HSBC Bank — deactivating personal bank account without notification and charging service fees while I have no access to the account
Don’t bank with HSBC
– They will lock you out of your account and bleed you dry with fees while you watch them!
For all those who are considering opening a personal bank account with HSBC... THINK AGAIN!!!
To put it politely, HSBC are the biggest bunch of rip-off artists I know. Bordering on criminal. WHY?
Let me highlight my personal banking experience with them, you can decide their integrity.
I’m based in Australia. I opened an off-shore account with them 2 years ago. Deposited some money and made transactions for the first year. I registered for internet bank and they also sent me an ATM card. All is well so far. They send me monthly statements showing me any transactions and the closing balance.
Then apparently in September 2008, they changed the off-shore account policies to increase the service fees to ridiculously high levels.
In the mean time I had not made any transactions in the last 6 months and they decided to deactivate my account. NO NOTIFICATION TO TELL ME MY ACCOUNT HAD BEEN DEACTIVATED, DEEMED DORMANT. All the while, they have been sending me statements, showing me how much they were deducting from my account, deemed as “service fees”. So in the last 6 months I had not paid much attention to these statements because I assumed I could have access to the account and withdraw the money anytime I wished.
I went back online and tried my usual log-in on internet banking and access was denied. Then I made a call to HSBC Singapore call centre to ask why. They specifically told me that online access has been discontinued because I haven’t used it for a while. So to withdraw any money out I have to write & post in to them instructing them to TT my money out of the account to another account. This would conveniently delay the process to the next service fee withdrawal, which they deem to be for security reasons. They did ask if I had phone banking, and I didn’t; nor did they bother to register me at the time. And at this stage, the call centre person did not notify me my account had altogether been deactivated. So the only way I thought of to get my money out quickly before they sucked more from my account was to use the ATM card. I located a HSBC ATM teller and tried my card. To my surprise, the ATM denied access to my account as well!!!
The next day I called these idiots and told them now I have absolutely NO ACCESS TO MY MONEY IN THEIR ACCOUNT. They asked me all the same questions again, “do you have phone banking”; security questions to verify that I am the real ME. I explained to them the situation and they refused to do anything about my predicament citing banking policies!!! Now this is one lesson everyone should learn: HSBC policies are there to protect THEM, NOT YOU, the customer. THEY ARE ALSO THERE TO RIP YOU OFF... yes, no secret there. They want to make money from you, anyway possible. And their policies have slimey loop-holes to screw the customers. So after 30 minutes on the phone, the useless call centre girl couldn’t or wouldn’t do anything. I tried escalating the issue to her manager but she refused to do so, all the while patronising me by saying she understands.
So here is the synopsis. I banked with HSBC. They changed their account policies. Deactivated my account citing that it was dormant for 6 months or more. Failed to inform me. Raised the service fee. Revoked my online and ATM access. In fact revoked any access to my account unless I write and post to them at my own cost. Delay the process to transfer my money to another account. Charge me more fees for this. Then finally closed my account.
If you want money in their bank that subjected to these kinds of T&Cs, you might as well put it in their pockets directly.
HSBC. You are a bunch of unscrupulous rip off merchants. May you fall with the financial crash this year.
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