Like Tree114Likes

HSBC Personal Accounts Targeted

Reply
Page 1 of 17 1 2 3 4 9 ... LastLast
  1. #1

    Join Date
    Apr 2017
    Posts
    33

    HSBC Personal Accounts Targeted

    Beware all personal account holders of HSBC HK. They are now targeting personal accounts and selecting them randomly, so HSBC themselves have told me. This means all HSBC account holders are vulnerable to being dragged through a nightmare procedure with no avenue for recourse.

    This is currently happening to me, one other person I know personally and another who I do not know but have heard about, all permanent residents of HK.

    In short, without notice they will suspend your ATM facility, suspend all online banking services, suspend online Securities trading (you can sell shares using Phonebanking (a useless service as they take 5-10 mins to seek authorisation for every trade) but prohibit the buying of any shares), and any transaction you want to process has to be performed in a branch which requires the front line bank staff to make calls to seek authorisation for every transaction, even if you just want to transfer funds between your own accounts.

    I was told by my Personal Relationship Manager (PRM) that it would last a few days, maybe a week, it's been 5 weeks now. Shouldn't be surprised that HSBC lies to their customers , with their global shenanigans it appears to be part of the company culture.

    Let me be clear though, it's no fault of my PRM who has tried to get more info and failed, it's the bunch of cowards who hide behind their desks and let the front line staff take the flack for their incompetence. The only recourse is to write to customer service and if any of you have ever tried dealing with HSBC customer service I feel for you, they have now eclipsed PCCW as the most useless CS division within the territory.

    I have tried through multiple channels to be given a reason and an estimated timeframe but have had the door slammed in my face every time. Even if I could be told that historically it lasts for approx 4-6 weeks that would help but they repeatedly refuse to provide any useful information.

    The only answer I can get from them is along the lines of 'it is a business decision, refer to the T&C's'. No attempt at all by CS to address the consequences that the bank's internal procedures create for their banking customers.

    I have been banking with them for 23 years and I believe have been a model customer. Do not think that being a loyal customer or having a large amount of funds/mortgage or anything else with them will make a difference, they will treat you with nothing but disdain and contempt.

    They told me that they know their customers are very angry and inconvenienced but that's just the way it is....can you believe that!! An absolute disgrace and a great example of how a large corporate has managed to crawl so far up its own arse it has lost sight of the customer experience.

    If anybody else is currently or has previously experienced this please do share your experiences. HSBC won't provide any information so it would be great if we could provide to each other. I am happy to share more info on my experiences with anyone that is going through this if you think it will help you or indeed with anyone that has a wider platform on which to inform the public.

    What they are doing is simply wrong but they are not being held to account and I for one do not know how to hold them to account when they really couldn't care a less about the individual voices of their customers.

    As for me, well 5 weeks with no end in sight and a stress level through the roof leaves no option but to transfer funds out and close my account after 23 years of being a loyal customer. As a tiny protest I have also cancelled my various insurance policies with AXA due to their affiliation with these jokers.

    Unlike HSBC, I took the time to write to AXA and inform them of my decision and reasons. I wish I had heeded the advice of the many friends, businesses and forum posts over the last 2 years and got the hell out of HSBC but I guess until it happens to you, and it will, then you don't realise that HSBC has such a blatant disregard for its customers and a corporate culture that prioritises a tick in the box over people and communication.

    I implore all of you with an HSBC account to get out now but if not then at the very least share your experiences with as many people as possible when your turn comes.

    Anyone with any ideas of how to hold HSBC accountable and hit them where it hurts please share, I have no idea what can be done except to boot them into touch and draw a red line through the whole nightmare of an experience.

    Last edited by shri; 13-04-2017 at 01:17 PM.
    pisces2006 likes this.

  2. #2

    Join Date
    Oct 2010
    Posts
    19,571

    I would drop Howard Winn a line, he has written some articles on HSBC before.

    https://www.hongkongfp.com/2016/03/2...bank-accounts/

    The way you have been treated sounds appalling. What nationality are you - do you think that has something to do with it?

    HKKIT and markranson like this.

  3. #3

    Join Date
    Apr 2017
    Posts
    33

    Great suggestion, thanks. I am British and a permanent HK resident . Don't think it should have a bearing


  4. #4

    Join Date
    Dec 2002
    Location
    ???
    Posts
    30,551
    Don't think it should have a bearing
    Hah... you must be new to HK (but you're not ... so I'll put it down as sheer naivety).

    But seriously, I could not parse the main point / points of your post. TL;DR.

    Are your funds frozen? Or are you just pissed because you have to close your account?

    If your funds are not frozen, open an account somewhere else and suffer the one time indignity, sit in a branch and transfer your funds out. All your funds.
    Last edited by shri; 13-04-2017 at 01:15 PM.

  5. #5

    Join Date
    Oct 2010
    Posts
    19,571
    Quote Originally Posted by shri
    Hah... you must be new to HK (but you're not ... so I'll put it down as sheer naivety).
    It is far from naivety shri. The nationality you are absolutely effects your relationship with banks. Syrians and Americans have a far harder time with banks that Brazilians and British do.
    jrkob likes this.

  6. #6

    Join Date
    Dec 2002
    Location
    ???
    Posts
    30,551
    Quote Originally Posted by TheBrit
    It is far from naivety shri. The nationality you are absolutely effects your relationship with banks. Syrians and Americans have a far harder time with banks that Brazilians and British do.
    The fact that he said it should not matter is naive. Your nationality and a bunch of other soft factors matter with HSBC in particular.

    I'm Indian, I know where I stand on that pile of priorities at that bank. Atleast I'm not a refugee or domestic helper or an underpaid migrant worker.

    Just for the sake of record - I do know one senior banker (at a Swiss bank) who is British, but Indian ethnicity and born in one of those African countries - had a fair bit of pain even opening an account with them. Apparently needed for payroll reasons or something or the other...
    kimwy66 and TheBrit like this.

  7. #7

    Join Date
    Feb 2015
    Location
    Hong-Kong
    Posts
    6,010

    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


  8. #8

    Join Date
    Oct 2010
    Posts
    19,571
    Quote Originally Posted by shri
    The fact that he said it should not matter is naive. Your nationality and a bunch of other soft factors matter with HSBC in particular.
    Ahh, I read it as saying he is British, so he doesn't think his nationality is the matter in this case. There must be some other reason why he has been targetted.

  9. #9

    Join Date
    Apr 2017
    Posts
    33

    SHRI - Funds not frozen just the sheer indignity so yes will be switching banks but would like to have some recourse with HSBC


  10. #10

    Join Date
    Apr 2017
    Posts
    33

    The Brit - you read it right


Reply
Page 1 of 17 1 2 3 4 9 ... LastLast