WTF - HSBC informed me by letter my business account is being shut

[jmann]

I went through the same thing. Luckily they only suspended my US dollar account for a month. It was a nightmare dealing with them. Unless you keep phoning them every other day, they simply take weeks to get back to you. Even then they request the same information again and again.

If they have already closed your account then its best to find a different bank. It will take you months to reopen the old account.

[Darren at Fox-Bartfield]

Banks

There's plenty of banks out there, if they're being a pain then vote with your feet. They all do pretty much the same thing in terms of services to contractors. Banks only really differentiate when it comes to more complex matters like lending, foreign transactions, cash handling, etc. If you're receiving funds electronically each week/month and making a few payments each month then there's plenty of options.

[d000hg]

I called HSBC and got through to a helpful chap who looked into it. Fingers crossed, it was just an automated closure letter as I was tardy submitting the safeguarding form and the system is running slowly at getting these letters and subsequent "don't worry it's fine" letters out. We'll see.

If I had money in an account as it closes, what happens?

[Darren at Fox-Bartfield]

Banks

You'd have to attend the bank with ID to let them know where you'd like the funds to be sent.

The balance would sit on their books until it's transferred out or the account when delinquent.

[meridian]

Are you an illegal immigrant, perhaps? Checks started this month, apparently.

https://www.theguardian.com/uk-news/...gal-immigrants

[mikedefieslife]

My view on this is to treat banks like any other supplier to the business and always have a back up, which is easy to do in this day and age. I don't see them adding any real value. Just like internet service providers, for most businesses they are nothing but a 'dumb pipe'

[BrilloPad]

Article in the Guardian the other day. HSBC closed solicitor bank account. Then sent one cheque for all client money!

[d000hg]

My view on this is to treat banks like any other supplier to the business and always have a back up, which is easy to do in this day and age. I don't see them adding any real value. Just like internet service providers, for most businesses they are nothing but a 'dumb pipe'

For historic reasons I do have a 2nd account so it would only be inconvenient and frustrating to be treated badly.

[MarillionFan]

I've recently had to fill in a form to review my business with HSBC.

I have opened a letter now which informs me they have taken the decision to close my account, with no opportunity for review. No phonecall, no explanation just a big F U after just about a decade of by business.

Why on earth? I guess I just move all the funds and update future invoices but it still rankles to be treated so dismissively when I haven't done anything even slightly odd except pass hundreds of grand through their bank.

Is it because or your extremist religious views online???

[m0n1k3r]

I do have a client based in HK but isn't that where they come from?

The letter suggests there is no point contesting it but it would be nice to see what they are upset about, since this is apparently quite rare - my accountant says they haven't seen this before and they must deal with a lot of HSBC customers.

According to my HSBC relationship manager, HK should be fine.