HSBC WTH is going on! | ExpatWoman.com
 

HSBC WTH is going on!

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EW NEWBIE
Latest post on 25 December 2014 - 10:54
This is ridiculous, I have an account with them for 7 years now and I'm worried something like this happens!! I will have to check with the bank :thinking: If it were to happen you would get your money back in the form of a cheque, of course there is all the inconvenience and disturbance of finding your bank has closed your account and you suddenly have no access to your money, as a bank they are doing this globally, as you see in links to press reports from the UK and US earlier in this thread, so its not only Dubai. I doubt counter staff or customer service agent would be able to predict if they are going to apply this to your account, even the manager of the branch seemed perplexed, that decision would taken by another specific dept that actions this issue. We need to make provision for this possibility wherever we bank if we do not avail of their borrowing or credit services. I thinks safest option would be transferring to another local bank. I am sure I'm of no use to them also as i never take any loans and i pay my credit card fully every month so I don't pay interest. such a shame! In case they do this I will definitely report them to central bank
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EW MASTER
Latest post on 25 December 2014 - 10:17
This is ridiculous, I have an account with them for 7 years now and I'm worried something like this happens!! I will have to check with the bank :thinking: If it were to happen you would get your money back in the form of a cheque, of course there is all the inconvenience and disturbance of finding your bank has closed your account and you suddenly have no access to your money, as a bank they are doing this globally, as you see in links to press reports from the UK and US earlier in this thread, so its not only Dubai. I doubt counter staff or customer service agent would be able to predict if they are going to apply this to your account, even the manager of the branch seemed perplexed, that decision would taken by another specific dept that actions this issue. We need to make provision for this possibility wherever we bank if we do not avail of their borrowing or credit services.
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EW NEWBIE
Latest post on 25 December 2014 - 09:05
This is ridiculous, I have an account with them for 7 years now and I'm worried something like this happens!! I will have to check with the bank :thinking:
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EW GURU
Latest post on 25 December 2014 - 00:31
The poor guy. How annoying for this to happen right at the end of the year before the holidays. I really feel with his situation. I'm actually mad at HSBC for a different sort of thing, they closed my account because it was inactive for a few months, and the account had around 25 dollars in it, I couldn't make a deposit into the account, and they also wouldn't give me my 25 dollars back as the account was "inactive" and thus I couldn't make any withdrawals either.
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EW MASTER
Latest post on 24 December 2014 - 22:57
The reason for all this was as GE suggested, in spite of his above average salary, he was a "no value customer" because he did not use facilities that incurred debt. After some discreet investigation it was confirmed this as being the policy that was enacted in his case. Basically if they view a person of no use they will end their relationship with them in this manner. Apparently even some quite high profile persons have had the chop for this reason. This is very disturbing for an average account holder who does not choose to use credit or loans.
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EW MASTER
Latest post on 23 December 2014 - 14:09
If I can find the article again I'll post it. Strangely enough it appears to be people with no credit whatsoever who are targetted. They just cost banks money!!! I can remember when my DD opened her first bank account she was advised to take out a credit card even though she didn't want one and use it at least once before cutting it up. That way the bank knew she had credit and she also had a credit score for any future needs. This is true, "good" customers are not those who pay their bill, have no debts or overdrafts. I think you have hit the nail on the head, he said that two weeks ago he had a call from them offering him a credit card and he declined. Two weeks later they close his account. Connection? edited by Di@DXB on 23/12/2014 I would say there's definitely a connection there. He's of no value to them :( As I said I can't fault them either back home or out here. Mind we have consolidated all our finances with them, mortgage, car loan the lot.
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EW MASTER
Latest post on 23 December 2014 - 12:53
If I can find the article again I'll post it. Strangely enough it appears to be people with no credit whatsoever who are targetted. They just cost banks money!!! I can remember when my DD opened her first bank account she was advised to take out a credit card even though she didn't want one and use it at least once before cutting it up. That way the bank knew she had credit and she also had a credit score for any future needs. This is true, "good" customers are not those who pay their bill, have no debts or overdrafts. I think you have hit the nail on the head, he said that two weeks ago he had a call from them offering him a credit card and he declined. Two weeks later they close his account. Connection? <em>edited by Di@DXB on 23/12/2014</em>
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EW MASTER
Latest post on 23 December 2014 - 12:51
If I can find the article again I'll post it. Strangely enough it appears to be people with no credit whatsoever who are targetted. They just cost banks money!!! I can remember when my DD opened her first bank account she was advised to take out a credit card even though she didn't want one and use it at least once before cutting it up. That way the bank knew she had credit and she also had a credit score for any future needs.
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EW MASTER
Latest post on 23 December 2014 - 12:47
This just makes me wonder, what would other people do if it happened to them and the plug was pulled on all their money through no fault of their own? Well that is exactly what the danger is to everyone who banks with them! They can totally screw up people's lives big time. edited by Di@DXB on 23/12/2014 Appears from what I read last night any bank can do this to you though, if they decide to. Yes that's correct, and if they are as talented as said bank they can do it when its not justified at all!
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EW MASTER
Latest post on 23 December 2014 - 12:46
This just makes me wonder, what would other people do if it happened to them and the plug was pulled on all their money through no fault of their own? Well that is exactly what the danger is to everyone who banks with them! They can totally screw up people's lives big time. edited by Di@DXB on 23/12/2014 Appears from what I read last night any bank can do this to you though, if they decide to.
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EW MASTER
Latest post on 23 December 2014 - 12:44
This just makes me wonder, what would other people do if it happened to them and the plug was pulled on all their money through no fault of their own? Well that is exactly what the danger is to everyone who banks with them! They can totally screw up people's lives big time. <em>edited by Di@DXB on 23/12/2014</em>
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EW MASTER
Latest post on 23 December 2014 - 12:40
This just makes me wonder, what would other people do if it happened to them and the plug was pulled on all their money through no fault of their own?
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EW MASTER
Latest post on 23 December 2014 - 12:30
An ode to HSBC&gt;...... this is one for Super BM
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EW MASTER
Latest post on 23 December 2014 - 12:28
Yes you are right Mannikat, a closed account cannot be reopened, I'm assuming, perhaps wrongly they have been on the line to the CB to hurry this along, I think they are only seeking to reinstate his funds back to him, not sure how by cheque or by offering a new account, not sure he will want an account with them now anyway. Its all a bit fuzzy and he is going back today to try to get the exact picture of where his money actually right now. It looks like as you say he is going to have to run around doing a lot of paperwork to get an account operational again somewhere. As usual bank messes up-customer has to jump through hurdles. The day needs to arrive when banks realise they would not be there without our money. Although I bank with said bank, if this was me there is no way I would be going back to them. The problem out here as we all know it the hoops you have to jump through to open another account. it's not like in the UK where you can just walk into a branch. Is there no way they can let him have his money in cash as they have admitted it was their fault. At least that way he could still go on holiday and then worry about a new account when he gets back. edited by Geordie expat on 23/12/2014 No he asked for his money yesterday, they cannot give it to him because of the closure being referred to Central Bank. They promised him the money would be available to him by Thursday, in what form I do not know. Pretty hopeless!
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EW MASTER
Latest post on 23 December 2014 - 12:24
Yes you are right Mannikat, a closed account cannot be reopened, I'm assuming, perhaps wrongly they have been on the line to the CB to hurry this along, I think they are only seeking to reinstate his funds back to him, not sure how by cheque or by offering a new account, not sure he will want an account with them now anyway. Its all a bit fuzzy and he is going back today to try to get the exact picture of where his money actually right now. It looks like as you say he is going to have to run around doing a lot of paperwork to get an account operational again somewhere. As usual bank messes up-customer has to jump through hurdles. The day needs to arrive when banks realise they would not be there without our money. Although I bank with said bank, if this was me there is no way I would be going back to them. The problem out here as we all know it the hoops you have to jump through to open another account. it's not like in the UK where you can just walk into a branch. Is there no way they can let him have his money in cash as they have admitted it was their fault. At least that way he could still go on holiday and then worry about a new account when he gets back. <em>edited by Geordie expat on 23/12/2014</em>
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EW MASTER
Latest post on 23 December 2014 - 12:20
Yup report them to Central Bank for this, they should also compensate him for loss of flight etc. I'd take to social media - twitter, facebook and get in some major public humiliation. totally agree with you... Start a letter in 7 days HSBC: Humbugs Stole my Bl00dy Christmas Agree..or maybe this Every Who Down in Whoville Liked Christmas a lot... But the bank all over the town in Whoville, Did NOT! The bank hated Christmas! The whole Christmas season! Now, please don't ask why. No one quite knows the reason. It could be their heads weren't screwed on just right. It could be, perhaps, that their senses took flight, But I think that the most likely reason of all, May have been that their brains were two sizes too small. But whatever the reason and you can just choose If you put your funds with them You’re surely to lose Apologies to Dr Suess
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EW MASTER
Latest post on 23 December 2014 - 12:17
Yes you are right Mannikat, a closed account cannot be reopened, I'm assuming, perhaps wrongly they have been on the line to the CB to hurry this along, I think they are only seeking to reinstate his funds back to him, not sure how by cheque or by offering a new account, not sure he will want an account with them now anyway. Its all a bit fuzzy and he is going back today to try to get the exact picture of where his money actually right now. It looks like as you say he is going to have to run around doing a lot of paperwork to get an account operational again somewhere. As usual bank messes up-customer has to jump through hurdles. The day needs to arrive when banks realise they would not be there without our money.
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EW GURU
Latest post on 23 December 2014 - 10:45
This is terrible. His money has to be somewhere, if the account is closed it must have been withdrawn and placed else where. Its not possible to close an account that has money in it. Even here. So its resting in someones account or a cheque is sitting somewhere. Its possibly too late at this stage but I would get them to open a new account and make them apply a small interest free over draft. He probably would need a bunch of current docs from his work(salary slips/salary cert etc.) but I'm sure they would oblige considering the circumstances. A closed account cannot be reopened. However if it has just been frozen some pressure on the central bank should get it reopened, HSBC should be on the phone to them explaining the urgency and how it was their error etc...
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EW MASTER
Latest post on 23 December 2014 - 09:24
Yup report them to Central Bank for this, they should also compensate him for loss of flight etc. I'd take to social media - twitter, facebook and get in some major public humiliation. totally agree with you... Start a letter in 7 days HSBC: Humbugs Stole my Bl00dy Christmas
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EW EXPERT
Latest post on 23 December 2014 - 08:37
Yup report them to Central Bank for this, they should also compensate him for loss of flight etc. I'd take to social media - twitter, facebook and get in some major public humiliation.
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EW MASTER
Latest post on 23 December 2014 - 07:34
He should complain to Central Bank.
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EW MASTER
Latest post on 23 December 2014 - 00:34
In that case I would definitely go and stand there until they sorted it. There is no reason at all for it to take so long to sort out. If it came to it they could immediately open a new account and put his money in to it and arrange delivery for a new card tomorrow. A few years ago they messed up delivering a credit card to me, just before I was due to go on leave. Basically they said they had sent it when they hadn't etc etc. I (politely) kicked up such a fuss that they managed to deliver it the SAME day, despite them saying there was absolutely not a chance that it could be done! They could do it, they just can't be bothered! He did kick up a fuss and remained there insisting he would not leave until it was sorted, unfortunately they had put the cancellation through to the Central Bank so it was out of their hands and will take 3 days before they are clear to reinstate. As you say sometimes you can get them to move a bit quicker but in this case its gone way to far already and although the manager admitted their action had been without cause he claimed he could offer no other solution, neither gave explanation as to who had messed up or why. I have never heard of such a thing and whatever this new directive is it would seem there are staff who do not clearly understand who it applies to and are applying it inappropriately. The only bit that does not surprise me is as usual its left for the customer to bear the consequences of their incompetence.
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EW GURU
Latest post on 22 December 2014 - 20:10
In that case I would definitely go and stand there until they sorted it. There is no reason at all for it to take so long to sort out. If it came to it they could immediately open a new account and put his money in to it and arrange delivery for a new card tomorrow. A few years ago they messed up delivering a credit card to me, just before I was due to go on leave. Basically they said they had sent it when they hadn't etc etc. I (politely) kicked up such a fuss that they managed to deliver it the SAME day, despite them saying there was absolutely not a chance that it could be done! They could do it, they just can't be bothered!
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EW MASTER
Latest post on 22 December 2014 - 19:26
Well end of story is totally unbelievable, after spending an entire morning at the bank he found out it was an error! None of the staff could tell him why this mistake happened, after insisting on seeing the branch manager was simply told it will take 3 days to reinstate the account and not even a sorry. He was due to fly home on Wednesday, he has lost his flight and is going to miss Christmas with his family and is stuck waiting without any access to funds for another three days because everything has been blocked and they are unable to simply press a button to reinstate it as fast as they were able to mistakenly close it. Absolutely incredible. What a nightmare, HSBC are a joke! :( Without wishing to pry, how come he has lost his flight home? Had he not paid for it already or something? Can his friends not rally round to lend him enough cash for a few days so he can go home? If I were him I would go and stand at HSBC tomorrow until they gave him enough cash to go home with.... Yes, he has paid for his flight already but he does not feel safe about leaving without this being sorted out and access to his funds, you never know if they will come through as promised, this is Dubai!
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EW GURU
Latest post on 22 December 2014 - 19:22
Well end of story is totally unbelievable, after spending an entire morning at the bank he found out it was an error! None of the staff could tell him why this mistake happened, after insisting on seeing the branch manager was simply told it will take 3 days to reinstate the account and not even a sorry. He was due to fly home on Wednesday, he has lost his flight and is going to miss Christmas with his family and is stuck waiting without any access to funds for another three days because everything has been blocked and they are unable to simply press a button to reinstate it as fast as they were able to mistakenly close it. Absolutely incredible. What a nightmare, HSBC are a joke! :( Without wishing to pry, how come he has lost his flight home? Had he not paid for it already or something? Can his friends not rally round to lend him enough cash for a few days so he can go home? If I were him I would go and stand at HSBC tomorrow until they gave him enough cash to go home with....
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EW EXPERT
Latest post on 22 December 2014 - 18:56
Infuriating! :angry: I wouldn't let them get away so easily. Try to escalate (7-Days maybe), request at least an apology and some sort of compensation.
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EW MASTER
Latest post on 22 December 2014 - 18:42
Well end of story is totally unbelievable, after spending an entire morning at the bank he found out it was an error! None of the staff could tell him why this mistake happened, after insisting on seeing the branch manager was simply told it will take 3 days to reinstate the account and not even a sorry. He was due to fly home on Wednesday, he has lost his flight and is going to miss Christmas with his family and is stuck waiting without any access to funds for another three days because everything has been blocked and they are unable to simply press a button to reinstate it as fast as they were able to mistakenly close it. Absolutely incredible.
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EW MASTER
Latest post on 22 December 2014 - 14:24
But why? How can they do this? Di@DXB please keep us updated on what your friend is told by the bank...we've been banking with this bank for years and have a house loan too with them. As I mentioned it's highly unlikely that any bank would do this to someone who is actually paying them money in the long term. It's the people who have no loans, mortgages or credit cards who are looked at first, unfortunately.
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EW NEWBIE
Latest post on 22 December 2014 - 14:11
But why? How can they do this? Di@DXB please keep us updated on what your friend is told by the bank...we've been banking with this bank for years and have a house loan too with them.
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EW MASTER
Latest post on 22 December 2014 - 13:50
I know it's like closing the door after the horse has bolted, but this was one of the reasons we kept our UK account and transfer most of our money either there or offshore. If heaven forbid this should ever happen to us we still have UK cards to get hold of ready cash. It appears that any bank can do this to you and you have no recourse Just to add, nowadays banks always look at customers accounts that aren't making them any money first and they are the first to get the chop. Makes more sense in some respects to go back to saving cash under your matress :\: edited by Geordie expat on 22/12/2014 Good advice GE, what offshore bank would you recommend that does not have horrific minimum deposit levels? Hate to admit it, but ours is with HSBC. OK so we don't make much, but at least it's out of here <em>edited by Geordie expat on 22/12/2014</em>
 
 

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