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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 

#111

Post by joering2 »

gcb0 wrote: post #94
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.

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…

What country you came from if i can ask?

I hailed from Europe to USA in 2003. Got SSN, went to first Bank of America branch and opened account with $100 initial deposit. No problems at all. Credit Card was tricky - yes many banks will tell you "bad credit is better than none", but after 60 days of direct wire from my employer to the Bank, they gave me secured $500 Amex. That was enough to show them for the next 60 days I used it and paid on time. Within 3 month from getting SSN and my first banking and working legally full time W2, I already got "you are preapproved for credit card" letters in my mailbox.

2 years later I opened Business Account with Bank of America and never had problems with them since then (online sales-related business). Not to say they are perfect, as BOA was known to claim they own properties (by mistake) and being stubborn in courts even if they knew they are wrong.

Re: HSBC is killing my business, piece by piece 

#112

Post by dnh44 »

Arathorn wrote: post #37

Does anyone have a datapoint on whether Barclays ever misbehaves like this for small business banking accounts?

I had my business account frozen by Barclays for similar reasons but they responded quickly and had me up and running again quickly. Basically I had an international customer making cash payments directly into my account at Barclays branches in the UK (I think he used some kind of underground international payments system). After a few times I got locked out of my account. They tried telling me it was an IT error. They opened the account back up in about a week but I was on the phone with them every day.

I now have multiple bank accounts and a currency broker that I also use like a bank.

Oddly enough I tried to open an account with HSBC after that but because I've got a couple customers in "naughty" countries they refused to open the account. Their attitude makes a total mockery of all the advertising they seem to have plastered around at airports all over the world.

Re: HSBC is killing my business, piece by piece 

#113

Post by tome »

pricechild wrote: post #81
djmobley wrote: post #64

Earlier quoted context omitted.

Why would you make a voluntary payment to SLC (assuming it was voluntary as most repayments are through PAYE)? That is quite an unusual thing to do.

There's been a lot of advice shouted about that everyone should only make the minimum payments as it'll be cheaper when the debt is eventually written off - if you earn less than £X. That only works if the rules stay the same. I say it's a fair gamble that they won't and that many will wish they paid them off earlier.

Then pay off the balance in full as soon as the rules change.

Re: HSBC is killing my business, piece by piece 

#114

Post by jacquesm »

djmobley wrote: post #23
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.

Exactly. Getting a solicitor involved may be a (very expensive) means of expediting a resolution, but I don't see on what grounds you could follow through with legal action.

> I don't see on what grounds you could follow through with legal action.

That's exactly why you talk to a lawyer. I've been in business a bit longer (30+ years by now) so I can see such grounds but whether or not the lawyer agrees they are good grounds is an important element in determining the strategy.

But I highly doubt the bank would let it get to the point where they would have to appear in court.

Re: HSBC is killing my business, piece by piece 

#115

Post by 9to5isdead »

atemerev wrote: post #75

Ironically, I know use Bitcoin and Bitcoin-linked debit cards to pay for Github, Amazon and the rest. Much easier than having all these calls from banks, and for less than 2000 €/month, KYC is very relaxed.

what btc-linked debit cards do you use if you don't mind me asking?

Re: HSBC is killing my business, piece by piece 

#116

Post by qubex »

djmobley wrote: post #36
School-Cotton wrote: post #22

Earlier 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.

Actually, and somewhat counter-intuitively, money you put into a bank account belongs to the bank, as an account-holder you have a credit and they have fiduciary duty towards you. But in a very fundamental sense the property of your money has passed to the institution you bank with. They do however have the duty to make it available you, or rather, do as you instruct them to up to the value you banked with them.

EDIT: Foley v Hill, the foundational precedent https://en.wikipedia.org/wiki/Foley_v_Hill?wprov=sfti1

Re: HSBC is killing my business, piece by piece 

#120

Post by daemin »

namelost wrote: post #14

Presumably 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.

It could be the tax office, since getting money from Patreon (and also Kickstarter) counts as taxable income.
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