HSBC closed my credit card

[sjmajumder]

HSBC has closed my CC on 29th November. This is outrageous.

I had asked them to transfer the compensation amount of Rs. 20,000 to my SB Ac. After 2/3 mail exchanges they transferred the amount on 29th Nov to my SB Ac.

Till this morning, I was completely unaware of the fact that the card has been closed. I have not received any mail/call/SMS. When I logged into HSBC net banking this morning, I couldn't see any card. Then logged into mobile app still no card. Finally decided to try a transaction on Amazon. The payment page redirected to HSBC with an error message. Then I called up HSBC and I was told the card has been permanently closed by bank on 29th Nov (same date when the credit balance was transferred to my SB Ac). He couldn't give me the reason as it is not available in the system and said I will receive a mail with the reason for the same.

I have mail from nodal officer on 29th stating they are transferring the amount to my SB Ac. and from complaints management on 30th stating my complaint is closed. No further mails apart from marketing mails which is still coming.

Can bank close my CC without my consent and knowledge and not even intimate me after closing it? What should be my course of action?

@TechnoFino @Aniket @SSV @HumorSimpson (please tag relevant people)

 

[HumorSimpson]

Most of the Companies don't inform prior to LAYOFFS. Do they?

By the same logic death comes unannounced.

Here we are talking about responsibility of a bank.

 

[Aniket]

They can do whatever they want but informing ahead is must.

Haa aapko aake, batake marne wala hoon maar bhi sakta hai, nahi? 🙄

 

[dealminer]

What should be my course of action?

Another case and I can feel it from here, you're 50k wealthier.

 

[RAMESH BABU N]

I believe once a CC is permanently closed, it cannot be re-issued.

NO. It can be re-activated.

In my case, ICICI did a similar mistake by closing my Coral RuPay instead of Platinum RuPay.

When called, they have Realized their mistake and Coral CC was re-activated - by then 4 days have passed.

 

[sjmajumder]

NO. It can be re-activated.

In my case, ICICI did a similar mistake by closing my Coral RuPay instead of Platinum RuPay.

When called, they have Realized their mistake and Coral CC was re-activated - by then 4 days have passed.

Depends on bank. Yes bank didn't reactivate mine when I agreed to go to branch and do re-kyc. They asked me to apply fresh after 90 days.

 

[sunit123]

check 10 page booklet which your receive as T&C at the time receiving physical credit card...I am surprised you have not read the same...I read it and there is a T&C that bank can close the card depending on its internal policy and credit assessment..

They lost 20k and it will be recovered from one of the employees whose fault will be fixed & it is negative for bank so do not expect them to be nice with you.

I won 5k compensation from SBI and they also rejected my credit card...They offered me to issue the card if i withdraw my complaint which i refused

 

[sjmajumder]

check 10 page booklet which your receive as T&C at the time receiving physical credit card...I am surprised you have not read the same...

I never read general T&C as one has to blindly accept it

I read it and there is a T&C that bank can close the card depending on its internal policy and credit assessment..

MITC from HSBC website: HSBC may at any time, by providing a notice of 30 days, terminate and close the credit card and the credit card account of the credit Cardholder without assigning any reason for the same.

They have not provided me a notice, neither a reason. So, they have clearly violated their own set rules.

They lost 20k and it will be recovered from one of the employees whose fault will be fixed & it is negative for bank so do not expect them to be nice with you.

Of course not, but that doesn't mean they can do whatever they wish.

 

[sunit123]

I never read general T&C as one has to blindly accept it

MITC from HSBC website: HSBC may at any time, by providing a notice of 30 days, terminate and close the credit card and the credit card account of the credit Cardholder without assigning any reason for the same.

They have not provided me a notice, neither a reason. So, they have clearly violated their own set rules.

Of course not, but that doesn't mean they can do whatever they wish.

Expecting a fair treatment in India is bit unrealistic expectation....If you will complain to RBI, i am telling you in advance that bank will produce back dated SMS CDR stating one month notice was given to customer...

These days RBI and SEBI started tagging complainant as Chronic complainant if they complain too much even though complaint is genuine....If you are tagged as chronic complainant then none of your future complaint will be entertained

My personal take, For peace of mind, close this chapter and chill. You already received your bounty from bank

 

[sunit123]

 

[Aniket]

Depends on bank. Yes bank didn't reactivate mine when I agreed to go to branch and do re-kyc. They asked me to apply fresh after 90 days.

As I said:

but it can be reopened if bank wants to

 

[realjayt]

Closed card ka number dedo tickets availability check karni hain for Ed Sheeran shows!🌚 @sjmajumder

 

[Aniket]

check 10 page booklet which your receive as T&C at the time receiving physical credit card...I am surprised you have not read the same...I read it and there is a T&C that bank can close the card depending on its internal policy and credit assessment..

They lost 20k and it will be recovered from one of the employees whose fault will be fixed & it is negative for bank so do not expect them to be nice with you.

Law of land supercedes General and even Special Contract.

Fault lies on bank and hence compensated that doesn't mean they are allowed to do it even patronizingly.

I won 5k compensation from SBI and they also rejected my credit card...They offered me to issue the card if i withdraw my complaint which i refused

You didn't do anything ? How dare they to offer such settlement?😂

They dare to do such things only because we ignore it casually.

 

[Kumar93196]

Is hsbc visa platinum gives RP on insurance payment?

 

[vega]

no valid reason and without being transparent to communicate reason and all.

Hi Aniket, a quick question:
Is there any guidelines of the rbi requiring the company to state reason of cancellation?

 

[Aniket]

Hi Aniket, a quick question:
Is there any guidelines of the rbi requiring the company to state reason of cancellation?

I need to look into it to find exact words, it will take substantial amount of time to make a through research.

As far as I know, such things are clearly prohibited in BRA, CPA & by IBA & RBI, etc.

Though they mention t&cs like they have right to anything and everything at anytime, type of clause, without assigning any reason whatsoever and makes us to aggree, without which we cannot avail their service.

Even in that case, when circumstances like this occur where malicious intention and abuse of power of bank is found and others, then court/quasi judicial body based on its discretion can punish them strictly.

Even it's against common law; natural principle of justice.

That's why suggested, don't leave HSBC easily. Fight a legal battle even if you will be required to hire a competent
advocate who has specialization in financial cases or case like this. Litigation charges will also get recovered from HSBC, but needs to ensure he is not at fault, he hasn't committed anything wrong like manufacturing spends, so on & so forth. Even in that case to large extent based on discretion judicial body will make a right angle with compensation served before and that's why such step is taken.

P.S: There are many things where banks are voilating laws deliberately, I can list few of them but let it be. Just because they are not getting punished that doesn't they are working lawfully.

CC: @sjmajumder

 

[RTR01]

Closed card ka number dedo tickets availability check karni hain for Ed Sheeran shows!🌚 @sjmajumder

4862698552099160 . Generated from a valid bin.

 

[Dobbiee]

HSBC has closed my CC on 29th November. This is outrageous.

I had asked them to transfer the compensation amount of Rs. 20,000 to my SB Ac. After 2/3 mail exchanges they transferred the amount on 29th Nov to my SB Ac.

Till this morning, I was completely unaware of the fact that the card has been closed. I have not received any mail/call/SMS. When I logged into HSBC net banking this morning, I couldn't see any card. Then logged into mobile app still no card. Finally decided to try a transaction on Amazon. The payment page redirected to HSBC with an error message. Then I called up HSBC and I was told the card has been permanently closed by bank on 29th Nov (same date when the credit balance was transferred to my SB Ac). He couldn't give me the reason as it is not available in the system and said I will receive a mail with the reason for the same.

I have mail from nodal officer on 29th stating they are transferring the amount to my SB Ac. and from complaints management on 30th stating my complaint is closed. No further mails apart from marketing mails which is still coming.

Can bank close my CC without my consent and knowledge and not even intimate me after closing it? What should be my course of action?

@TechnoFino @Aniket @SSV @HumorSimpson (please tag relevant people)

No business is allowed to differentiate between customers by rejecting some and accepting some. Refusal and denials happen on non-fulfillment of some criteria.

If bank has taken this step, then surely they would have discussed internally about the legal angles. Do find the ground for termination of card.

Do also check in the meanwhile, if you are allowed to apply for another credit card.
There should be no denial on that, except some waiting period criteria (if any).

 

[RAMESH BABU N]

HSBC NEEDS to be pulled up.

Their Credit Cards site does not show anywhere that they will entertain applications from only Salaried Class Applicants. Their eligibility criterion says only Rs 4L as income (for salaried class in brackets) and talks about other parameters. What about non-salaried class who have income much above their base limit of only 4L ?

If they are very particular about it, THEY SHOULD HAVE MENTIONED IT CLEARLY THAT THEY WILL GIVE CARDS FOR ONLY SALARIED CLASS AND NOT FOR OTHER CATEGORIES.

Without indicating this specific unwritten rule, they reject applications. And, they will not give it in writing. Only they will call and say that they are unable to give the card due to internal policy guidelines.

I have asked the PROCESSING TEAM members as well as their leader - which is an outsourced firm - whether they have any written direction from HSBC proper to this effect ? They said NO. Only oral instructions from HSBC to their processing team. And, they will NOT take anything else for consideration.

After speaking to them for over 2 hours - on 2 different occassions - I came to know that they are willing to accept even doctored or fake salary certificates (generated by anyone) and a genuine ITR and a bank statement to clear their processing stage and go to HSBC for approval.

I also know a few in TF forum itself that they got HSBC cards by doing so. What a fall for HSBC.

It is high time that they tone up their systems.

 

[RAMESH BABU N]

AND,

Surprisingly, their Agents give you a way out.

Open Special SB account with them and within a month or two, they will send you pre-approved emailers so that you can apply directly to HSBC - by passing the processing team. This way, many non-salaried class (like freelance workers, business persons, self employed, students and retired people) can and have obtained their CCs.

Another surprising fact is that these customers can be based anywhere in India and not necessarily only in those places where HSBC got their branches.

 

[kuchbhi]

@TechnoFino @Aniket @SSV @HumorSimpson (please tag relevant people)

mujhe kisine nahi bulaya 🙁