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The banking giant is sending letters to customers giving them 60 days to find a new bank
Jan 28, 2014 10:05 PM PT
Banking giant HSBC is dumping some of its small business clients in favour of those with more internationally-oriented profiles.
Linda Bryan is the owner of a small pharmacy in White Rock, B.C., who has been banking with HSBC for 17 years. Recently, she received a letter from the bank informing her she has 60 days to transition to another financial institution.
"We will be closing the accounts listed above, along with all additional business accounts associated with this relationship," reads the HSBC letter addressed to Bryan.
She says she was stunned.
"I thought, had I done something? Was it something that I had done wrong? But I have not had any bad experiences with them so I couldn't really fathom that," says Bryan.
"I would always say 'I will never leave this bank' because they were the ones that gave me money when I needed it. And now they're ditching me."
And she's not alone.
HSBC has been sending similar letters to small business owners in Canada and the United States for about a month. The bank will not say how many customers it is ridding itself of, but the number is large.
The Canadian Federation of Independent Business says the move is unacceptable.
read more CBCNews.ca Mobile
Jan 28, 2014 10:05 PM PT
Banking giant HSBC is dumping some of its small business clients in favour of those with more internationally-oriented profiles.
Linda Bryan is the owner of a small pharmacy in White Rock, B.C., who has been banking with HSBC for 17 years. Recently, she received a letter from the bank informing her she has 60 days to transition to another financial institution.
"We will be closing the accounts listed above, along with all additional business accounts associated with this relationship," reads the HSBC letter addressed to Bryan.
She says she was stunned.
"I thought, had I done something? Was it something that I had done wrong? But I have not had any bad experiences with them so I couldn't really fathom that," says Bryan.
"I would always say 'I will never leave this bank' because they were the ones that gave me money when I needed it. And now they're ditching me."
And she's not alone.
HSBC has been sending similar letters to small business owners in Canada and the United States for about a month. The bank will not say how many customers it is ridding itself of, but the number is large.
The Canadian Federation of Independent Business says the move is unacceptable.
read more CBCNews.ca Mobile
