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  • 1 Post By MandM!
  • 1 Post By HK_Katherine

HSBC Hong Kong closed your bank account - sold you an investment plan

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  1. #1

    Join Date
    Feb 2019
    Posts
    1

    HSBC Hong Kong closed your bank account - sold you an investment plan

    Hello All,

    I have heard many stories from people where HSBC closed the bank account of their clients and even tried to sell them investment plans before the closure of the account.

    Different scenario:
    - HSBC closed your bank account
    - HSBC kind of blackmailed you that you might lose your bank account if you do not purchase an investment plan
    - HSBC sold you an investment plan in exchange of openning you a bank account

    -HSBC closed your bank account and Hang Seng Bank did the same within 2 months after HSBC did it.

    If you met one of this case, could you please share your experience?

    There is a Hong Kong government body called HKMA, you can report all you bad experience, HKMA is the regulator of banks in HK.

    Your experience is valuable and can contribute to help correcting the bad practises of the biggest banks.


  2. #2

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,330

    Never heard of that.

    traineeinvestor likes this.

  3. #3

    Join Date
    Dec 2018
    Posts
    1,065

    Never heard of anything like that happening.

    Quiet frankly, unless there was a problem with the account, I cannot imagine HSBC (or any other licensed bank) doing anything like that.


  4. #4

    Join Date
    Dec 2002
    Location
    ???
    Posts
    30,674

    I'm not saying HSBC does not have its share of clowns who cock up - they do and seems like they tend to have more clowns than other banks, just due to the number of employees and clients they have.

    Most accounts would be closed for regulatory reasons and front line staff are not clued into the regulatory issues.

    Clients however, should have plenty of warning that their accounts are about to be frozen / closed.

    While I agree that there are accounts being closed at HSBC, there is usually a side of the story that you do not hear. Things like "I ignored xx requests" or "I usually just ignore mails from HSBC" or "I moved but did not give them my new address". Both of these are repeated here on the forums in dozens of messages.

    Every coin has two sides... or every HSBC note has two sides.


  5. #5

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    10,105

    This is more likely to be a miscommunication. Front line staff are not great at English and people may just misunderstand what is being said. Opening a Premier account, for example, requires a big amount of money, which would probably want to be invested rather than just sit in an account. Getting these concepts muddled may result in "I cannot have this account unless I invest".

    traineeinvestor likes this.