Hsbc account restricted

[ClaudiaExpat]

Hello
I had a very good relationship as a Hsbc Premier client, but recently, they started asking me for a lot of papers, which I provided again and again. I have withdrawn my money for safety. I don't have any mortgages or debts in the bank.
I guess I'm not welcome anymore. For now, the account is restricted to deposit and withdraw.

Question:
Is it better to close the account on my own, like: "According to Terms and Conditions, I kindly ask to terminate my relationship with HSBC and close my account?".
 Or
Wait until they will close my account because they consider documents to be not enough?

The reason for these checks will have nothing to do with whether your relationship is 'good' or 'bad' nor whether you are 'welcome' or not.

From my experience (UK) banks including HSBC will do intermittent AML checks on account holders to check if the details they hold are still accurate/valid. And in further checks if the purpose/reason for the account usage are still valid.

Typically, these checks will be headed by a 'REFRESH' team that is conducting these checks. I have such a letter from another UK bank.

If you don't provide the information they request, your account will be suspended. You won't be able to put more funds in or out until their compliance standards are met.


The bigger question I have for you is, why not recognise and see this for what it is, 'standard' regular AML checks (every 6-12 months), which have only unfortunately got more stringent over the years?

 

[FreedomSearcher]

The reason for these checks will have nothing to do with whether your relationship is 'good' or 'bad' nor whether you are 'welcome' or not.

From my experience (UK) banks including HSBC will do intermittent AML checks on account holders to check if the details they hold are still accurate/valid. And in further checks if the purpose/reason for the account usage are still valid.

Typically, these checks will be headed by a 'REFRESH' team that is conducting these checks. I have such a letter from another UK bank.

If you don't provide the information they request, your account will be suspended. You won't be able to put more funds in or out until their compliance standards are met.


The bigger question I have for you is, why not recognise and see this for what it is, 'standard' regular AML checks (every 6-12 months), which have only unfortunately got more stringent over the years?

They've been holding my money for OVER 2 MONTHS. Do you think that's normal?

 

[ClaudiaExpat]

They've been holding my money for OVER 2 MONTHS. Do you think that's normal?

I think they will have told you in the letter what the outcomes will be for non-compliance as they see it.

Do I think this is 'normal'? It is not extraordinary.

Are you able to post your letter censoring personal/private details? That will give a big clue as to the tone/nature/direction of this AML check.

 

[Marie Manila]

Just wanted to share my ongoing nightmare with HSBC Expat, in case it helps anyone considering them.

Thanks for sharing.
Please keep us updated.
I've read a lot about account freezing with HSBC Expat. However, I've never read how long it takes or how difficult it is to release the funds.

Eventually, someone from their compliance department reached out, asking for a stack of documents and information. I sent everything they asked for, waited, then they came back asking for even more.

Did you have to have them translated into English by a certified translator?

 

[thomasparra]

Just wanted to share my ongoing nightmare with HSBC Expat, in case it helps anyone considering them.

HSBC has been holding my money hostage for over two months now-completely frozen, zero access.
The worst part? I got absolutely no explanation or even an email when it happened. I only found out when I tried to use my account and couldn’t.

I’ve lost count of how many times I’ve contacted their support (definitely 7+ calls/emails). Eventually, someone from their compliance department reached out, asking for a stack of documents and information. I sent everything they asked for, waited, then they came back asking for even more. This cycle repeated multiple times-each time with long delays before they’d even reply.

As of today, my money is still frozen, despite providing everything requested. No timeline, no real updates, just generic responses and more waiting. It’s honestly outrageous.

From what I’ve read here and elsewhere, it seems I’m not alone-random account freezes, lack of communication, and endless bureaucracy are all too common with HSBC Expat. If you rely on your bank for anything important, I’d seriously consider looking elsewhere.

Sorry you are experiencing this. It must be one of the most horrible things to deal with.

Could you provide more details about your citizenship(s), or why you think they are freezing your account? If they have "reasonable" reasons to freeze your assets for that long, they might think money laundering / unjustified source of fund. Any unusual /large deposits? Were you a long term customer? Without more details, it is hard to understand the situation.

I would think of lodging a formal complaint with HSBC as well. I did in the past after many useless calls with support (not for compliance reasons) and they magically resolved it in a week. Might not be the same story for compliance/AML reasons but worth a shot if you genuinely believe they are being irrational.

Good luck