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HSBC Personal Accounts Targeted

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  1. #21

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,330

    Put your money in gold and property. Governments don't like cash anymore. It must be illegal right.

    HKKIT likes this.

  2. #22

    Join Date
    Jun 2015
    Posts
    390

    Banks in this city are just a silly joke. I never had an issue with HSBC but with Citi instead. A scumbag employee told me they can't open a bank account for me because of "my nationality"!
    My response? Took his business card and the branch manager's and sent an official complaint to the worldwide Citigroup ethics compliance and copied Asia Pacific CEO's email address.
    Result? An official invitation for opening a Citigold account with a minimum balance waiver along with a Master Card Prestige credit card.
    Asia World City my ass!

    shri, jrkob, MandM! and 4 others like this.

  3. #23

    Join Date
    Apr 2017
    Posts
    33

    @Aysallas - terrible experience for you. The banks are giving HK a bad name which is a tragedy. I absolutely love HK and one of the things it was so well known for is the entrepreneurship of its residents and the freedom to conduct business. It's a sad day when residents receive treatment like you did or the likes of HSBC are conducting KYC compliance with no thought or care to the consequences of their actions. Why they can't at least give a heads up or an indication of duration is mind boggling


  4. #24

    Join Date
    May 2009
    Posts
    675

    Do as jrkob said. First call the complaint officer and if they don't respond in time file a complaint with HKMA. That usually does wonders.
    Like jrkob I also complaint once to HKMA and before they even interfered (they did sent a letter stating they would look into it) I got a call from the bank and all was solved right there as long as I would withdraw the complaint. And this after 6 to 8 months fighting with them...

    Quote Originally Posted by jrkob
    HKMA asks each bank to appoint a Complaint Handing Officer, which in the case of HSBC (as in HongKong and Shanghai Banking Corp for retail accounts) can be reached at 2996-6388. If you have not called them yet, perhaps try this.

    Also, you may file a complain with HKMA, I post a link below. I once did so about another bank, and did have an interaction with HKMA. In the end I dropped the complain though.




    Hong Kong Monetary Authority - Complaints about Banks






    http://www.hkma.gov.hk/media/eng/doc...ct_persons.pdf

  5. #25

    Join Date
    Apr 2017
    Posts
    33

    Thanks Sith - good to know


  6. #26

    Join Date
    Apr 2012
    Location
    Hong Kong
    Posts
    1,073

    It's not just banks that are crap. It's most companies here, they are all shared within a small amount of families, collude together. Government does not do anything to protect consumer so they just do whatever they can get away with, which is pretty much anything. You tried dealing with PCCW, their website looks like it was design in paint in the 90s. If you forget your password you have the choice between calling them, or sending an email, and they take 2 months to follow up on the email.

    HSBC is known for having a really bad customer service. It's one of the most disorganized company in finance. Ask any employee and they will tell you their IT system is so bad. I remember trying to open an account with them in the UK, you know what the guy told me, why don't you cross the street and open an account there, they like foreigners....
    Too big to fail, too big to care!


  7. #27

    Join Date
    Dec 2002
    Location
    ???
    Posts
    30,551

    @Sith was this a KYC issue? I fear that hkma is complicit in these new KYC problems.


  8. #28

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,330

    I don't think it's necessarily a Hong Kong problem. It's global. Same issues also occur in the states. Some aspects are easier. Others are not.

    At least my internet and phone bill here are quite stable on the price and super cheap. In the states everytime I'm back there's a complaint about being overcharged from AT&T, Verizon, DirecTV, etc. And it isn't one person they do it to everyone. The first bill is always so complicated no one ever understands nor can explain it but it's the way it is.

    Opening a bank account is a pain mostly because banks don't put together a checklist and they don't provide training to staff and they don't issue said checklist to potential customers. I mean I haven't opened an account now but I'd go in with my passport, ID card and address proof and I think that's all I need as an American. They would supply additional forms to declare US status and be on my way. To open a company account well I have no idea. I heard they do site visits to the companies first nowadays. That part is a pain and not great for the economy either.

    Now if you get a dumb staff who for whatever reason is anti-gweilo, anti-mainland or what not on that day then they put on this show with BS excuses.

    Lets think about it. The entry bar to working in property as a real estate agent is higher than working in a bank. Banks will hire anyone and they pay them nothing (talking front line staff). Everytime I go into the bank the teller tries to get me to talk to some 18 year old investment advisor insisting they have some investment opportunities for me and know how to better manage my money than I do. Well as an American the bank doesn't allow investments (specifically the ones they try to sell you when they push you to an investment advisor) as it's too much paperwork issues so goes to show the tellers keep on with the only two things they know. "Do you want to speak to an investment advisor?" and "No, cannot".

    shri and HKKIT like this.

  9. #29

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,330

    Now if you do speak to an investment advisor to open some insurance product. Then funny enough the account opening process is MUCH faster and they do everything in one go. (Insurance product, current account, savings, credit card with no income proof, safe deposit box, etc)

    Go figure :-p


  10. #30

    Join Date
    Feb 2015
    Location
    Hong-Kong
    Posts
    6,010
    Quote Originally Posted by MandM!
    The entry bar to working in property as a real estate agent is higher than working in a bank. Banks will hire anyone and they pay them nothing (talking front line staff).
    I believe this to be quite true. These banks need a MASSIVE workforce to function and they can't afford to be too picky.
    Ever changing regulations also makes it difficult for them to be consistent for very long: once they complied with a set of regulations and put the systems in place to follow them, there's a change and they need to start from scratch.

    (I vaguely understand that Trump is backtracking on Dodd-Frank or something along those lines, this is going to be a very, very messy one. And of course not just for US banks).
    MandM! and gigglinggal like this.

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