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Freezing of bank account - query

Thelittlestone83

6

Posts

EW NEWBIE

Latest post on 18 January 2016 - 11:27

Hello everyone,

Apologies for me asking a question as my first thread, but I wonder if anyone can help me. I know there are quite a few threads on this already but from what I can see they are quite old and there's nothing more recent. I'm wondering if anything has changed.

I have been in Dubai for 7 years and for 5 of those years I've had a job with a listed company. Around 3 months ago, I took a personal loan to assist with the purchase and renovation with a house in the UK. Around 2 months ago, I began interviewing with another listed company (out of the blue) and managed to secure a new job with brilliant benefits and a 60 percent payrise, so of course I took it.

I'm waiting to receive my passport back from my current job so I can hand it to my new employer for visa processing. I signed the EOSB form and I am owed a lot of money having been there so long. However, because I have the loan, I am being told by H.S.B.C (who I bank with) that they "may" freeze my account and all of the EOSB until I can show my new visa and emirates ID. They are actually being quite vague, I can't get a definitive answer.

I don't have any credit cards (I cancelled the one associated with my account ages ago) but I am petrified they will use all of my EOSB to go towards my loan (it doesn't pay all of it but certainly a massive chunk) - has anyone had a similar experience lately? What happened? I had a car loan with H.S.B.C a few years ago and paid in full, no defaulting. Will this count? Are banks still doing the freezing thing? I've asked my new employer to stamp my contract and I've just asked for a salary transfer letter but not sure how feasible that is given that I haven't actually started the job yet..

Any advice would be welcomed!

Thanks so much.

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8965

Posts

EW MASTER

Latest post on 20 January 2016 - 11:38

That depends on the employer. If they inform the bank that you are leaving then yes it will be frozen RAK and ENBD will automatically freeze the account with EOSB even without being informed I would be prepared that this will happen however if you have a new job and all the supporting docs then it will be unfrozen

67

Posts

EW NEWBIE

Latest post on 20 January 2016 - 11:11

That is great news and a relief I am sure ! To try to understand the process (can't help wanting to find a logical explanation !) it looks like either there is some breathing space between posting the EOSB and freezing the account or it depends upon whether your employer flags it to the bank by informing them you are leaving or puts a marker on the transfer ? It would be great to find out which one it is if anyone has any insight.

Thelittlestone83

6

Posts

EW NEWBIE

Latest post on 20 January 2016 - 10:41

That's great news, Thelittlestone83! All the best with your visa and new job. I hope this hasn't put a damper on your exciting career move. Thank You Rawla for the well wishes! :) Ah, I love Dubai and I think after a while you just get used to it's "quirks.." - think I will stay put in this new job a while though to save myself the stress ;)

405

Posts

EW EXPLORER

Latest post on 19 January 2016 - 21:55

That's great news, Thelittlestone83! All the best with your visa and new job. I hope this hasn't put a damper on your exciting career move.

Thelittlestone83

6

Posts

EW NEWBIE

Latest post on 19 January 2016 - 21:20

Hi All, Update from me today. Unexpectedly I received my entire EOSB this morning via electronic transfer. I know a few of you have mentioned about getting a cheque but i already asked my employer and they refused saying it's strictly transfer only, that it's company policy. It's a huge, listed conglomerate so this didn't surprise me (that they wouldn't bend the rules..) Anyway, I hopped down to the ATM to see if I could withdraw.. And I could, so I took my maximum daily allowance out. Then during the day I tried my card a few times and it worked fine. I also made a big transfer to my OH's account so I'm covered for rent and bills for a couple of months too. I checked my account and my company have mentioned the payment as "EOSB payment employee number xxxx" so not sure if the wording helped? Ie: not "final and full" or whatever. Now, I am fully expecting it to freeze at some point in the next few days, maybe my company still have to officially inform them or whatever, but in the meantime my new visa is under process from today and the salary letter/stamped contract is ready for me to pick up from the new place tomorrow too. So if I'm without, it shouldn't be for more than a month. So let's see...fingers crossed! Will update if I get unlucky! Main thing is that I'm not destitute!!! :)

4

Posts

EW NEWBIE

Latest post on 19 January 2016 - 14:17

Hi..I had the same problem from HSBC until I could show my new visa my account was frozen. They stated that it happens in all cases once final salary is recieved. Seemed very strange but this is Dubai..

8965

Posts

EW MASTER

Latest post on 19 January 2016 - 13:34

They usually don't force a sales toward a car loan or mortgage loan as they tend to want the money back. They can move the EOSB into a holding account and only release it once you get a new role/visa

67

Posts

EW NEWBIE

Latest post on 19 January 2016 - 13:00

Thanks Sarahlou ! Does anyone have any experience with what happens if you have a mortgage but no loans so hence a secured asset ? You would think that as they already have security that this would be less of a concern for them - but this is Dubai ! Just wondering if they would apply the EOSB and final payments against the outstanding mortgage. Anybody know ? Thanks again

8965

Posts

EW MASTER

Latest post on 19 January 2016 - 12:39

Apologies in advance for jumping on the band wagon but this seems to be a subject that affects a lot of people and yet it is really hard to find any definitive information so I am finding this thread really helpful. If you have an amenable employer and they agree to pay the EOSB by cheque , what is to stop you paying it into your existing current account ? What triggers the freezing of the account ? Is it a marker put on by the company to say it is a final salary transfer ? If so why would a cheque made out to you be a red flag if paid into your account ? Thanks so much. Most employers state it was EOSB and that the person was leaving the company. The bank called me once as my monthly salary was higher than it normally was. They questioned the figure which included my annual flight ticket!!! which is paid in the same month every year for the past 10 years!!!

67

Posts

EW NEWBIE

Latest post on 19 January 2016 - 12:36

Apologies in advance for jumping on the band wagon but this seems to be a subject that affects a lot of people and yet it is really hard to find any definitive information so I am finding this thread really helpful. If you have an amenable employer and they agree to pay the EOSB by cheque , what is to stop you paying it into your existing current account ? What triggers the freezing of the account ? Is it a marker put on by the company to say it is a final salary transfer ? If so why would a cheque made out to you be a red flag if paid into your account ? Thanks so much.

2264

Posts

EW EXPERT

Latest post on 19 January 2016 - 09:52

Having just gone through this with HSBC, they WILL freeze your account - well you'll only be able to do basic transactions on it - once they receive your EOSB. I avoided this, by requesting my old company to give me two cheques, one which was my salary, holiday pay etc etc which they gave directly to me. The other cheque which was the gratuity which they send directly to the bank, stating that it's your EOSB. I requested they ONLY send the EOSB cheque once I had my new visa and had updated all my details with the bank. I did all this and avoided all these complications. DON'T bother talking to customer service or collections as they send you round and round. It was only after I vented on social media, that a decision maker got in touch with his personal details and assisted me in avoiding all this hassle. It varies from bank to bank whether they will use the cash as monthly payments or use the entire amount towards a lump sum payment. Basically I was told they wanted the entire thing paid off in one go - I actually managed to do that. Always have a secondary account with another bank.

8965

Posts

EW MASTER

Latest post on 19 January 2016 - 09:09

How do people survive changing jobs here? Completely insane. Have a second bank account with lots of savings in :-)

sheikhandbake108829

409

Posts

EW EXPLORER

Latest post on 19 January 2016 - 08:37

How do people survive changing jobs here? Completely insane.

405

Posts

EW EXPLORER

Latest post on 18 January 2016 - 22:11

You can also speak to your old employer and ask if they would be willing to give you the EOSB as a cheque, rather than bank transfer. You can then deposit this cheque into another account. Some employers are happy to do this because they are aware of the "account freeze" rules.

Thelittlestone83

6

Posts

EW NEWBIE

Latest post on 18 January 2016 - 16:03

Do you have another bank account? If so, take out what is in the HSBC and deposit into another account so you don't leave yourself short I have in fact emptied my account here transferring to the U.K. along with a large chunk of cash to survive Jan and feb but it's going to be tight, but if I don't see any money coming to my account until the end of Feb with the new job, or having my account blocked until then, at least I'm bracing myself for the worst! I was just worried they would take my sizable EOSB and use it to pay part of the loan which would honestly screw me. I don't mind them taking some of it, just not all of it!

8965

Posts

EW MASTER

Latest post on 18 January 2016 - 15:53

Do you have another bank account? If so, take out what is in the HSBC and deposit into another account so you don't leave yourself short

Thelittlestone83

6

Posts

EW NEWBIE

Latest post on 18 January 2016 - 15:41

A friend of mine recently went through this. The bank froze his account, however, they didn't use any of his funds, they just wouldn't unfreeze it until he could give them a copy of his new residency visa. He gave them a copy of his offer letter stamped and eventually his new contract, but they still wouldn't unfreeze it until he had his visa. Ah, I feared that this would be the case..I know HSBC are advising me to provide certain docs in advance of my EOSB going thorough (should be Thursday this week) but I bet they won't release anything until the visa and ID are actually through..typical! Thanks for the insight though.

Thelittlestone83

6

Posts

EW NEWBIE

Latest post on 18 January 2016 - 15:39

Hello everyone, Apologies for me asking a question as my first thread, but I wonder if anyone can help me. I know there are quite a few threads on this already but from what I can see they are quite old and there's nothing more recent. I'm wondering if anything has changed. I have been in Dubai for 7 years and for 5 of those years I've had a job with a listed company. Around 3 months ago, I took a personal loan to assist with the purchase and renovation with a house in the UK. Around 2 months ago, I began interviewing with another listed company (out of the blue) and managed to secure a new job with brilliant benefits and a 60 percent payrise, so of course I took it. I'm waiting to receive my passport back from my current job so I can hand it to my new employer for visa processing. I signed the EOSB form and I am owed a lot of money having been there so long. However, because I have the loan, I am being told by H.S.B.C (who I bank with) that they &quot;may&quot; freeze my account and all of the EOSB until I can show my new visa and emirates ID. They are actually being quite vague, I can't get a definitive answer. I don't have any credit cards (I cancelled the one associated with my account ages ago) but I am petrified they will use all of my EOSB to go towards my loan (it doesn't pay all of it but certainly a massive chunk) - has anyone had a similar experience lately? What happened? I had a car loan with H.S.B.C a few years ago and paid in full, no defaulting. Will this count? Are banks still doing the freezing thing? I've asked my new employer to stamp my contract and I've just asked for a salary transfer letter but not sure how feasible that is given that I haven't actually started the job yet.. Any advice would be welcomed! Thanks so much. My friend changed roles before Christmas and had credit cards, they froze her account however didn't use her EOSB to clear them as she had a salary transfer letter and offer letter from her new company It take them a while to unblock the account once she started the new job Why don't you call the HSBC not give them any personal details and ask them what the situation is Thank you for this, yes the general consensus seems to be as long as I can prove that I have a new job they won't take everything, they'll just hold it for a while. I visited the HSBC branch to see what the score was - they were super vague saying it was their policy to freeze on any accounts with a loan attached but that if I provide a salary letter, a stamped contract and a letter to say that my visa and Emirates ID is in progress, they "may" be able to unfreeze...looks like I just have to prepare myself for the worst and assume I won't have access to money until mid Feb when I get my new visa/ID through..!

469

Posts

EW EXPLORER

Latest post on 18 January 2016 - 12:30

A friend of mine recently went through this. The bank froze his account, however, they didn't use any of his funds, they just wouldn't unfreeze it until he could give them a copy of his new residency visa. He gave them a copy of his offer letter stamped and eventually his new contract, but they still wouldn't unfreeze it until he had his visa.

8965

Posts

EW MASTER

Latest post on 18 January 2016 - 12:09

Hello everyone, Apologies for me asking a question as my first thread, but I wonder if anyone can help me. I know there are quite a few threads on this already but from what I can see they are quite old and there's nothing more recent. I'm wondering if anything has changed. I have been in Dubai for 7 years and for 5 of those years I've had a job with a listed company. Around 3 months ago, I took a personal loan to assist with the purchase and renovation with a house in the UK. Around 2 months ago, I began interviewing with another listed company (out of the blue) and managed to secure a new job with brilliant benefits and a 60 percent payrise, so of course I took it. I'm waiting to receive my passport back from my current job so I can hand it to my new employer for visa processing. I signed the EOSB form and I am owed a lot of money having been there so long. However, because I have the loan, I am being told by H.S.B.C (who I bank with) that they "may" freeze my account and all of the EOSB until I can show my new visa and emirates ID. They are actually being quite vague, I can't get a definitive answer. I don't have any credit cards (I cancelled the one associated with my account ages ago) but I am petrified they will use all of my EOSB to go towards my loan (it doesn't pay all of it but certainly a massive chunk) - has anyone had a similar experience lately? What happened? I had a car loan with H.S.B.C a few years ago and paid in full, no defaulting. Will this count? Are banks still doing the freezing thing? I've asked my new employer to stamp my contract and I've just asked for a salary transfer letter but not sure how feasible that is given that I haven't actually started the job yet.. Any advice would be welcomed! Thanks so much. My friend changed roles before Christmas and had credit cards, they froze her account however didn't use her EOSB to clear them as she had a salary transfer letter and offer letter from her new company It take them a while to unblock the account once she started the new job Why don't you call the HSBC not give them any personal details and ask them what the situation is

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