Slightly Off Topic: The other thing i notice is how we are dependent on "Monthly" services and subscription. iCloud, Photoshop etc. A lot of these could have been a product that you buy it one off.
HSBC is killing my business, piece by piece
151–160 of 287 posts
Re: HSBC is killing my business, piece by piece
#152Earlier quoted context omitted.
How can someone else other than the account holder transfer money out of that account? Based on my experience anyone can transfer money in to an account, but only the account holder or an authorised user can transfer it out.
There are many flows that permit direct debit, and that may not have the strongest authentication or protections. If you want to test, post your bank details here!
It's different for every country but for the article's example of the UK, Jeremy Clarkson put his bank account details in a column and got owned by someone setting up a direct debit from his account https://www.theguardian.com/money/2008/jan/07/personalfinanc...
Re: HSBC is killing my business, piece by piece
#153Earlier 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?
If you have a business and don't have some kind of existing relationship with legal representation, you may be screwed in more ways than having your bank accounts frozen.
Re: HSBC is killing my business, piece by piece
#154Earlier quoted context omitted.
> Don’t bank with HSBC. Unless you are a drug cartel, of course.
I don't think drug cartels have any trouble finding banks that will accommodate them. and I doubt it will be hsbc nowadays since they become scapegoat on this issue a while ago.
>I don't think drug cartels have any trouble finding banks that will accommodate them.
I would also believe that drug cartels have somehow more convincing/effective ways ;) to get their money than sending an e-mail to the "Safeguarding" people.
Re: HSBC is killing my business, piece by piece
#155Earlier quoted context omitted.
There are many flows that permit direct debit, and that may not have the strongest authentication or protections. If you want to test, post your bank details here!
It's different for every country but for the article's example of the UK, Jeremy Clarkson put his bank account details in a column and got owned by someone setting up a direct debit from his account https://www.theguardian.com/money/2008/jan/07/personalfinanc...
Yeah, direct debit is the only way I can think of this to happen where it is not a bank error (like in a previous reply). While certainly a convenience, I am still a little bit wary of allowing any company to automatically take money out of my bank account directly.
Having an automatic credit card payment is something slightly different though.
Re: HSBC is killing my business, piece by piece
#156Go to a lawyer right now and pay for him to draft a letter that you will sue for damages if they dont resolve this by the end of the week. Send it to legal and watch how quickly they solve it
Re: HSBC is killing my business, piece by piece
#157I think this is a huge problem and one that is going to continue and get worse. How is it the banks were the ones at fault, but the customers are paying for it. They just hide behind AML / Knowing your customer and say talk to your MP. I was locked out of internet banking for my business account with Lloyds for over 3 months due to a technical fault in the way it was setup. Was paid compensation in the end, but alrea…
Thank God such issues are not rampant in India. I guess the Indian central bank the RBI is to thank for it.
Re: HSBC is killing my business, piece by piece
#158Earlier quoted context omitted.
Had HSBC screw over a co-worker. Someone, somehow, transferred money through his account. A fair sized amount, in and out within an hour. He reported it and they suspended his account immediately while they investigated, which is fine. What wasn't fine was it took them well over a month to investigate, in the mean time all of his money was locked up tight and he was unable to access it, pay rent, buy lunch etc (we en…
How can someone else other than the account holder transfer money out of that account? Based on my experience anyone can transfer money in to an account, but only the account holder or an authorised user can transfer it out.
It's pretty easy. Try adding your spouse's checking account to your credit card payment list. It works, no problem.
The only protection that you have are the internal controls at the biller.
Re: HSBC is killing my business, piece by piece
#159Chase suspended my companies' account for largely the same reasons FYI. I highly recommend moving to a bank where you can have an actual personal relationship with your banker.
I haven't used SVB but it can't be worse than the big banks.
Re: HSBC is killing my business, piece by piece
#160This is why Bitcoin, Monero and Ethereum will take over completely.