I have kept some money parked in an interest earning saving account at HSBC bank for several years. It’s my rainy day fund should I be unemployed for a long period of time, or if I have need of emergency funds for unexpected reasons.
I’ve not added to it for years as I have not earned significantly more than I need and so have not had spare savings to invest. Equally, I have not needed to draw on it as I have successfully lived on what I have earned and paid for holidays and other things from my immediate income.
A few months ago I got a letter from HSBC helpfully telling me that my account was deemed inactive by them and I was therefore locked out of it because I had not logged into online banking for over 12 months. They send me quarterly statements so I know what my balance is. I don’t need to log into it on a regular basis. I had to phone them and go through an inconvenient and extremely bureaucratic procedure to restore access.
Today I received a similar letter telling me that because I had not made any transactions on the account for over two years that they considered my account to be dormant and they were again restricting access to it in the form of barring all future transactions until I phoned them and asked them to reactivate it.
I went through that tedious process and then told them what I think of their incompetent business processes. Setting up a system that is designed to fail is dysfunctional. They should send a warning first saying what will happen if no activity is registered on the account, giving me an opportunity to do so to keep the account active at a time of my convenience. Blocking access to my own money without warning and forcing me to interact with them at an inconvenient time is unacceptable.
HSBC don’t seem to understand the concept of savings, or people planning for their long term futures. They have made it entirely clear to me that they don’t value me as a customer and don’t want to continue making money from my money. I will be transferring my savings to other banks and closing my account as soon as possible. Fuck you HSBC.