We were just about to move our business banking over to HSBC, but this is appalling. I'm going to bring this up with the people we're dealing with and politely decline to go any further with the process for now.
HSBC is killing my business, piece by piece
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Re: HSBC is killing my business, piece by piece
#102There better be some serious god damned compensation for that company at the end of this. Jesus Christ, I wouldn't even know where to start in estimating the damages.
Re: HSBC is killing my business, piece by piece
#103Earlier quoted context omitted.
We should all move to Amsterdam :) Sounds much better!
No need, almost every big EU bank has a representation in London (at least, for the time being).
Some banks are already moving to Amsterdam (or have plans), like Royal Bank of Scotland and MUFG, Japan’s biggest bank.
https://www.theguardian.com/business/2017/aug/04/rbs-plans-m...
https://www.ft.com/content/158dcffe-7535-11e7-90c0-90a9d1bc9...
Re: HSBC is killing my business, piece by piece
#104> 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"
Works only in some countries.
Re: HSBC is killing my business, piece by piece
#105I left HSBC and have been much happier with Bank Of Scotland small business account.
I also get the feeling HSBC would like it if you were in debt, or had a loan. At least they would be making money from you!
Re: HSBC is killing my business, piece by piece
#106> 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.
Their online banking is truly appalling, too. No full history of past payments to make a repeat payment easier. Weird distinction between 'current payments' (or whatever they call the default 'account' screen) and 'past statements' — seems like a hangover from the days when we used to get paper statements. Still a crazily short session timeout. I would add to the list, but I can't login to my account at the moment si…
Oh man, that 2FA device... what a weird, weird product to deploy in this day and age. I still have mine somewhere.
Re: HSBC is killing my business, piece by piece
#107When 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?
Coinbase != bitcoin so the same benefits don't apply.
Re: HSBC is killing my business, piece by piece
#108Earlier 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?
Almost every solicitor/law firm will give you an hour of free consultation where you can explain the situation and they will tell you that it's worth pursuing or not, I'd at least start with that.
Re: HSBC is killing my business, piece by piece
#109Earlier quoted context omitted.
I think the limit was upped to $250K in the wake of the financial crisis.
Joint accounts are also insured at 250k per person per bank and count separately from individual accounts. So a couple can have 3 accounts 2x 250k + 500k in a joint account at the same bank.
and that couple would be rich enough to afford a financial advisor anyhow.
Re: HSBC is killing my business, piece by piece
#110> 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.
I bank with them and will continue to do so for a while. years ago, they were the only bank to open an account with my history from another country. all other us banks had the same bullshit "you won't even have a credit card with us until you have credit history in the us, even though we have branches in the country you have history". then they were the only ones offering investments with no administration fee and wi…
The constant locking when traveling has been my experience, too. Every time I moved, I would tell them in advance... only to have my card declined at the first gas station. And the next. Etc. I eventually started traveling with a wad of cash so as to ensure that I wasn't going to be left in a ditch somewhere with no money and a truck full of my belongings. Traveling with cash is not the safest thing to do, but they left me with no other choice.
I've never worked with a bank that tried so hard to keep me from my money.