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HSBC is killing my business, piece by piece

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Re: HSBC is killing my business, piece by piece 

#31

Post by djmobley »

raverbashing wrote: post #25
woodylondon wrote: post #17

Earlier quoted context omitted.

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.

> In the UK this is not that simple 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.

For a small business, getting a solicitor involved is a big expense.

I agree it would probably expedite a resolution, but at what cost?

Re: HSBC is killing my business, piece by piece 

#32

Post by homarp »

koolba wrote: post #9

> Then Apple failed. This was a strange one — it appears you actually need a valid payment card associated with your Apple account or you cannot download free apps or update existing ones. Every time you try it just asks you to re-enter payment details. Not a show-stopper, but frustrating all the same. Not true. They have a lot of dark patterns to make you think that but you don't actually need a payment account asso…

https://support.apple.com/en-us/HT204034 is "Learn how you can create or use your Apple ID in the iTunes Store without a credit card or other payment method."

https://support.apple.com/en-us/HT201266 is "Change or remove your Apple ID payment information"

Re: HSBC is killing my business, piece by piece 

#33

Post by retSava »

lushn wrote: post #19

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…

> 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".

Likely the author is thinking it's the last resort, and it has been shown to work a number of times before for other persons (eg problems with google/apple/and so on).

Re: HSBC is killing my business, piece by piece 

#34

Post by larsiusprime »

lushn wrote: post #19

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…

Warning others from making the same mistake is extremely valuable.

Also please don't kick people when they're down. You probably wouldn't have gotten caught by this issue but I'm sure you have your own blind spots in other areas.

Re: HSBC is killing my business, piece by piece 

#35

Post by raverbashing »

djmobley wrote: post #31
raverbashing wrote: post #25

Earlier quoted context omitted.

> In the UK this is not that simple 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.

For a small business, getting a solicitor involved is a big expense. I agree it would probably expedite a resolution, but at what cost?

What is the cost of your business closing?

Re: HSBC is killing my business, piece by piece 

#36

Post by djmobley »

School-Cotton wrote: post #22
woodylondon wrote: post #17

Earlier quoted context omitted.

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 in the UK it's legal for banks to simply shut down your account and steal your money, and you have no recourse? Seems hard to believe. Apparently, from his profile, the guy you responded to is from the Netherlands.

There's nothing to suggest the Bank have "stolen" OP's money.

Re: HSBC is killing my business, piece by piece 

#38

Post by manarth »

School-Cotton wrote: post #22
woodylondon wrote: post #17

Earlier quoted context omitted.

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 in the UK it's legal for banks to simply shut down your account and steal your money, and you have no recourse? Seems hard to believe. Apparently, from his profile, the guy you responded to is from the Netherlands.

It's a UK company [1].

The issue isn't that there's no recourse - it's that there's no urgent recourse, so you can spend months without access to the funds you need to pay bills, pay employees, pay your mortgage…Time enough to go bankrupt and lose your home.

[1] https://beta.companieshouse.gov.uk/company/08036404

Re: HSBC is killing my business, piece by piece 

#39

Post by bluetooth »

lushn wrote: post #19

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…

Did you read the article?

> HSBC aren't likely to be swayed by such an article.

The article is clearly aimed at small business owners. He's doing people a favor by steering them clear of HSBC. I never got the impression he was speaking to HSBC, or attempting to call them out.

> It's very easy to set up two or more business bank accounts and use them both.

This is literally second on his list of takeaways.

Re: HSBC is killing my business, piece by piece 

#40

Post by Pharylon »

bradleyankrom wrote: post #7

> 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.

With all their bad press, I'm actually kind of surprised anyone would purposely open an account with them right now. I'm not even up-to-date on whatever crap they're pulling today, but they're on my mental list of "companies I keep hearing bad things about".
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