BANK wants to close my current and saving account

[leslie888]

shocking shocking today I have received a letter from bank says

'we are writing to advise you that following a review of yours account(s), we came to the decision that all of the accounts you hold with us needed to be closed. we are therefore giving you 2 month notice , unless you tell us in writing that you want to close your account earlier, we will close your account on xxxx. You need to make alternative banking arrangements as we are not prepare to open another account for you. '

My paypal withdraw goes to this bank, this is very annoying, has anyone had similar problem?

[Callidus]

Which bank?

[leslie888]

Hsbc bank

[LOMBOK]

A couple of questions for you if you don't mind.

Are you withdrawing from a stealth pp account?

Is it a basic or proper current account with hsbc?

I've never had this from any bank before.

[aleen]

You use this account for your daily need? I mean if one don't use the account for a while then banks normally close them.

[leslie888]

paypal is not stealth, hsbc advance account, I have been with HSBC for long time, maybe the amount was large , average few thousand each month .

[rsot]

Did you show good faith by leaving money in the accounts at all times? Not completely draining...

[leslie888]

well, i withdraw from time to time as need cash flow, maybe thats why. also this is personal account, I also have hsbc business account, hope they are not closing business account.

[GreenBean]

Originally Posted by leslie888

Hsbc bank

Have you got in touch with the bank to discuss this?

Yes, other users have had accounts closed. However HSBC is not the bank involved.

Contact them to discuss the issue.

[leslie888]

will they change their mind? any successful story? thanks a lot

[GreenBean]

Originally Posted by leslie888

will they change their mind? any successful story? thanks a lot

One user did have success. He was offered business accounts instead of personal accounts.

Approach this as a business person. Attempt resolution with them.

[leslie888]

i have hsbc business already, anyway i will ring them tomorrow see what happens, fingers crossed

thanks for the advice mate cheers

[JamesNorth101]

Keep us posted

[easy.bake.oven]

I had same thing with hsbc.

Stealth was going all good until I went into branch to withdraw a few grand and the guy must have physically looking into my account and saw what he saw and a week later I got the letter from HSBC.

This was last year.

[leslie888]

did you ask hsbc the reason ?

[Ebayorbust]

I'd imagine they are pissed because you are clearly using a personal current account for business use. The money that bank's make through fees is considerably higher on a business account.

[tmastermind]

You cant fool banks! If your using a personal account to make large deposits that are not coming from an employer then they know you are running a business and are entitled to close your account down.

Either convert over to your business bank accounts or use a proper stealth method of having basic bank accounts and keep withdrawals small and slow and spread out over a few accounts with different banks for each stealth account...at least until the stealth account grows which could take a year or two then when it comes to a size that warrants it, you will have to come clean and upgrade the account. Bare in mind that you will also need to consider seeking legal advice of business taxes etc.

[Sandy D]

HSBC is known for closing bank accounts when they see things they dont like.

[easy.bake.oven]

Yes, they said in the letter I was running a business and had to open a business account.

I did not go into branch or ring them at all as I could not be bothered listening to their s**t.

Have now recently opened a new current with them about a year later and all is ok.

I will not be running lots through there at all.

[glacier922]

Well at least it's not because of name mismatch. I had my eye on this bank, but now I am more cautious. Do you guys know if there is some sort of platinum checking account plan that gives you multiple checking accounts at HSBC? There is one at chase and it's great. Hope HSBC has one too. Can't find it on their website. Thanks.

[GreenBean]

Originally Posted by glacier922

Well at least it's not because of name mismatch. I had my eye on this bank, but now I am more cautious. Do you guys know if there is some sort of platinum checking account plan that gives you multiple checking accounts at HSBC? There is one at chase and it's great. Hope HSBC has one too. Can't find it on their website. Thanks.

This thread is in the UK subforum.


Compare checking accounts | HSBC

Some info for you. Keep in mind, many HSBC services have high balance requirements.

Consider calling their Customer Support too. Very helpful

[aslam]

I had same problem in past with halifax. they sent me letter and they closed my account in 3 days and call me in the bank and given me all the cash in hand as the cash was less then 500£ otherwise they said will give me check.

I ask one of the manager and he replied all the bank account are once opened they build history as well, if you just open a new account and start adding big deposit the account will flagged up and bank review it if they think its money loundery risk or fraud then they will close it.

So my advise once you open a account use it for daily basis shopping too many small transaction and then do big transaction slowly like 500£ 1000£ and then grow slowly

thanks