encouraging partnerships

Sustainable Development

   
Closure of Bank accounts
Please be aware that 2 of our members have been questioned by their bank (in both cases HSBC) about their links overseas and in once case all bank accounts were closed with 2 months notice and no reason given. If you have any experience of this - and we understand it is not just HSBC who have taken this action - please do add you comments to this discussion.
Sally Robertson Admin 27/03/2017 16:47

Replies:
Ian Sanderson 27/03/2017 17:41
We were telephoned by Barclays recently (March 2017) and answered their questions and all was OK. Barclays has a tendency to contact us about once per year and check where we send money internationally, but this call was specifically asking about 'restricted' countries where sanctions apply.

About 18 months ago our CAF bank account was closed by CAF but essentially because it had fallen into dis-use for several years as it no longer gave us interest which was the reason we first opened it. As this was a very secondary account for us we did not thoroughly answer questions about where we send money internationally as we said this was not done from our CAF account and always done from our Barclays account. That answer was inadequate for CAF. I think they detected or considered us not to be a serious customer. The account was quite dormant.
Jane Betts Advantage Africa 28/03/2017 12:27
Advantage Africa has always complied fully and in good time with HSBC's requirements but were also threatened with closure of its account by HSBC in a letter requesting further information about our Trustees. There was no request for the information before the letter threatening closure, and they have yet to provide us with a written acknowledgement that we have completed all that they have asked for. They changed their request a few days later and appeared confused about what was and wasn't required. It's good they are improving their controls but this really hasn't been implemented well, as highlighted on Radio 4's 'Moneybox'.
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