Way back in the mists of time I joined Midland Bank. It was taken over by HSBC and for reasons unknown the service simply fell away. I should have moved banks years ago but indifference, laziness, apathy and all the (then) grief switching put me off. So I remained with HSBC and opened 3 accounts including my business banking. In total I have been banking with them for 45 years.
A few weeks ago I received a phone call from someone in the far east who was very difficult to understand. Apparently HSBC has introduced Safeguard so they needed a lot of personal information. So, how much do you earn? What benefits do you receive? What is your gender? What pensions do you hold? etc etc. I declined to answer any of them.
A week later and I received a letter and questionnaire telling me I must complete the forms (same questions). If I did not then my account might be restricted for 'security reasons' - a catch-all used more and more these days - so I ignored that too. This week another letter with a questionnaire but they have upped the threat if I failed to complete it. They have now restricted my daily cash allowance to £50 a day (down from £300) as punishment for failing to bow down to their demands. Further sanctions will follow if I do not obey the bank.
Friday, I merged my money into just one account online. Then I filled in a simple online application for Barclays and started the switch process. All pensions and benefits providers contacted with new account details. Sorted. Once confirmed tomorrow after providing my I.D. at the branch, I'm up and running. Just Paypal, eBay, Amazon and others to change which is nice and simple.
The reason for all this HSBC behaviour? Nothing to do with ordinary loyal customers like me. HSBC was fined $100 million by the USA Department of Justice for currency rigging in January this year with a 3 year deferred prosecution. That is just a few weeks after a 5 year deferred prosecution and loss of banking licence expired. This was imposed for allowing Mexican drugs gangs to launder money.
In September 2017 it was also fined $175 million by the US Federal reserve for unsound practices in its foreign exchange business. Plus $353 million to the French authorities in November.
Bye-bye and good riddance to a corrupt bank.
A few weeks ago I received a phone call from someone in the far east who was very difficult to understand. Apparently HSBC has introduced Safeguard so they needed a lot of personal information. So, how much do you earn? What benefits do you receive? What is your gender? What pensions do you hold? etc etc. I declined to answer any of them.
A week later and I received a letter and questionnaire telling me I must complete the forms (same questions). If I did not then my account might be restricted for 'security reasons' - a catch-all used more and more these days - so I ignored that too. This week another letter with a questionnaire but they have upped the threat if I failed to complete it. They have now restricted my daily cash allowance to £50 a day (down from £300) as punishment for failing to bow down to their demands. Further sanctions will follow if I do not obey the bank.
Friday, I merged my money into just one account online. Then I filled in a simple online application for Barclays and started the switch process. All pensions and benefits providers contacted with new account details. Sorted. Once confirmed tomorrow after providing my I.D. at the branch, I'm up and running. Just Paypal, eBay, Amazon and others to change which is nice and simple.
The reason for all this HSBC behaviour? Nothing to do with ordinary loyal customers like me. HSBC was fined $100 million by the USA Department of Justice for currency rigging in January this year with a 3 year deferred prosecution. That is just a few weeks after a 5 year deferred prosecution and loss of banking licence expired. This was imposed for allowing Mexican drugs gangs to launder money.
In September 2017 it was also fined $175 million by the US Federal reserve for unsound practices in its foreign exchange business. Plus $353 million to the French authorities in November.
Bye-bye and good riddance to a corrupt bank.