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.