I was in for a rude shock in the last week of June when I paid a routine visit to my bank, HSBC to check on something.  The guy behind the desk informed me that starting July 01, my account would short of the required minimum.  I am always very careful about things like this, and so I expressed my puzzlement.  He then informed me that the type of account I had opened, had been scrapped by the bank.  They now had new account types, and the bank had very generously upgraded me to an account type where the minimum amount I was required to have in my savings and investments was 12 times the amount that I was required to have for the original account I had previously, the one that the bank scrapped without telling me!!!  I wasn’t sure whether to be shocked or angry — and gaped at him speechlessly! Then the bank personal continued very calmly.  He suggested that if that was too much, they could downgrade me to another account type where I would need to keep only 3 times the amount that I had to for my old account!

I told him, “How come I was not informed about this? [BY THE WAY I NEVER RECEIVED ANY OFFICIAL NOTIFICATION FROM MY BANK SAYING MY OLD ACCOUNT HAD BEEN SCRAPPED, OR THAT THEY HAD UPGRADED MY ACCOUNT ON THEIR OWN, OR THAT I HAD A NEW MINIMUM WHICH CARRIED A HEAVY PENALTY.  AND IF I HADN’T ACCIDENTALLY DISCOVERED IT, I WOULDN’T HAVE KNOWN!]

I think procedure requires, even if you are closing the account type, to inform the customer, and to do so well ahead of time, (more…)