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Showing results for tags 'Say is HSBC policy'.
Can anyone suggest why HSBC on the Island is writing to customers who are no longer Isle of Man residents and telling them that their accounts will be closed quite soon and giving them a deadline of a few weeks I believe by which to make new arrangements? I know someone over here (UK) who received just such a notice yesterday explaining that it was now HSBC policy (On Guernsey in today's Guernsey Press it is described as local branch policy)...to terminate Isle of Man accounts held by those who are no longer residents of the Island. That is what I understand so far. The letter states that it is not the way the account has been run that is the issue but that the account will be closed due to corporate policy and suggests opening a new account in the UK...The letter says something like "As you are no longer an Isle of Man resident" this account will be closed. The account holder who showed me the letter had lived on the Island 28 years and left in 2008 officially terminating their residence status with the Isle of Man Government agencies concerned. HSBC in 2008 said there was no need to close the Island account and open a local UK one...Since then Pensions, savings, on-line transactions, Debit card, ATM etc have all been via the Island based account. The customer today contacted HSBC in the UK via their call centre admin and a new account will be opened soon, with money, Direct Debts, Standing Orders etc either established anew or cancelled as you wish....The current and savings accounts on the Island must be closed and also Direct Debt card/facilities must end and be re-set as a UK account for a UK resident with HSBC if you wish (Or another bank!) The credit cards are OK and can remain. I listened in to the call. HSBC are very helpful and a new account is progressing and the "old" one will not be "embarrassed" in the interim...The agent said that "quite a large number" of such accounts on the Island are to be closed ...and that he, that is the customer and caller in regard to this matter, "was one of those on the list".. I note a lot of change going on due to compliance, various agreements and official spanners in the works so is this all simply due to a policy decision by HSBC or is there some other regulatory reason? I do not follow these things closely but was asked to find out if possible. Are all the other banks doing the same? Is this all just "old news" and thus an expected development?