NorthernLad

Has anyone with HSBC accounts had letters notifying them that the account is to be closed?

We were looking to switch to HSBC but then a friend has been told due to some suspect transactions they are closing his account and he needs to transfer loans, mortgage, credit cards etc... to another bank. He has done nothing wrong, is an EK pilot with no bad history.

hong_konger

Tell him to check the post mark on the letter. It might have come from Nigeria !

NorthernLad

He's not that naive!

I did hear that HSBC in UAE are looking to wind down private banking, but that does not sound right to me.

OriginalSunshine

Is he Iranian?

mentalist

Nope, nothing received yet.

Millhouse

nothing here either, and I signed a loan with them last week.

Meow

Has he spoken to the bank to ask for an explanation?

NorthernLad

Yep...and got no sense from them. He has heard from another few people here that they have had similar notifications. All very strange.

Meow

I can try and help if he wants to contact me.

OriginalSunshine

ah - I do remember they are closing some non-Premier accounts, and even the Advance ones, because the accounts aren't earning them enough money - i.e. you are keeping the account fairly static and empty of cash which THEY earn interest on

TheShed

Its possible that it could be related to the upcoming FACTA rules which govern transactions with the USA which could make someone liable to US tax. It really is a minefield with all of the dual nationalities in this region. Some of the GCC banks that I spoke to cannot be a%$ed to deal with all of the reporting so just close potential problem accounts.

I may be wrong, but its just an idea.

Meow

Well remembered. I think I posted about that a while back & here's a link to the National story

http://www.thenational.ae/thenationa...r-us-sanctions

NorthernLad

Thanks, will forward that on!

Holsy7

I'm trying to set an account up with them.....there completely useless, I was warned