Consumer complaint received 2019-10-25
Company: HSBC NORTH AMERICA HOLDINGS INC.
State: OH
Product: Checking or savings account
Sub-product: Checking account
Issue: Managing an account
Sub-issue: Deposits and withdrawals

Complaint:
I opened a Premier checking account with HSBC. I went through a fraud  review, etc to open the account. A premier account is their highest level account a high net worth account. It requires either a minimum balance of {$75000.00} or electronic deposits of {$5000.00} per month. My account was opened on XX/XX/XXXX. The opening deposit was funded from my XXXX XXXX XXXX checking account in the amount of {$100.00}. This amount was deducted from my XXXX XXXX account on XX/XX/XXXX. On XX/XX/XXXX I deposited a life insurance check from XXXX XXXX life insurance payable to me with my home address on the face of the check. The check was for approximately {$6700.00}. The next day I went to log onto my account and it was frozen. I called customer service and they indicated the department I needed to speak to was not open on weekends they would call me back on Monday. On the XXXX I called HSBC. I was continually placed on hold and had to call back multiple times. I finally got a person that stayed on the line with me for over an hour while we tried to figure things out. Apparently the deposit triggered a fraud  warning. They wanted a copy of my drivers license and proof of address - again - all of this was provided a week prior to open the account. I provided what was requested. After over an hour on the phone I was told the account would remain suspend ed d for 5 business days for the check to clear. I have a few issues with this. I had never tried to access the funds in my account - there was no reason for the account to be placed on a full out fraud suspension. I can understand placing a hold on the funds, but not to allow me any access? I can't even tell you if the initial {$100.00} deposit was credited properly or if my electronic deposit of my paycheck was credited. The account is not accessible to me in any way. I never received a phone call an email or any type of communication. I tried to file an internal complaint. There is no method to file a complaint with HSBC - nothing on their website, nothing when you call. No one would transfer me to a department to file a complaint. Thus I filed one with the XXXX  on XX/XX/XXXX. To date I have still not had any resolution with HSBC or even the courtesy of a phone call. Thus I am now filing this complaint. I have done some research and it appears this is a common practice with HSBC. I am lucky in that I do not need access to those funds. However, there are others that have experienced this that do need access to the funds. I only opened thos account because it promised a {$750.00} bonus after meeting certain criteria. At this point I wish I had never opened the account. How is a customer supposed to meet the minimum balance requirements if they can not deposit checks? Why couldnt the bank contact the company the check was drawn on to verify its authenticity? I have been in compliance and risk management for banks for several years and have never seen a policy such as this where accounts are suspended for no reason other than depositing a check.

Company response to consumer: Closed with explanation