sent me the wrong phone number. I emailed back to say the number appeared to be incorrect, I've heard nothing else back. I'm sure my business account is fairly low down the list of importance.

one thing is for sure, if I was in overdraft, you can bet your bottom dollar they wouldn't have done this

OP posts:
Ramalamadingdongs · 22/02/2022 14:53

I've got my business account with starling and they're brilliant. In fact all my accounts. Probably not wise to put all my eggs in one basket but theyve been very good for me so far. Sorry you're going through this, it shouldn't allowed. How many hours have you lost trying to sort this out? Not an inconsiderable amount i bet. You could have spent that time earning. Shame you can't claim that back. Or can you? Small claims court?

Ramalamadingdongs · 22/02/2022 14:57

In terms of Santander i did have my account with them but they are light years behind starling in terms of how easy it is to bank with them. Santander are very traditional and their app is clunky and difficult to use. Loads of things you have to go on their website to do, you can't do it on the app. The cashback is nice but they kept cutting the rates and i was having to pay for the account so the cashback wasnt adding up to much.

IhateHSBC · 22/02/2022 18:44

I've just had the same problem with HSBC business banking. Not your whole situation but the bit about telephone banking passwords etc.

I have never set up telephone banking on the business account. They say I have and I went into my branch to do it. That's clever, considering my branch is over 200 miles away and I haven't been in it for over 2 decades!

I tried the banking password for my Premier account, of course it was wrong. They said I had one more try then the account would be frozen. I said I wouldn't try again because I DON'T HAVE a telephone banking password. They told me I do, I told them I don't etc etc.

This all started when I tried to pay using business Visa card online, which I've been doing for many years with no problem. It wanted a OTP but said I don't have an email or phone number set up on the business account to send the OTP to.

When I raised a complaint, she asked me if I wanted the correspondence about my complaint sent by email to the address they have on file for the account. That must be that email address they don't have Confused

I hate HSBC with a passion and intend to move my personal account and my business accounts as soon as possible.

Ribenery · 24/02/2022 08:29

thanks @IhateHSBC many sympathies

just FYI, to update the thread, because I also have no telephone banking password and because I cut up the debit card because I never use it and didn't want it falling in the wrong hands and therefore can't quote a debit card number, I can't speak to anyone about the account issue with them closing the account, not even the people who are meant to send the form.

The form that is supposed to arrive in my online banking has still not arrived. Given it was meant to arrive last time and never did (which is why this whole problem started), I don't think it ever will.

This means I can't talk to anyone about the account nor can I do anything with it. When it was unfrozen last time I managed to transfer some money out. What I am thinking of doing is trying to convince them to unfreeze it again and see if I can get the rest out and once that has happened, I will close the account myself.

I noticed this morning on my personal account, I had to set up a pin for the first time and then re set up face id so they are obviously changing loads of things but telling me I had a phone password on this account when I definitely never did, very similar to you @ihatehsbc is infuriating

I will also move my personal accounts but will wait till I have closed the business one. The person who emailed me the wrong phone number for the form people has still not replied with the right number (I got it from the online chat people in business banking). The problem I have now is the online chat now won't speak to me because they cant talk to people who are having problems with the form and the phone people won't speak to me as I can't pass security because of not having a phone password and then not knowing my card number.

OP posts:
BarbaraofSeville · 24/02/2022 08:42

Oh what a nightmare. It's probably down to HSBC being very cautious re money laundering, the consequence of which is that they're too restrictive to the honest customer.

I had a problem years ago when my account was frozen because they didn't like the look of a payment I'd received and all it was was money from a regular savings product that was automatically sent back to my current account at the end of the term. Fortunately I went to the branch and it was sorted fairly easily.

You may want to try submitting your complaint via the resolver tool.

www.resolver.co.uk/

It walks you through setting out your complaint and most importantly, channels it to the correct people who may be able to sort it out.

Ribenery · 24/02/2022 09:20

ah some progress

I got an email confirming that I no longer need to give any more information, that they assessed the info on the form and everything is ok and my account is fine! Hurrah I hear you say! For about 5 mins I was delighted!

5 mins later, a new email has arrived to say I haven't filled in the information on the form and I need to immediately log in and fill in the information and if I don't do it by X date, my account will be closed.

ARGH!

OP posts:
Ribenery · 24/02/2022 09:20

thanks, will file a complaint when all and done. This thread is useful as it has all the dates on it!

OP posts:
eurochick · 24/02/2022 09:37

It's kafkaesque!

Hoppinggreen · 24/02/2022 10:37

@Ribenery

thanks, will file a complaint when all and done. This thread is useful as it has all the dates on it!
Definitely do that but I did and got precisely nowhere. They just do not give a shit
Ramalamadingdongs · 24/02/2022 10:48

Have you managed to get your money out?

worriedmum2022 · 24/02/2022 10:53

I'm employed but have my own business too and swear by NatWest they are brilliant and the statement system is good too very clear plus you get a dedicated person in your local branch well worth it