One of the key commitments of the Banking Code, to which HSBC subscribes, states: "We will deal quickly and sympathetically with things that go wrong and consider all cases of financial difficulty sympathetically and sensitively." But HSBC's refusal to refund your money until you had fulfilled certain (and in your case impossible) criteria actively contributed to your financial hardship. You even tried to alert the bank personally that your ATM card had been taken by a machine, but to no avail. It may argue you had a month in which to prevent your salary being paid into a soon-to-be-defunct account, but this doesn't excuse it from hanging on to your cash for so long afterwards.Īlthough it is standard practice for banks to await the return of outstanding cheques and an ATM card before refunding unused cash in a closed account, HSBC should have been aware that this was irrelevant in your case, as no chequebook had ever been issued. HSBC's freezing of your money in this fashion was very poor service. Since your original email, the money in your account has been transferred to a new bank account (your boyfriend's), but only after a branch manager put her own job on the line in effecting such a transfer. These usually include such issues as having your salary paid into the account, but seeing as you wouldn't have been in such a dire predicament if your employer hadn't paid your salary into what was by then a closed account, that can't be the issue here. Although no specifics were given, the implication was that some condition of account provision was breached. It also said the reason your account was closed is because the conditions under which it was being operated were inconsistent with how the account was supposed to be run. When you reach the age of 18 we will transfer your MyAccount to our Bank Account (or equivalent account if the Bank Account is no longer on sale when you reach 18, or an alternative account if we consider that another one of our accounts would be more beneficial to you).A When I spoke to HSBC on your behalf, it confirmed that your account was one of many in a far ranging 'account review' process it recently conducted. if you have a Premier MySavings account, we will open you a Premier MyAccount.if you have a MySavings account, we will open you a MyAccount.Both of these accounts form a package we have called MyMoney: On your 11th birthday we'll also open a current account for you, called MyAccount This comes with a HSBC Visa Debit Card, which you can use in shops, online, at cash machines or wherever you see the Visa logo. This shows you the amount in your account, what you've put in and taken out, and any interest you get. You'll receive a statement every 6 months. If you are under 11 and want to take out over £50 (or move it to another account) you'll need your parent or guardian's permission, and their signature. You can use it to pay in and take money out at any HSBC branch. Anyone aged 7 to 17 can open an account, although if you're under 16 you'll need your parent/guardian with you. At age of 11, we will also open a Premier MyAccount Premier MySavings account. Children and grandchildren of Premier customer can benefit from a Premier MySavings account with access to additional product benefits. But keep in mind that if you're under 11, you'll need your parent or guardian's signature to withdraw £50 or more Take your money out at the bank. You can use your cash book to withdraw money from your savings account. Get your own HSBC Visa Debit Card. On your 11th birthday, we'll open a current account for you, complete with your own HSBC Visa Debit Card to shop in stores, online or use at cash machines Watch your money grow. MySavings / Premier MySavings accounts pay you interest on your savings between 1.00% AER/gross and 3.75% AER (3.69% gross) Start saving from just £10. Whether it’s your pocket money or the wages from your job On the account holder’s 11th birthday, we'll open a current account in their name, complete with its own HSBC Visa Debit Card.
#Hsbc mymoney how to#
It’s never too early to learn how to handle money wisely, and an HSBC MySavings / Premier MySavings account is the first step on that road.
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