Anyone had their business account shut down by HSBC?

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1

So a few months ago, HSBC sent us a letter saying they were closing our business account… no reason given. We’ve been with them for like 10 years, turning over £500k+ a year as a financial services company. I’ve emailed them tons of times for an explanation, but they just ignore me. This is gonna cause us major issues. Do we have any legal options here? Has anyone dealt with this before?

2

That sucks… did you try talking to your relationship manager? Sometimes they can give more insight.

3

Xander said:
That sucks… did you try talking to your relationship manager? Sometimes they can give more insight.

Yeah, tried that. She’s been completely useless. Won’t tell us anything.

4

Xander said:
That sucks… did you try talking to your relationship manager? Sometimes they can give more insight.

Ugh, typical. Did they at least give you decent notice?

5

Kim said:

Xander said:
That sucks… did you try talking to your relationship manager? Sometimes they can give more insight.

Ugh, typical. Did they at least give you decent notice?

I think about 3 months, but still… no explanation at all? So frustrating.

6

Banks can close accounts if they want, but they can’t do it for shady reasons like discrimination or bias. Maybe try filing a formal complaint?

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Charlie said:
Banks can close accounts if they want, but they can’t do it for shady reasons like discrimination or bias. Maybe try filing a formal complaint?

Already did that. Got nowhere. They just sent the same generic letter with no explanation.

8

If complaints to the bank aren’t working, try the Financial Ombudsman. They can order HSBC to disclose more info or even compensate you.

9

Lee said:
If complaints to the bank aren’t working, try the Financial Ombudsman. They can order HSBC to disclose more info or even compensate you.

Interesting… how do I go about that?

10

@Lennon
Check out their site: financial-ombudsman.org.uk. It’s free to file a complaint, and they’ve got legal power to intervene.

11

Just a thought… some agencies like the Serious Organised Crime Agency can make secret orders to banks that force them to shut accounts without saying why. Could be something like that?

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Oak said:
Just a thought… some agencies like the Serious Organised Crime Agency can make secret orders to banks that force them to shut accounts without saying why. Could be something like that?

Nah, nothing shady going on. We only deal with companies on the Isle of Man. All above board.

13

Can they still shut your account if the Ombudsman is reviewing your case?

14

Wil said:
Can they still shut your account if the Ombudsman is reviewing your case?

Yeah, they can, but you can ask for an extension while the case is being reviewed. Worth a shot!

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Wil said:
Can they still shut your account if the Ombudsman is reviewing your case?

Good idea, I’ll do that first. Thanks!