HSBC is killing my business, piece by piece — How to plan for your bank screwing up
Richard Davey
17K103

Well I knew I couldn’t have been the only one this happened to… fortunately so far I managed to avoid account closure.

They first emailed me about Safeguard a few months ago. After filling in the form, they then asked me for proof of my (a director) address. Only… they sent the request for this _to the address they didn’t trust_. Fortunately it is my address (I’d changed it with them three years previous when they seemed happy about it).

So I provided proof, which was a pain, having to bother a neighbour for witnessing etc.

Before they accepted this, they sent a letter _to the address they didn’t trust_, saying the account would be closed and “we will not be revisiting this decision”. That arrived on a Saturday, which kinda ruined the weekend. When I phoned on Monday they stated that the letter should not be taken too seriously, and they would revisit the decision. At this point I was seriously doubting the competence of this organisation.

Next thing they flagged up was the revenue proportions. Like many software companies I sell software globally. So when they asked for percentages to different countries, I left 10% unallocated; it could be any country. Not good enough! They want to know exactly which countries I will be selling to in the future. I explained this is not knowable, and in the end just assigned it to the next-largest country.

Then they came back with the same question. I provided the same answer.

And again they came back with the same question. I provided the same answer.

And again.

After three retries they accepted the answer.

I continued chasing them on the phone once a week for the next month or so. All the time I was told that the application was with an ‘offshore team’. They didn’t seem to understand that it was a bit stressful that I had this account closure looming close.

And then I got another letter through the post saying “No further action is required”. Completely ambiguous as to whether this means I have now simply passed Safeguard, and the account will no longer be closed. That’s still something I have to chase up.

Clown college.

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