milkeybar kid Posted June 12, 2009 Share Posted June 12, 2009 We have an on-line savings account with HSBC- flippin heck- just received a letter to say because its been inactive for 2 years ( making a interest cos we left it alone!) they have frozen it to protect it from fraud , so I need to go into branch with passport or phone a special number . Yes, its great they are helping to protect you but a savings account is simply that you dont touch it if at all possible. What a waste of money - anyone else got one? Link to comment Share on other sites More sharing options...
Kitty Posted June 12, 2009 Share Posted June 12, 2009 At some point, when the accounts are inactive for a long period of time, the government takes the money. Do they give it back if you can prove that it was your account?For one account that we have with the Alliance & Leicester, we have been told that they will close the account and send us the money back if we haven't used it for 3 months. Link to comment Share on other sites More sharing options...
Ron Avery Posted June 12, 2009 Share Posted June 12, 2009 At some point, when the accounts are inactive for a long period of time, the government takes the money. [:-))][8-)] Do they give it back if you can prove that it was your account?Well as they wrote to the OP and told them it was frozen I suspect they might know whose account it is[blink]. You are getting totally confused with accounts for which no account holder can be traced by a bank, for example if a person moves away and then dies or has no family or a family who are unaware of the account's existence. Link to comment Share on other sites More sharing options...
milkeybar kid Posted June 12, 2009 Author Share Posted June 12, 2009 phew, thank you Ron. It now means I can sleep tonight. I thought her reply a bit odd!!!!!!! but well meant, I think! I have checked the account on line , interest went in on the 1st June , but I cant now make transfers. I will talk with our chap at HSBC on Monday and will give the outcome, as pointed by a friend it is a computer error more than likely.Thanks again Ron. Link to comment Share on other sites More sharing options...
suein56 Posted June 12, 2009 Share Posted June 12, 2009 [quote user="milkeybar kid"] I will talk with our chap at HSBC on Monday and will give the outcome, as pointed by a friend it is a computer error more than likely.[/quote]It might not be ... from BBC news December 2003: http://news.bbc.co.uk/2/hi/programmes/moneybox/3343963.stmHSBC1. What is your definition of a dormant account? Accounts with balances between 1p and £100 - after 2 years without any customer transactions we will write to customers. We then give them 3 months to respond and advise what theirintentions are. If there is no response we will close the account downand pass the balance to our Unclaimed Balances Account.Accounts with balances of £100+ - after 2 years without anycustomer transactions we will write to customers. We will not closethese accounts without further instructions from customers.Reclaiming funds - Customers can at any point after closurerequest the payments of these funds, and we will send a response torequests within 30 days if possible and no later than 3 months fromreceipt.In some instances it may be difficult to trace the fundsfor customers (particularly accounts that have been closed for anumbers of years) and we ask that they provide us with the followinginformation (where available) to enable us to find the funds as quicklyas possible for them : 1. Account number 2. Date account opened 3. Dateaccount last used 4. Approximate balanceIf the account was interest-bearing we will calculate anyinterest due and in the case of gross interest we have to make asubmission to Tax Related Services (internal dept) before paying awaythe interest, as there may be a further tax liability for the customer.If accounts have been closed and customers require them tobe re-opened we can do so, and we will follow standard ID & VAchecks as for new to bank customers before re-opening .Of course our preference would be that if customers arechanging their banking habits they let us know, as we may be able toassist them. We know that dormancy can be triggered by a number of lifeevents, including separation, job change, marriage etc. and if ourcustomers tell us what's happening then we can help them to find theright solution. SueApologies if this contravenes publishing rights. Link to comment Share on other sites More sharing options...
milkeybar kid Posted June 13, 2009 Author Share Posted June 13, 2009 Thank you for the info - I think the world has gone ***** mad!!!!!!!!!!!!!!In theory this means thousands of people with a Savings account like me (a 5 figure sum) that leaves it alone (inactive) will be getting these letters.Just crazy, I might be missing something here as for the reason. Link to comment Share on other sites More sharing options...
milkeybar kid Posted June 16, 2009 Author Share Posted June 16, 2009 Strewth, our man at HSBC has no idea why we should have had our account classed as dormant as its a savings account with five figures! and we use another 3 accounts at the same bank. The laugh is on them as they are expecting a back lash as its not only me its happened to!!So check your HSBC account as we could get no access to it once they decided it was dormant! All's well now , its done us a favour as we have moved it to a higher rate bond paying more interest - its quite popular -worth taking a look! Link to comment Share on other sites More sharing options...
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