HSBC Current Account Review

Overall Rating

none

Far Too many

Someone sent me $6k on the 28th March 2006 via the telegraphic transfer method to ensure reliability. My friend sent the money but put in the wrong account number by one missing zero and as of today's date October 1st 2007 the funds are still not with me, at no point has HSBC contacted me to ask if I am expecting the funds nor have they informed Lloyds TSB that the funds are sitting in a frozen account somewhere in HSBC. As you can see HSBC have kept the funds and have informed no one of the situation, how many more missing funds are there within HSBC not being dealt with?

Now I know its not normal to miss 6k no matter who you are and we only came by this matter because HSBC are closing my account in Jersey because they claim I have broken one of their policies. To me when a TT is sent if either party do not recognise the account then the funds will be returned. Not stashed away somewhere. I am treating this matter as theft.

Let me go on to explain in detail with some feed back from the merchant banker in some very poor English grammar...

The reasons for the delay have already been advised at the telephone, and I would once again reiterate that cash deposits cannot be accepted for the credit of an offshore account; this is clearly detailed in the Bank's "Personal Banking Terms of Business" (S.3.1.).

The Bank will only accept cheques and drafts which are payable to you for payment into your account(s). Neither you, nor a third party on your behalf should pay cash or travellers cheques into your account unless you have obtained prior written agreement from us. If you do so without having obtained our written agreement first, then the Bank may close your account in accordance with clause 10.3 of the Terms of Business

What I want to highlight on this site is the fact that I am not responsible for the cash payment in to my account, I live offshore and have proof I was not in the country at the time the funds were deposited.

I feel if HSBC has such a policy then its up to them to police the matter. In his recent email to me today "Senior Customer Relations Manager" noted the following

"The Bank €™s procedures clearly stipulate that cash should not be accepted by a branch of the UK bank. I apologise if this has not been adhered to by our Wickford branch, however, cash credits being deposited via a self-service machine cannot not be policed as you suggest and when such a situation occurs the branch has no alternative than to follow procedures, process the funds in accordance with the current guidelines and remit internally to the Offshore Islands; this does not suggest that the practice is acceptable however.

As you can see the banker is trying to switch blame here, the fact of the matter is that HSBC allowed a third party to pay in cash to an offshore account breaching all their own internal regulations and are trying to blame me for the problem.

If the funds were paid in to an automated machine in the Wickford Branch then HSBC will have a transactional record of this process, when in reality the funds were sent via TT by the branch manager, again a record will have been kept under the regulatory bodies regulations.

I will continue to keep you posted of this on going saga with one of the world worst banks HSBC