HSBC has been an awful bank. My biggest startup regret.
HSBC is killing my business, piece by piece
41–50 of 287 posts
Re: HSBC is killing my business, piece by piece
#42When people tell me they don't "get" Bitcoin, this is exactly the sort of thing I have been looking for to try to explain it. Yes, it has problems and is still maturing, but no one can inexplicably just off your bank account like this.
I've got coworkers and a friend who have been contacting coinbase for ~months because their funds have just disappeared into the ether. Deposited money, nothing showed up in their account. Apparently it's common, and they're just supposed to wait longer. I would guess that this is because just like you said, it has problems and is still maturing. But - doesn't that mean that coinbase could just off their accounts?
1) They should be buying with their credit card. Visa and MasterCard + Amex will not make any issues giving your money back through a chargeback dispute. Virtual Coins are NOT tangible assets; hence Coinbase can do shit to proof they delivered you the "goods" (main reason why a dispute will be favorable to them, not you the customers)
2) Talk with the few layers in Bay Area. I believe there is a class-action lawsuit brewing and they just need more voices to add. I seen ad/clicked and read through but somehow unable to find it now :( I am sure calling few lawyers that deal with class actions (Law firm from PayPal lawsuit?) will help you guide through the right direction.
Good luck.
Re: HSBC is killing my business, piece by piece
#43Banking in California is similarly dictatorial.
I suggest opening a national account in Nevada. Like Wells Fargo, bank of the west, or any other flavor you like.
Nevada banking privacy laws prohibit this shenanigans. They also protect you from inquiry by other foes.
Too bad Nevada isn't a livable place to setup residency.
Re: HSBC is killing my business, piece by piece
#44This is an intentional strategy to increase the 'cost of regulation' so they can lobby against it and go back to accepting shoeboxes of cash through deposit windows.
Re: HSBC is killing my business, piece by piece
#45Presumably HSBC objects to a for-profit business running a patreon & donations. I can see how from a bank's perspective that could look like something illegal is going on.
That's something they can complain over. Or hook you up with the local attorney general. Or shut down your account on some bullshit excuse to make you make it someone else's problem.
Silently freezing the account with no way to resolve it? Nope.
Re: HSBC is killing my business, piece by piece
#46UK banks are ridiculous and they're hastening their own demise to challenger banks with attitudes likes this.
My bank (Barclays) suspended my account and blocked my cards after attempting to make a large payment.
It was £2000 to the Student Loans Company. My account was a graduate account.
All of the clever machine learning anti-fraud algorithms in the world couldn't figure that one out.
Go figure.
Re: HSBC is killing my business, piece by piece
#47> 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.
In America small regional business banks are the way to go. Credit unions are ok but have fallen into bureaucracy.
Re: HSBC is killing my business, piece by piece
#48don't bank with someone who's been caught money laundering, as they'll treat all their customers like criminals.
I think its worse than that. There were gladly providing business to companies that ended up being criminal enterprises laundrying hundreds of millions - they knew and were helping along the way. So if the OP had millions of USD revenue he would have gotten top notch customer support from HSBC; since he doesn't...
Re: HSBC is killing my business, piece by piece
#49More hidden cost from the war on drugs. What does it take to finally try to find another solution or arrangement?! I guess value voters in the US will never give up on this and we will live with this silly bootleggers and Baptists problem forever...
Re: HSBC is killing my business, piece by piece
#50Earlier quoted context omitted.
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.
Would you prefer "holding the OP's money hostage"? Call it what you will, it doesn't make the situation any less ridiculous.