HSBC Mending their ways
I was doing some telephone banking today and asked my bank to pay my quarterly electricity bill from my (standard UK) chequeing account – a smallish payment similar to payments I have made before.
The teller (or whatever you call the person on the other end of the phone) said (as usual) that the money would go through today, but then added “unless held up for fraud checks”!
I had never heard this before so expressed surprise and was told that their systems now randomly select transactions to check them for fraud or money laundering. Even low value payment of established bills to utility companies! They now had to warn people of this possible delay.
Obviously the bank is trying to mend its ways, but I can’t help thinking that if the random selection includes within its scope payment of household utility bills, then a transfer to a Swiss bank account is less likely to be selected for audit.
Now I hear on the News that the Treasury Select Committee has been asking HSBC why they were not asking questions about people who drew very large amounts of cash out of their Swiss Bank Accounts.
Banks; can’t live with them, can’t live without them!