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?
Here as well Di
http://www.westbriton.co.uk/Truro-man-astonished-HSBC-bank-closed-accounts/story-20253714-detail/story.html
I would never have an account at this bank.
Thanks, yes this is really disturbing, and as Geordie Expat says any bank can do this.
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 :\:
<em>edited by Geordie expat on 22/12/2014</em>
The sms said he could not withdraw funds now and his balance would be sent to his post box address in a cheque! That seems a very insecure way to send a bank balance to a customer.
ETA Just reading a very similar story, it seems they do this at will
http://www.huffingtonpost.com/brett-king/when-hsbc-closes-your-ban_b_4362504.html
<em>edited by Di@DXB on 22/12/2014</em>
This is dreadful, he was about to visit home for Christmas, now cannot as everything is stuck, his cards his money etc.
edited by Di@DXB on 22/12/2014
I know it's Dubai we're talking about, but surely if they've closed his account and he has no debt he'll be able to get his cash from them. This sounds stranger by the minute
This is dreadful, he was about to visit home for Christmas, now cannot as everything is stuck, his cards his money etc.
<em>edited by Di@DXB on 22/12/2014</em>
Not Yank, he's British, he is on the way to the bank now.
Sounds fishy to me, although if he has never had a CC or a loan they could use that against him. Does he bank with them back in the UK?
No he has no debts to them and no account with them in the UK.
Not Yank, he's British, he is on the way to the bank now.
Sounds fishy to me, although if he has never had a CC or a loan they could use that against him. Does he bank with them back in the UK?
Even if it was premier they should have given warning not just shut it down by sms message, this is ridiculous.
No I totally agree. Has he been able to contact anyone at the bank?
Just had a call from friend in Dubai saying HSBC have closed his personal account without any notice stating a Central Bank Directive issued recently for personal accounts on the basis of criteria that does not apply in his case.. This is his personal account he is fully and very gainfully employed and been with HSBC for at least 10 years without issues, no debt or loans.
They have just shut his account without warning. All his money, his salary and his rent cheques go there.
Does anyone know of any such directive, I cannot find anything on the Central Bank website.
<em>edited by Di@DXB on 22/12/2014</em>