21–30 of 287 posts
Since HSBC kicked us out we have multiple banks and if things go wrong we just move to another one.
So, immediately get on the horn with your lawyer and have your lawyer on his letterhead send them a letter and if the response is not to your liking sue the bastards. In the meantime set up another account with another bank and make sure all invoices that are pending but not yet paid are paid into that account and not into the HSBC account. Then shift over all the monthly payments to the new account as funds appear.
Not sure if you're in the US? where that maybe possible. In the UK this is not that simple. Not even sure how you would sue them, their T&C would cover this under AML / Knowing your customer legislation. The problem is the knee jerk reaction from the government on stopping the bank's bad practices without thinking what happens, in reality, day to day.
Apparently, from his profile, the guy you responded to is from the Netherlands.
So, immediately get on the horn with your lawyer and have your lawyer on his letterhead send them a letter and if the response is not to your liking sue the bastards. In the meantime set up another account with another bank and make sure all invoices that are pending but not yet paid are paid into that account and not into the HSBC account. Then shift over all the monthly payments to the new account as funds appear.
Not sure if you're in the US? where that maybe possible. In the UK this is not that simple. Not even sure how you would sue them, their T&C would cover this under AML / Knowing your customer legislation. The problem is the knee jerk reaction from the government on stopping the bank's bad practices without thinking what happens, in reality, day to day.
I'm not entirely clear why the author felt it was a productive use of his time to write several thousand words on this. HSBC aren't likely to be swayed by such an article. They've been fined billions, they're probably not worried about being "called out". First of all: Why are you depending on only one bank account to run your business? It's very easy to set up two or more business bank accounts and use them both. Ju…
So, immediately get on the horn with your lawyer and have your lawyer on his letterhead send them a letter and if the response is not to your liking sue the bastards. In the meantime set up another account with another bank and make sure all invoices that are pending but not yet paid are paid into that account and not into the HSBC account. Then shift over all the monthly payments to the new account as funds appear.
Not sure if you're in the US? where that maybe possible. In the UK this is not that simple. Not even sure how you would sue them, their T&C would cover this under AML / Knowing your customer legislation. The problem is the knee jerk reaction from the government on stopping the bank's bad practices without thinking what happens, in reality, day to day.
Still, the advice of talking to a lawyer (solicitor/barrister) is correct. Yes, things might not be simple that's when you talk to a professional who knows what to do
KYC does not preclude you from searching legal help and T&Cs have limitations.
So, immediately get on the horn with your lawyer and have your lawyer on his letterhead send them a letter and if the response is not to your liking sue the bastards. In the meantime set up another account with another bank and make sure all invoices that are pending but not yet paid are paid into that account and not into the HSBC account. Then shift over all the monthly payments to the new account as funds appear.
Not sure if you're in the US? where that maybe possible. In the UK this is not that simple. Not even sure how you would sue them, their T&C would cover this under AML / Knowing your customer legislation. The problem is the knee jerk reaction from the government on stopping the bank's bad practices without thinking what happens, in reality, day to day.
So, immediately get on the horn with your lawyer and have your lawyer on his letterhead send them a letter and if the response is not to your liking sue the bastards. In the meantime set up another account with another bank and make sure all invoices that are pending but not yet paid are paid into that account and not into the HSBC account. Then shift over all the monthly payments to the new account as funds appear.
You'll spend a fortune paying someone to argue some or all of the agreement is unenforceable.
I would suggest trying to get in contact with other businesses in the same boat. The UK doesn't have a formal class action suit mechanism, but there's nothing to stop you pooling your resources in a joint suit and suing for an eye-watering sum of common consequential losses.
My guess is that if you do that, HSBC will settle out of court by restoring your accounts and offering a "no-fault goodwill payment" to everyone.
At that point you can collectively choose to refuse the payment and fight the case all the way through.
So, immediately get on the horn with your lawyer and have your lawyer on his letterhead send them a letter and if the response is not to your liking sue the bastards. In the meantime set up another account with another bank and make sure all invoices that are pending but not yet paid are paid into that account and not into the HSBC account. Then shift over all the monthly payments to the new account as funds appear.
Not sure if you're in the US? where that maybe possible. In the UK this is not that simple. Not even sure how you would sue them, their T&C would cover this under AML / Knowing your customer legislation. The problem is the knee jerk reaction from the government on stopping the bank's bad practices without thinking what happens, in reality, day to day.
I'm not entirely clear why the author felt it was a productive use of his time to write several thousand words on this. HSBC aren't likely to be swayed by such an article. They've been fined billions, they're probably not worried about being "called out". First of all: Why are you depending on only one bank account to run your business? It's very easy to set up two or more business bank accounts and use them both. Ju…
Hindsight is 20/20, and what he describes is not the norm.
As to "writing several thousand words" - the intent is not to sway the HSBC. It's to sway others who may be similarly stung by the HSBC.
> Don’t bank with HSBC. After having similarly-frustrating things happen with my HSBC personal accounts over the years, I fully support this suggestion. They are awful. They take extreme steps (suspending accounts, rejecting payments, etc.) without contacting the customer; when you reach out to them, it's hours of being passed around before you reach the right person. If you reach a person at all.
> Don’t bank with HSBC. Unless you are a drug cartel, of course.