Hsbc account restricted

[Vohogis764]

Hello
I had a very good relationship as a Hsbc Premier client, but recently, they started asking me for a lot of papers, which I provided again and again. I have withdrawn my money for safety. I don't have any mortgages or debts in the bank.
I guess I'm not welcome anymore. For now, the account is restricted to deposit and withdraw.

Question:
Is it better to close the account on my own, like: "According to Terms and Conditions, I kindly ask to terminate my relationship with HSBC and close my account?".
”ŠOr
Wait until they will close my account because they consider documents to be not enough?

 

[SCHLOSSFINANZ]

It is always better to close your account and not get closed lol.

 

[Martin Everson]

Vohogis764 said:
I guess I'm not welcome anymore.
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Welcome to HSBC..lol. Did you look at trustpilot or Youtube before using them?

HSBC relationships always starts of great with them and then end up being a messy divorce. In my case I was of no economic value to them as I used none of their services not even fixed deposits and they no longer liked where I lived.

Vohogis764 said:
For now, the account is restricted to deposit and withdraw.
Click to expand...

Wise decision.

Vohogis764 said:
Is it better to close the account on my own, like: "According to Terms and Conditions, I kindly ask to terminate my relationship with HSBC and close my account?".
Click to expand...

Trust your instincts and just close it to keep your dignity while you still can.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JackAlabama]

Vohogis764 said:
Hello
I had a very good relationship as a Hsbc Premier client, but recently, they started asking me for a lot of papers, which I provided again and again. I have withdrawn my money for safety. I don't have any mortgages or debts in the bank.
I guess I'm not welcome anymore. For now, the account is restricted to deposit and withdraw.

Question:
Is it better to close the account on my own, like: "According to Terms and Conditions, I kindly ask to terminate my relationship with HSBC and close my account?".
”ŠOr
Wait until they will close my account because they consider documents to be not enough?
Click to expand...

well fair enough, if you still have these options you might will wanna use these again (with small amounts).
i now always wait and dont bother closing myself.

I have become like that because I tried to close multiple accounts and many just play full blown dumb and dont not want to close unless I travel across to world to visit their precious branch.
Can you believe that? With one bank I had 30 emails and 3 phone calls and the account is still open today. It seems I cant close it by digital means. I wonder what I have to do, maybe I should ask for getting some scam money from somewhere. Then they might close my account.
I dont wanna name the bank here but its quite a popular one. Not hsbc tho but not far behind either.

Do they charge you monthly fees? Its seems as long as they do this, they keep the account open 😉

Last edited: Jan 12, 2025

 

[EliasIT]

Ouch, I wasn't aware of HSBC is that bad. Is it world wide or only selected branches from some areas of the world ?

Let them close your account, don't bother with it, it can indeed be a pain!

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If money is your hope for independence you will never have it. The only real security that a man will have in this world is a reserve of knowledge, experience, and ability!
My personal favorite thread posted in the Mentor Group. Group of investment companies to avoid licensing.

 

[polonieth]

I would close it, they only like working with Mexican Drug Cartels.

 

[Martin Everson]

EliasIT said:
Is it world wide or only selected branches from some areas of the world ?
Click to expand...

Worldwide from UK to France to Hong Kong etc etc. Even in HSBC private banking Jersey and Singapore its terrible.

Look at HSBC HK...lol. Exactly as I described. If they have not got to your account yet then its because your a salaried employee, retiree or a big client using trade finance facilities. Any of class of other client will find out sooner or later there account will be closed.
https://www.trustpilot.com/review/www.hsbc.com.hk

---- quote start

HSBC wanted closing my account​

I have HSBC account for many years. this year they send a message to me for closing my account soon if I am not actively transfer some money or using ATM and etc. I was shocked!! so I was forced to do something about it. It was never being like this before. so if you also have a account, please also pay some more attention about this

Date of experience: August 24, 2024

----- quote end


I hazard a guess that HSBC run an annual economic viability report on each client. So if they have not made money from you they target you.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[bibing]

Just to answer your question about HSBC around the world. HSBC Philippines was (we closed our personal account there) and is terrible.

Although they offered some interesting products (multiple currencies accounts with their own card) they were absolutely slow to handle customers.

I was a Premier customer for HSBC in HK when it was in its glory (2006) until a few years ago. Didn't have any problems but you know, I didn't use them much except for incoming transfers in multiple currencies (something they are great for). That was before they introduced debit cards in HK. So you were forced to get credit cards and that fu***d me up a lot. But to be honest I can't complain too much. They closed an eye about CRS and that was great for my situation.

Sad to read HSBC in HK has become crap

I had also HSBC in UAE but they forcibly closed it when the purge of non-resident accounts started (when UAE joined CRS basically). An account manager asked for info. I didn't bother to answer as it was clear they wanted me to be a resident although that account was opened from HK by my account manager over there.

Oh one thing I hated about HSBC everywhere is that in all countries they use those stupid keychain code devices to login on the account. What a dumb security feature

Last edited: Jan 12, 2025

 

[Alexmorgan]

No one love HSBC and they are doing what they are doing because so much money laundering scandals that lead them to be monitored in their actions

Take it from me

Once you hear your bank got problems on money laundry immediately take your money out because they will destroy your life not the money launderers

 

[intlman]

polonieth said:
I would close it, they only like working with Mexican Drug Cartels.
Click to expand...

That's kind of their thing though. Afterall HSBC was founded after the first Opium war between the British and the Chinese, to then finance (profit) from the drug trade.

 

[Vohogis764]

Dear Community. Thank you for all.

 

[liroyb]

I agree with everything @Martin Everson said.

I've been both HSBC Premier and Citigold client and left both after concluding that none of them is safe for holding large sums. Both have lied me in my face. I have ongoing dispute with HSBC to this day. If you can get retail account for small minimum to enjoy their global wallets and low fx rates, then go for it, otherwise avoid.

Brand/Size/AUM/Solvency should not be the only measurement. You should also consider level of customer support and the overall reliability of the bank and his staff.

As part of these banks overall approach of cost-cutting in favor of global presence, the problem with these ''Too big to fail'' banks, is that at some point they also become ''Too big to serve''.

HSBC Expat is 90% staff imports from Manila, and Citi IPB is 90% staff imports from Mumbai. Including management. When you import your staff from third-world countries you get exactly what you paid for.

 

[thomasparra]

HSBC is not worse than a lot of American banks including Chase which went downhill very fast.

Chase Sapphire Reserve: 550 dollar per year card, all customer service is in India, whenever there is an issue good luck with getting back into your account/card.

HSBC is alright, but in 2024 most banks suck.

 

[daniels27]

thomasparra said:
HSBC is not worse than a lot of American banks including Chase which went downhill very fast.
Click to expand...

I think it actually got better the last few years.

thomasparra said:
Chase Sapphire Reserve: 550 dollar per year card, all customer service is in India, whenever there is an issue good luck with getting back into your account/card.
Click to expand...

Last time I called in summer, they guy confessed that he is actually with his parents in southern France 🙂

 

[Houdini]

thomasparra said:
HSBC is not worse than a lot of American banks including Chase which went downhill very fast.

Chase Sapphire Reserve: 550 dollar per year card, all customer service is in India, whenever there is an issue good luck with getting back into your account/card.

HSBC is alright, but in 2024 most banks suck.
Click to expand...

I agree, it depends on the account holders business and not so much the bank. Most people having troubles with a bank here may be into something because others don't have any troubles for years.

 

[JackAlabama]

Houdini said:
I agree, it depends on the account holders business and not so much the bank. Most people having troubles with a bank here may be into something because others don't have any troubles for years.
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nah dont assume this as only if youre a salaried worker getting paid around 4k a month then you most likely wont face much issues.

 

[Houdini]

Yeah could be you're right.