Beware all personal account holders of HSBC HK. They are now targeting personal accounts and selecting them randomly, so HSBC themselves have told me. This means all HSBC account holders are vulnerable to being dragged through a nightmare procedure with no avenue for recourse. This is currently happening to me, one other person I know personally and another who I do not know but have heard about, all permanent residents of HK. In short, without notice they will suspend your ATM facility, suspend all online banking services, suspend online Securities trading (you can sell shares using Phonebanking (a useless service as they take 5-10 mins to seek authorisation for every trade) but prohibit the buying of any shares), and any transaction you want to process has to be performed in a branch which requires the front line bank staff to make calls to seek authorisation for every transaction, even if you just want to transfer funds between your own accounts.
I was told by my Personal Relationship Manager (PRM) that it would last a few days, maybe a week, it's been 5 weeks now. Shouldn't be surprised that HSBC lies to their customers , with their global shenanigans  it appears to be part of the company culture.  Let me be clear though, it's no fault of my PRM who has tried to get more info and failed, it's the bunch of cowards who hide  behind their desks and let the front line staff take the flack for their incompetence. The only recourse is to write to customer service and if any of you have ever tried dealing with HSBC customer service I feel for you, they have now eclipsed PCCW as the most useless CS division within the territory. I have tried through multiple channels to be given a reason and an estimated timeframe but have had the door slammed in my face every time. Even if I could be told that historically  it lasts for approx 4-6 weeks that would help but they repeatedly refuse to provide any useful information. The only answer I can get from them is along the lines o

Cont.. I wish I had heeded the advice of the many friends, businesses and forum posts over the last 2 years and got the hell out of HSBC but I guess until it happens to you, and it will, then you don't realise that HSBC has such a blatant disregard for its customers and a corporate culture that prioritises a tick in the box over people and communication. I implore all of you with an HSBC account to get out now but if not then at the very least share your experiences with as many  people as possible when your turn comes.
Anyone with any ideas of how to hold HSBC accountable and hit them where it hurts please share, I have no idea what can be done except to boot them into touch and draw a red line through the whole nightmare of an experience.

It may be part of global hsbc due diligence required by the US govt related to money laundering charges. HK is a known conduit and individual accounts may be scrutinised or held in limbo to accommodate other network or chained investigation if suspicious transactions are flagged via their computer algorithms.

Premier customers with global accounts and transactions in certain countries or individuals fitting profiles may be more vulnerable. Innocent persons will inevitably be caught up in such sweeps. Inconvenient but necessary for them to continue operating. I recently discovered new rules in place, the reason given was as explained above.

Makes sense?

Not directly related, but when opening a business account one of the standard questions is: "show us you are in business". My usual answer is to ask how I can be in business without a bank account which I am here to open? Draws a blank across the desk, of course.
I wonder if the other banks really are any better?

Agreed CBlane, just wish there could be at least a little bit of information for the affected customers. The total disregard to the customer experience unfortunately turns a bad situation into a terrible one. Also agree it's not the the fault of the branch staff.

Had the same experience with HSBC when trying to open a business account with them. They are just following a global decision to get out of SME banking due to the regulations I mentioned in my previous email. I finally opened an account with China CITIC who I would recommend to anyone.  Their opening process was quick, efficient and friendly. They made me feel like they wanted my business!

Thank you for your update HKKIT.

Do you have any idea whether they are targeting the account itself or the holder, who might have multiple accounts in HK or other countries?

Is yours a joint account or sole?
Are you allowed to move funds to another bank if you wanted to close this account or minimise your inconvenience?

@Coppergoose & @Jojos - I have no idea if it is the account or the holder that is targeted . I have no overseas accounts and only one other in HK. HSBC was a joint account. Access by device and no large transactions/transfers at all prior to this happening, it came out the blue. If you go in branch the staff there need to call for authorisation and then you will be permitted to transfer funds out, which is what I have done. All electronic deposits to your account are rejected by default and you will need to get authorisation for each of them e.g.  if someone is paying you rent. Of course they don't tell you this either.  One other person I heard of that is going through this only has a HSBC a/c hence is up the creek when it comes to inconvenience , especially when overseas. Bear in mind HSBC did tell me that this is random and many account holders will go through this. If it happens to you, don't expect any information at all from them and save yourself the stress of dealing with their customer service dept. by making sure you have an alternate bank to use. Better still, get out now before you are inconvenienced.

@sera , yes you can close the account so not held to hostage but you will need to change all direct debits/auto pays, transfer funds and securities etc....as well as have an alternate bank to use 

This is what happens when you axe 120 IT jobs in the face of compliance workload increase.

@Coppergoose ...Axing productive jobs and a sickening disregard to the importance of the customer by the big cheeses seems to be the way many big corporates are acting these days.