HSBC Safeguarding - a new threat.

[Kwayzee Wabbitt]

Two days ago HSBC closed our small business back account. The first I knew about this was I was unable to pay a supplier.
On calling the bank I got put through to the "Safeguarding Team" after a wait of nearly 30 mins, to be told that there was nothing that they could do, the account was being closed and I would receive a cheque in the post with the account balance within 5 working days (later found out to be a lie).

The chap was very unhelpful and would not put me through to anybody else and basically said you are no longer a customer of HSBC so he could not help any further.

Apparently I was sent a letter around 4 months ago advising that they needed to review my account and "May" need further information, if this is not provided then we "MAY" have to close your account.
This letter did not arrive.

They then sent a letter advising that the account was to be closed and they "would not revisit this decision again"- their words.

How can a multinational bank treat its customers in such a draconian way?
Small business owners don't have much time to review correspondence on a daily basis and often put things off.

One way to deal with this would be to suspend an account if the information was not received not just write it off!

Has anybody else had this problem with HSBC? Seems that quite a few have when googling this problem.

 

[Ivel]

Was this a business or personal /sole trader/ account?

 

[Mr D]

Presumably they didn't have the letters returned, would they know you have received them any other way?

 

[Lucan Unlordly]

The HSBC Safeguarding message should have appeared in big red letters at the top of your online banking page, if you use it? Having been through the process, and not yet sure whether we are out the other side, we are determined to change banks sooner rather than later.

When one's business is open and transparent with all payments in and out being clear to see, being asked why you paid in £300 of her majesties finest paper (rather than stuff it under the mattress) leaves a strange taste in one's mouth.

 

[UK Contractor Accountant]

George Osborn and his cronies wanted to abolish cash altogether by 2020.

The plans for a cashless society were drawn up by Daniel Korski, who was deputy head of the unit, and submitted as part of the package for the Conservative party conference in autumn 2015. “The proposal we developed to move towards a totally cashless society,” Korski said, arguing officials had agreed that was the direction of travel anyway.

Downing Street policy unit submitted a proposal to lay down an ambition to end all cash transactions by 2020, as a way to drive up productivity and disrupt some forms of criminal activity.

 

[Chart Accountancy]

To the OP, if you haven't done so you can send a complaint in writing and they must then review it and write back to you. If you are not satisfied with the outcome, you can take things further with the Financial Ombudsman.

 

[Clearaccy]

I received a letter from HSBC stating my account would be closed within 2 months and I couldn't stop the process.

I rang them and told me to fill in the safe guarding form online, which I have. I am waiting for their response now.