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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 

#191

Reminds me of "Operation Chokepoint" where the U.S. federal government was able to persuade (not force) banks to cut off firearms dealers from their accounts in an effort to affect "unsavory businesses". Another reason why I want to avoid a cashless society, at least in the way we're heading right now. Scary how quickly banks will cave in to pressure from the feds before any legal process even begins (if ever). http:…

Scary stuff.

Also, can anyone tell me why the other reply to the parent is dead? It was a completely relevant response that, I assume, was downvoted because it mentioned something that Trump did in a positive way.

Re: HSBC is killing my business, piece by piece 

#192

> 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".

When I tried to open a bank account having just moved to the UK, Barclays wanted me to wait two weeks for an appointment. HSBC had me signed up with money in my account on the same day. My debit card worked in a week.

Re: HSBC is killing my business, piece by piece 

#194

I 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…

I have to pay for my linodes on the gf's credit card because HSBC randomly lock my card for suspicious payments. That payment has gone on the same day of the month to the same place since 2009 and they still randomly do it. Last time was three days before Christmas. HSBC are terrible.

Linode credit card info has been hacked so many times that I'm not surprised that HSBC is doing this.

For any other service, I'd be upset if my bank did this, but Linode is quite literally the least secure paid service I've ever used. I've had multiple credit cards compromised as a direct result of multiple Linode hacks.

Re: HSBC is killing my business, piece by piece 

#195
I swore off HSBC years ago when they wronged me. Short version: They sold my account to another bank (!) that had a nearest branch 100+ miles away(!), and wouldn't let me opt out or close my account before the transfer!

Long version:

I had a personal (not company) bank account with HSBC, but the closed my local branch and informed me that my account would be transferred to a different bank. I had no idea they could do that, especially since HSBC itself wasn't closing. But it gets worse: The nearest branch of the bank they would transfer my account to was not even within my state but the next state over, 100+ miles away, and I don't own a car. So that would not do, at all.

I saw received a notification about this just a few days before the transfer would happen. I went to an HSBC branch to ask about it and found out they supposedly had sent an opt out form a month or two earlier, which I never received. The only thing I got was what they sent a few days before the switch, which included "welcome to your new bank" material. Since the switch hadn't happened yet, I asked to opt out, and was told that wasn't possible. So then I asked to close my account, and was told they couldn't do that! My account was still and HSBC account, but they refused to let me close my account! The branch manager told me I had to close my account with the new bank after the transfer. I could not comprehend how I was standing in an HSBC bank, with an HSBC account, and they would not let me close my account. Made no sense to me at all. So I did the only thing left I could think of: I withdrew all of my money in that account and opened up a new bank account with another bank down the road.

I called the bank that HSBC had sold my account to to cancel the account, but they wouldn't let me since it wasn't their account yet (of course). So I waited a few days and called them again to cancel the account. They wouldn't let me. I was told I had to go to a bank branch and cancel it in person. I explained the whole situation about the unstoppable account transfer and the fact that I was not going to rent a car and travel 100+ miles just to cancel an account with no money in it (which I needed to cancel since they would charge low-balance fees). And I was told the same thing. I ended up having to call them several times over the course of the next few days before I managed to get them to cancel my account and undo the low-balance fees I was charged. About a week later I had the paper documentation of account closure that I made them send me, thereby finally ending my tale and cementing HSBC as a company I will never ever do business with again in any fashion.

Re: HSBC is killing my business, piece by piece 

#196
post #187

Earlier quoted context omitted.

I'm in NL, and my bank disabling access to my account would cause them to be in the 'kantongerecht' tomorrow morning because of the immediate effects such an account closing would have. I'm thinking taxes and salaries having to be paid, indirect damages due to reputation and other immaterial affairs and direct damages because of my inability to pay employees which would surely cause them to leave the company due to b…

"Kantongerecht" hasn't existed since 2002. You go straight to the "rechtbank" nowadays.

Sure, but that's nitpicking over terminology. The Kantonrechter still exists, the processes still exist it is just that they are now a department in the larger courts. But that doesn't change anything about the essence here.

Depending on what the situation really is in NL a lawyer might go for a 'kort geding'.

Re: HSBC is killing my business, piece by piece 

#197
post #192

Earlier quoted context omitted.

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".

When I tried to open a bank account having just moved to the UK, Barclays wanted me to wait two weeks for an appointment. HSBC had me signed up with money in my account on the same day. My debit card worked in a week.

I have an HSBC account because at the time I moved to the Uk (2004) they had a mechanism in place so you could set it up as part of the application process. I don't remember the details but it was standard for everyone to just do it all before leaving NZ.

I bet a lot of people are in a similar position. Not that I really use the account now, I have a far happier time in my Barclays account. I actually have a real hate for HSBC.

Re: HSBC is killing my business, piece by piece 

#198
post #181

Earlier quoted context omitted.

> I think part of the problem is banks don't make much money from the average account outside of fees Umm.. how about 'using your money to fund interest earning loans'?

And then fund more loans on those loans. Like fractional reserve banking.

Then package them up and sell them as a triple-A bond. Hey we are getting somewhere now.

Re: HSBC is killing my business, piece by piece 

#199
post #194

Earlier quoted context omitted.

I have to pay for my linodes on the gf's credit card because HSBC randomly lock my card for suspicious payments. That payment has gone on the same day of the month to the same place since 2009 and they still randomly do it. Last time was three days before Christmas. HSBC are terrible.

Linode credit card info has been hacked so many times that I'm not surprised that HSBC is doing this. For any other service, I'd be upset if my bank did this, but Linode is quite literally the least secure paid service I've ever used. I've had multiple credit cards compromised as a direct result of multiple Linode hacks.

Seriously???

Re: HSBC is killing my business, piece by piece 

#200
At the moment banking is a total disaster. Personal accounts, under KYC disguise, are being questioned on "suspicious" £2-3k transactions sent between family members. Banks fraud altering systems are so inconceivably dumb, that they can't recognize two persons both having bank accounts at their same institution, both living on the same address as being part of a household, not to bother questioning them why they send cash to each other.(Lloyds Bank, UK).

Business banking is getting totally destroyed by fanatical and full of nonsense administration of KYC regulations, where banks want to verify not only the invoices and reasons for every transaction, but the underlying composition of every amount and how it was earned and why. And why the sum earned is higher, than what they think it should be. Their reviews of business models and revenue generation processes is more strict and intruding, than the figures some investors consider enough to provide business with funding.(Rietumu bank, Latvia).

At the same time many large European banks are losing their ability to transact in USD, after bank-correspondents are leaving them (Deutsche bank). SEPA transfers in EUR is what is left for many businesses as they are cut from making any international payments in non-EUR currency.

The situation is beyond worrying. I hope there are some sane banks left. Possibly smaller banks, friendly to online businesses, who realize that when you receive affiliate payments from Booking.com NV, you are not laundering money and it would be totally moronic to questions those transfers. Please comment if you can recommend such.

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