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HSBC Business account closed - no notification!


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I hope someone can help / point me in the right direction.


I have a business account with HSBC. It got into trouble about 18 months ago and I agreed to a fixed sum being transfered from my HSBC current account to pay back the overdraft on the understanding that I would not use the account until it was back in good standing. The cards were returned to them and cancelled and they agreed not to set any further charges against the account, only interest. Irronically I got into trouble with the account over the penalty charges they were sticking on each month.


I did my DPA 40 day letter to them for the business account on 31st Jan standard template letter which would have alerted them to the fact I was going to pursue claimback for charges. They wrote back 5th march, telling me they would comply and provide statements, which they did, eventually. Have recived all the statements and notice they closed the account on 2nd March 2007. They account had finnally gone into credit on the 14th Feb 2007.

The credit was transfered out of the business account into my personal account without any knowledge or action by myself on the 2nd, the day the account was closed.


What I need help with is, are they allowed to do this? clearly this seems to be a reaction to my letter of 31st Jan. I have worked out they owe me about £800 in penalty charges, I know I can still claim these, but what should I do about the account closure? I did not really need the account, but the princlpe and the law should surely be followed.

I am claiming back the money, but should I, can I include about the closure without notification / justifiaction.?



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Complain to the FOS about the account closure. It may take a while, but you're in no hurry. If they find that the account was closed in retalliation to your claim, HSBC will have to pay you compensation. It won't be a lot, but it is something & it will cause them the bother & expense of having to deal with it.


You will have to have a look at whatever your agreement with them was about the transfering of funds between accounts.

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carry on claiming the charges - but as gez said - i'd def contact the financial ombudsman as they are supposed to be coming down on banks who are trying this - you could get a (small) payout because of it, and apparently the banks are charged £600 every time the fos has to look into one of these, don't know about business accts. but i don't think they can be seen to be closing any accounts because you have asked for charges to be returned.

be sure when claiming you follow the business related threads if it is a business acct.

Business Claims - basic guide


and there are a few around like this one:Banks closing our accounts

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