HSBC are closing my business bank account

[Cedilla]

I'm astounded and angry.

I just had a letter telling me they've reviewed my account and they're going to close it in 2 weeks. They won't give any reason and they won't reverse the decision, apparently.

For context, I have a small 1-person business (a ltd co) that turns over a very decent annual amount. There's a substantial sum in the account. There's absolutely no way anything dodgy is involved - I won't say what I do but it could hardly be more above reproach.

Has anyone else had this happen to them? I can only think this was triggered by a mandatory HSBC questionnaire I had to fill in online about 2 months ago, allegedly to comply with regulations. Nothing about the questions rang any alarm bells, everything seemed quite standard.

I'm furious now. I feel they're implying there's something underhand about my business. What the hell?

I've never had a closure letter at all
I only found out when i phoned to ask what was going on.
Don't bother with the branch as they have no power ( or actually interest) in the issue at all.

I am completely disgusted by HSBC. I received no letters regarding this 'safeguard' issue. The first I knew of this was when I went into my local branch on Thursday 26 oct l to enquire as to why a direct debit had not gone through the previous day. I was informed that 3 letters had been sent out to me. The first 2 regarding this safe guard thing & lastly to tell me my account was being closed. I received none of these letters. The first was sent in May the second in June & the latter in August. I didn't receive these letters. Do they really think I would have ignored them given the dentrimental impact on my business. Shocked & stunned. No one in branch I can talk to & I get passed from person to person when phoning. No one has a clue. I'm completely stunned.

Done the same 2 me,I went straight 2 Lloyds and got a better deal and closed all my accounts with HS BC,they arnt interested in small business,FACT

I've contacted the Ombudsman directly after finding 2 letters on Friday morning saying that my Business accounts where being closed down on the 10th but due to an online error of the date being wrong they have extended this to 21st January 2018, this is on top of me notifying HSBC that there online SafeGuarding Form does not comply with web safe standards, nor does it comply with the Data protection Act! Besides there is a whole load of grammatical errors in the form, so its appallingly done!

All This because I have apparently failed to disclose a signatory on Safe Guarding form, that hasn't used the facility in 10-years, but there was nowhere on the form to change this. The signatory is my wife, who hasn't been directly involved with the business in the past 10-years. So I haave made a simple mistake.

However, in the past 3 weeks I have been notifled by HSBC that they have made 3 mistakes with my account.

1 They made an historic accounting error last year, so they where giving me £1.87 to cover their error

2 HSBC Over charged me for my Overdraft facilities, so have written to apologies with a refund of £110 + £12 of interest at 8%

3 HSBC Thanked me with a £25 Gift vouchers for pointing out a Bug with their online banking that causes you to delete all your payment benefactors in error.

4 HSBC notfied me that they have changed my IBAN banking codes so I can make international money transfers!!!

Seems I'm not the one making all the mistakes here does it.

After spending 5-hours on the phone with HSBC, so rather than waste my time any further with clearly the Unlistening Bank- I have taken the whole complaint higher.

If your in the same position, drop an email directly to:
financial-ombudsman.org.uk

They are fully aware of the issue and are taking complaints seriously.

I've also posted up on HSBC Facebook group, so follow me there...

www.facebook.com/HSBCUK/posts_to_page/

Think I'm in the same boat. Been with hsbc for 10 years . I have a small roofing business. First thing I knew was when I tried to pay for materials and my card was declined. So went to the cash machine and could see my balance but could not withdraw anything. Then spent over an hour and various departments on the phone. To find out it was the safeguard issue.

I didn't not receive any letters nor phone calls. So then had to drop everything. ( bearing in mind I had a roof stripped and no materials) to get the local branch thinking they could sort it out for me. Nothing . Sorry we don't deal with this .

Great got a customer with no roof and no funds to buy the materials. Then spent another 45mins on the phone for them to tell me my account is cancelled from today. Also i have sent out invoices to get paid by this account.

They have told me they will send me a cheque in the post in 5 working days. Is this true?

Also I have direct debits which have been messed up because of this. Yet they have taken their monthly fees yesterday.

I have no funds now whatsoever how can they do this ? I'm devastated and so worried I haven't stopped shaking.

I've worked so hard to built my small business and this happens just before Xmas. Please if anyone could give me advise it would be appreciated.

Thanks

HSBC - safeguarding

They may be in breach of the banking code if they close your account with no good reason.
Complain to The Finacial Services Ombudsman.

very recently HSBC were let off the hook by the US authorities and aren't quite so paranoid in insisting on knowing absurdly irrelevant and unnecessary information about you.
Change your bank if possible. their behaviour has been appalling.

Hello,

I've had my business account closed since before Xmas in relation to their remediation issues. Dealing with HSBC is like pushing water uphill.

It has been suggested that the way to bring the matter would be to drive my old Saab through the front doors of their UK headquarters.

I have had an account with them for the past thirty years and in the last year they have been really unhelpful and have tried to close my account. The tone of their letters is really off. I have been resident abroad for twenty years (and they know this - all above aboard!) Recently they wrote to me to say they didn't believe I lived abroad and to pop into a local branch to discuss it??! Bizarre.

I too am going through problem with my business account being suspended Please could anyone send me a copy of copy of complaints letters they sent to HSBC

It has been ongoing for nearly 6 months They have frozen £60K and are charging me fees for unpaid bills

Any help appreciated

Hi I have seen posts about hsbc banking last year. Has anyome had a problem with their hsbc current account this year. Just had letters through saying they have reviewed my accounts and have decided to close them without any explanation. Thanks

I have had the same letter from hsbc. If we all changed banks this would teach HSBC to not do these dirty deals and imply that it is the customer at fault

Have been with HSBC for about 10 years, Pathetic customer service by HSBC, Initially I refused to work with Safeguard team as they are not compliant. I told them to send me the form and I write all the info myself but don't have any set of questionnaire or form to be filled in apparently. When I see no light to the end of the tunnel, I fully cooperated with Safeguard team providing every level of detail of my business, some are really confidential as well, and OVER THE PHONE to some one I have no idea who and where they are storing this information.
I have asked for in branch meeting, but its not available, asked for a copy of information they have captured and stored but never received nor they have a process in place ( complete breach of GDPR).

I have been threatened that they will close my account by 29/11/2018, when I called they said please ignore this letter as your case is still under review and system didn't pickup.

I have already started a process to move my account to the other bank before the deadline.

From their viewpoint, the risk is too high for them to let small businesses use their bank just in case if someone misuse it, but its us who has to pay.

My advise, move bank to, Metro, Lloyds if you still have time.

Will never bank with HSBC.

Me too
Just received a letter from HSBC
Closing down my account I’ve had with them for 18 years when I setup the business..
I can’t understand why a bank would want to effect legitimate small, profitable business here in the UK... no doubt about it, this will defiantly effect my business .. I’ve filled out the questionnaire on line but feel this is like a lottery reading some of your accounts. Wish me luck

Another one here - just doing my sunday morning business admin and found I am being binned by HSBC without explanation. I don't recall being asked for more info on an online form like some in this net and wonder whether I am now being binned because I missed it. Also quite worried about comments from some indicating it might be difficult to open another business bank account due to being binned by hsbc. like many in this chain i am just a small services company that sells my own time with decent accounts filed on time and money in the bank. Any further updates or advice from anyone who has sucessfully argued to keep their account? The thought of changing everything over.....

Happened to DH. He managed to easily open a metro bank business account. They asked him why he was moving and he told them what HSBC were doing. There are plenty of news articles to corroborate

I have the same issue. No phone call, no email, no text, no message via website or app. I called because I couldnt transfer money and was told that my account was about to be closed that day! Been banking with them over 10 years with no problems until now. They said they would book a phone call with safeguarding team and an appt was made. I called today to change the time as I can’t make the original time (child with mental health issues) and was told that they would not change the time and if I wasn’t available when they called then the account would be closed. Have tried all day to open an account elsewhere but everyone busy, no appts available and it takes 5-7 days. 🤯. Have been crying with anger, frustration and feeling bullied and powerless against an uncaring bank. So horrible. If I had access to a huge pile of dung I’d be dropping it off in the HQ offices!

Unbelievable how unreasonable and uncaring HSBC is. Will see what happens Monday.

Hi everyone
Sorry I am so late to the party but decided to do a search on the topic and found this thread.
My husband and I have had a business account with HSBC since 2004 and last month we received the "closing your account" letter. We were so incensed to received this letter without having so much as a phone call from our business manager (who exists, even though we've never met) that we decided to switch bank accounts and not even give HSBC the opportunity to retain our business. Our account was closed today. Absolutely shocking business practice.

A family member of mine had a situation where his bank suddenly started demanding allsorts of information about the sources of his income -I think it was HSBC. Anyway he flatly refused to answer the questions and he did complain to the ombudsman based on right to privacy. As I understand he has had an apology And has emerged victorious.

Wow - sounds like he's one of the few who actually challenged them.
I am grateful that we were in a situation where we could easily transfer everything to a different bank as it seems like it has caused a lot of disruption for others.

I think that's right (I must give him a call and verify- I just listened politely without realising Mumsnet would be interested!)

He kept being asked strange questions about the sources of his assets and income including "what was your father's salary when he retired". (in 1960!). My Uncle just refused on the basis that not even the inland revenue is entitled to demand to know someone's financial details in general terms