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  • 1 Post By Steve88

HSBC business account closure

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  1. #1

    Join Date
    Jun 2020
    Posts
    2

    Unhappy HSBC business account closure

    Hi, I signed up because most of the information regarding HSBC HK I found on this forum.

    My current situation is that I am not residing in HK, but I do still have a business account with HSBC that I've tried to close down from overseas for 4 times already. However they never confirm to my request for a different reason every time (signature doesn't match, not enough money in the account, too much money in the account, overseas bank used the wrong authorization stamp).

    In the meantime I kept on paying my fee 1400hk/month for an account that I haven't used in over a year. However my balance went to 0 this month and now they want to charge me overdraft fees. Anyone has any experience what happens if you just let it be, HSBC itself can't tell me and suggests me to add money and close my account...
    Besides going to HK in person (which is impossible right now) I'm not sure what other options I have.


  2. #2

    Join Date
    Apr 2016
    Posts
    222
    Quote Originally Posted by Steve88:
    Hi, I signed up because most of the information regarding HSBC HK I found on this forum.

    My current situation is that I am not residing in HK, but I do still have a business account with HSBC that I've tried to close down from overseas for 4 times already. However they never confirm to my request for a different reason every time (signature doesn't match, not enough money in the account, too much money in the account, overseas bank used the wrong authorization stamp).

    In the meantime I kept on paying my fee 1400hk/month for an account that I haven't used in over a year. However my balance went to 0 this month and now they want to charge me overdraft fees. Anyone has any experience what happens if you just let it be, HSBC itself can't tell me and suggests me to add money and close my account...
    Besides going to HK in person (which is impossible right now) I'm not sure what other options I have.
    Going to HK in person, when restrictions are eased, is probably the only way...

    Otherwise, try to speak to your business account branch manager, discuss exactly what you have to do to close your account remotely, confirm this to the manager in writing (email is good enough) and then follow his/her instructions to the letter.

    If you do this and they still don't close your account, write to the manager again telling him/her that you did everything correctly and you now consider your account to be closed and will be making no further payments.

    Worth a try...

  3. #3

    Join Date
    Aug 2013
    Location
    The World
    Posts
    1,948

    Normally people complain that HSBC close their account without warning, rather then HSBC refusing to close an account!

    At a practical level it may be best if you just withdraw all funds and leave a zero balance. I can't see them chasing you around the world for a $50 statement fee.

    HK_Katherine and TheRoadAhead like this.

  4. #4

    Join Date
    Aug 2009
    Posts
    966

    Overdraft fee???

    Are you sure you don't mean service charges for hkd 200 for not maintaining the required 50k monthly rolling average.

    If u don't use it leave amount to zero. Service fee kicks in the voila account is Inactive.


  5. #5

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    12,325

    You said you opened HSBC based on the comments in this forum. Seriously? Pretty much everyone here knows that HSBC is a heap of shit and the worst bank in HK to deal with!

    I suggest you try sending a letter to the HOng Kong MOnetary Authority (https://www.hkma.gov.hk/eng/) pointing out that you have jumped through many hoops and are still being given the run around and see if they can help. You might mention to HSBC that you are doing this and give them some impetus to fix their sh!t.

    Paxbritannia likes this.

  6. #6

    Join Date
    Jun 2018
    Posts
    1,490

    Or just send your RM an email saying it is great the account is still open as you'll be paying in a huge sum of cash next week, and will then be transferring it around two or three other accounts offshore, and then back to your account. Tell them this is money from an Iranian government official.

    Et voila... Closed account.

    topworld and HK_Katherine like this.

  7. #7

    Join Date
    Dec 2013
    Location
    Hong Kong
    Posts
    12,325
    Quote Originally Posted by Peaky:
    Or just send your RM an email saying it is great the account is still open as you'll be paying in a huge sum of cash next week, and will then be transferring it around two or three other accounts offshore, and then back to your account. Tell them this is money from an Iranian government official.

    Et voila... Closed account.
    Nah. That just gets the account upgraded.
    Paxbritannia likes this.

  8. #8

    Send a letter to the RM listing all the times you have instructed them to close the account. Tell them that unless they reverse the charges and close the account immediately you will file a complaint with the HKMA.

    Banks are required to have a procedure for handling customer complaints so make sure to put the word "complaint" in the header of your letter/e-mail. Or you can use this form to make it official:

    https://www.personal.hsbc.com.hk/1/2...type=complaint

    jrkob, chuckster007 and Tyresmoke like this.

  9. #9

    Join Date
    Nov 2007
    Location
    Wanchai
    Posts
    5,067
    Quote Originally Posted by HK_Katherine:
    You said you opened HSBC based on the comments in this forum. Seriously? Pretty much everyone here knows that HSBC is a heap of shit and the worst bank in HK to deal with!
    That's not what he said.

  10. #10

    Join Date
    Jun 2020
    Posts
    2

    Sorry guys I tried replying to this post a couple of times, but every time it states a moderator has to review it. Here goes nothing hopefully this message comes through:

    First of all thanks for all the suggestions didn't expect to get so many .

    Original Post Deleted
    Sorry $1250 my mistake. Always seemed high to me, but I can assure you this is a genuine HSBC account, however it is a business account, I'm sure the fees for a personal account would be lower.Not enough money and too much money is a real thing as well.So the first time not enough (minimum 500 or 600hkd closure fee I forgot), second time it was too much, mind you by then I had no access to my internet banking anymore so I couldn't even see my balance. They solved this by sending me an option to authorize them to send the excess amount to a charity, but then they didn't accept my request because the overseas HSBC employees didn't authorize my signature correctly.Either way I think I'll try it one more time with a letter if I can find a branch here to authorize my signature. Otherwise let's hope they won't be chasing me around the world for their statement fee...
    HK_Katherine likes this.